Solana staking protocol Solayer completes $12 million seed round financing, led by Polychain Capital

Deep Tide TechFlow News, Solana ecosystem re-staking protocol Solayer completes a $12 million seed round financing, led by Polychain Capital, with participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes' family office Maelstrom. The project plans to expand the team, integrate new protocols, and prepare for the second phase of platform development, with its native token 'in design'. The financing was completed in May, using a Simple Agreement for Future Equity (SAFE) with token warrants structure, valuing Solayer at $80 million. Binance Labs' previously announced investment is also part of this round of financing. Solayer, mimicking Ethereum's re-staking protocol EigenLayer, allows users to earn additional rewards by re-locking already staked assets. Unlike other platforms, Solayer plans to start with native Solana chain dApps, assisting them in reserving block space and prioritizing transactions based on the staking amount delegated to them. Currently, Solayer claims to have re-staked over $186 million from approximately 104,500 depositors.