Solana restaking protocol Solayer gains governance token and foundation

Solana restaking protocol Solayer is gaining the support of a non-profit foundation in addition to the introduction of the LAYER governance token. 

"To support the next phase of our journey, we are thrilled to announce the Solayer Foundation, an independent non-profit organization dedicated to advancing protocols that drive SVM scaling, the upcoming LAYER token, and Season 1 claim," Solayer Labs posted to X on Thursday.

Solayer is a Solana restaking protocol modeled after the Ethereum restaking protocol, EigenLayer. Restaking allows users to earn additional rewards by locking up their staked assets again in different protocols, known as actively validated services (AVSs), to maximize their earnings. The restaking protocol is currently the 12th largest on Solana, according to DeFiLlama. 

LAYER is an SPL-2020 token that will initially function as Solayer's governance token and will be used to "accelerate ecosystem growth and protocol development," Solayer Labs said on Thursday. More details on LAYER's utility will be announced later this year, Solayer added. 

Solayer Labs provided some details related to allocating LAYER tokens but stopped short of providing a date for when token claiming will begin.

"Distribution of the LAYER token will take place over three phases. The first phase will conclude with the Solayer Season 1 for all eligible participants and protocol partners," it said in Thursday's post. "Eligible participants will receive a prompt in the Solayer dashboard advising them of their eligibility and requiring them to accept the terms and conditions."

Solayer Labs has amassed an impressive list of backers, including Polychain Capital, Binance Labs and Solana co-founder Anatoly Yakovenko. As of last August, the company had raised $12 million in seed funding.