Solayer, a restaking platform built on the Solana blockchain, has officially announced the establishment of its new foundation, a governance token named LAYER, and plans for an upcoming airdrop.
The newly formed Solayer Foundation is set to function as an independent non-profit organization. Its primary focus will be to foster advanced research and development within Solayer, as well as other protocols aimed at scaling distributed systems.
Governance of the foundation will be heavily influenced by holders of the LAYER token, who will have the authority to appoint directors and make crucial decisions regarding the platform’s future.
The LAYER token will serve initially as a governance tool for stakeholders, with plans to expand its functionalities in the future. Details on these additional features are yet to be revealed.
Furthermore, the token will be distributed to eligible participants and partners through the “Solayer Season One” airdrop, although the exact date for this event remains unspecified.
Since its inception in May 2024, Solayer has quickly risen to become the seventh-largest restaking platform in terms of total value locked (TVL), boasting over $350 million in staked assets and more than 190,000 unique depositors, according to data from DeFiLlama. The platform has also reported an impressive annual percentage yield (APY) of over 12% for its native staking options.
The upcoming “Season One” airdrop by Solayer aims to reward its community members, including those staking sSOL, endo, and exo AVS tokens, participants of sUSD (Solayer’s yield-bearing stablecoin), and whitelisted ecosystem partners. This airdrop will utilize a stake and time-weighted system to ensure fair distribution among early supporters and active users.
Following the announcement, Solayer’s liquid restaking token, Solayer Staked SOL, witnessed a 5% increase in its value, as per the latest figures from Coingecko. This uptick reflects the positive market response to the new developments and the anticipated growth of the Solayer ecosystem.
As Solayer continues to innovate and expand its services, the community and potential investors are keenly watching for more updates, especially regarding the specifics of the LAYER token’s additional functionalities and the exact timeline for the airdrop.
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