The venture capitalist arm of the world’s largest crypto exchange platform by volume announces a new investment in a Solana (SOL) staking protocol.
In a new blog post, Binance Labs say it is investing an unspecified amount in Solayer, a Solana-based staking network that has amassed more than $150 million in Total Value Locked (TVL) and acquired more than 70,000 unique addresses in just 60 days since launch.
According to Binance, the purpose of Solayer is to improve the bandwidth of decentralized applications (DApps) on the chain and secure the blockchain.
“Solayer was originally built on Solana and uses the economics of proof-of-stake to extend the security of Solana’s base layer to other decentralized systems and dApps…
With the newly secured funds from Binance Labs, Solayer plans to scale its team, integrate new protocols into the ecosystem, and establish itself as a core primitive of the Solana blockchain. In addition, the team will focus on exploring solutions to address Solana’s network congestion issues by restructuring its infrastructure.”
As Yi He, co-founder of Binance and head of Binance Labs, says:
“Binance Labs is committed to supporting early-stage projects that fuel the growth of crypto ecosystems. Solayer has become a dominant player in the Solana ecosystem and we are excited to join them on their journey to make the ecosystem more vibrant.”
Solana is trading at $147 at the time of writing, up 1.8% over the last 24 hours.
Last week, Binance Labs also announced an investment in Particle Network, a modular Cosmos (ATOM)-based layer-1 blockchain that aims to address user and liquidity fragmentation by allowing traders to have a single account across all crypto networks.
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