According to The Block, Solana's re-staking protocol Solayer has established a foundation and launched the LAYER governance token.
"To support the next stage of our journey, we are pleased to announce the establishment of the Solayer Foundation, an independent non-profit organization dedicated to promoting the development of SVM expansion, the upcoming LAYER token, and the first quarter of equity collection," Solayer Labs announced on the X platform on Thursday.
Solayer is a Solana-based re-staking protocol, whose model draws on Ethereum's EigenLayer protocol. Re-staking allows users to maximize returns by earning additional rewards by re-locking pledged assets (AVS, i.e. active verification services) in different protocols. According to DeFiLlama data, the re-staking protocol is currently ranked 12th on the Solana chain.