Ethereum

Solana

Restaking on Solana is becoming the latest trend as Solayer, the leading restaking protocol on <a href="https://www.blockhead.co/tag/solana/" rel="noopener noreferrer nofollow">Solana</a>, has announced its mainnet restaking system in partnership with <a href="https://www.blockhead.co/tag/bonk/" rel="noopener noreferrer nofollow">Bonk</a>, AltLayer, SonicSVM, and <a href="https://www.blockhead.co/tag/hashkey/" rel="noopener noreferrer nofollow">Hashkey</a> Cloud.Solayer mainnet creates a decentralized cloud infrastructure for stakers and application developers to empower decentralized applications (dApps) with high network bandwidth while providing security to the Solana blockchain.In just nine hours after the announcement, the platform has already attracted around 1,500 unique users delegating staked SOL valued at $2.13 million, clearly showing that users are keen to participate in this project.Solayer co-founder Jason Li <a href="https://blockworks.co/news/solayer-solana-restaking-platform-live?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">revealed</a> in an interview with Blockworks that he was &#34;very surprised&#34; by how many early depositors there were and that Solayer had to expand its server capacity for the website not to crash.Restaking, a concept made popular by <a href="https://www.blockhead.co/tag/eigenlayer/" rel="noopener noreferrer nofollow">Eigenlayer</a>, allows users to utilize their tokens more than once at the consensus layer, securing more than one network at once. This improves the efficiency of <a href="https://www.blockhead.co/tag/defi/" rel="noopener noreferrer nofollow">DeFi </a>as staked assets become more useful.Solayer is the most prominent Solana restaking project to reach mainnet, giving it an edge over a key competitor, <a href="https://www.blockhead.co/tag/jito-network/" rel="noopener noreferrer nofollow">Jito</a>, which is also developing a restaking product and is currently onboarding Actively Validated Services (AVSs), referred to as Node Consensus Network (NCNs) by <a href="https://www.jito.network/blog/switchboard-announces-jito-re-staking-integration/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Jito.</a>Additionally, liquid restaking protocol on <a href="https://www.blockhead.co/tag/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>, <a href="https://www.renzoprotocol.com/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Renzo</a> revealed that it is also working on a new <a href="https://www.blockhead.co/tag/solana/" rel="noopener noreferrer nofollow">Solana</a> derivative token called ezSOL that provides users with yield generated from <a href="https://www.blockhead.co/tag/jito-network/" rel="noopener noreferrer nofollow">Jito</a>&#39;s infrastructure alongside the additional tokens generated from staking and restaking according to <a href="https://www.coindesk.com/tech/2024/08/14/as-restaking-takes-shape-on-solana-ethereum-focused-renzo-jumps-in-with-ezsol/amp/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Coindesk</a>.As one of the prominent participants in EigenLayer&#39;s innovative restaking ecosystem, this represents a significant change as smart contracts on Solana are written in Rust as opposed to Solidity on Ethereum.It remains to see if the success of restaking projects on Ethereum can be replicated on Solana as many users could be depositing in hopes of an airdrop similar to Jito, nevertheless, it is still an interesting development for users to watch out for in the Solana ecosystem.<a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">Join Blockhead today for FREE and stay in the loop on digital assets!</a>

Solana Restaking Gains Traction as Solayer Announces Mainnet, Renzo Introduces ezSOL

Blockhead

Other articles published on Aug 15, 2024

Solana Memecoin Trump Loves Elon Will Surge Over 19,000% Before Exchange Listings, as SHIB and DO...

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Grayscale Expands Crypto Offerings with Bittensor and Sui

BREAKING: NYSE Withdraws Its Application for Bitcoin ETF Options

HIVE Blockchain stock upgraded to ‘Buy’: here’s why

Venezuela Blocks Access to Binance and Social Media Platform X Amid Political Tensions

Join our free newsletter for daily crypto updates!