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Restaking on Solana is becoming the latest trend as Solayer, the leading restaking protocol on Solana, has announced its mainnet restaking system in partnership with Bonk, AltLayer, SonicSVM, and Hashkey Cloud.
1/ fn main(Endogenous AVS) {
— Solayer (@solayer_labs) August 14, 2024
return Solayer mainnet
}
> system completing...https://t.co/pK8Bw1CHqF pic.twitter.com/a5JycNxLEX
Solayer mainnet creates a decentralized cloud infrastructure for stakers and application developers to empower decentralized applications (dApps) with high network bandwidth while providing security to the Solana blockchain.
Perion Lim
In just nine hours after the announcement, the platform has already attracted around 1,500 unique users delegating staked SOL valued at $2.13 million, clearly showing that users are keen to participate in this project.
Solayer co-founder Jason Li revealed in an interview with Blockworks that he was "very surprised" by how many early depositors there were and that Solayer had to expand its server capacity for the website not to crash.
Just 9 hours after @solayer_labs (a re-staking protocol on #Solana) launched its mainnet, 1439 stakers have already delegated 14.57K staked $SOL($2.13M) to @SonicSVM for re-staking on @solayer_labs to earn additional rewards. pic.twitter.com/rYvHNM7NP4
— Lookonchain (@lookonchain) August 15, 2024
Restaking, a concept made popular by Eigenlayer, allows users to utilize their tokens more than once at the consensus layer, securing more than one network at once. This improves the efficiency of DeFi as staked assets become more useful.
Solayer is the most prominent Solana restaking project to reach mainnet, giving it an edge over a key competitor, Jito, which is also developing a restaking product and is currently onboarding Actively Validated Services (AVSs), referred to as Node Consensus Network (NCNs) by Jito.
Blockhead
Additionally, liquid restaking protocol on Ethereum, Renzo revealed that it is also working on a new Solana derivative token called ezSOL that provides users with yield generated from Jito's infrastructure alongside the additional tokens generated from staking and restaking according to Coindesk.
As one of the prominent participants in EigenLayer's innovative restaking ecosystem, this represents a significant change as smart contracts on Solana are written in Rust as opposed to Solidity on Ethereum.
Going Onchain
It remains to see if the success of restaking projects on Ethereum can be replicated on Solana as many users could be depositing in hopes of an airdrop similar to Jito, nevertheless, it is still an interesting development for users to watch out for in the Solana ecosystem.
