Binance Labs Invests in Solana Staking Protocol

Binance Labs, the venture capital division of the world’s largest crypto exchange, has announced a new investment in Solayer, a staking protocol built on the Solana blockchain.

Solayer has quickly gained traction, accumulating over $150 million in total value locked (TVL) and more than 70,000 unique addresses within just two months of its launch.

Solayer aims to enhance the performance of decentralized applications (dApps) on Solana and strengthen the blockchain’s security. By using proof-of-stake mechanisms, Solayer extends the security of Solana’s core to other decentralized systems and DApps.

With the new investment from Binance Labs, Solayer plans to expand its team, onboard additional protocols, and tackle Solana’s network congestion issues with innovative restaking infrastructure.

Binance Labs has a strategic focus on supporting early-stage projects that contribute to the growth of crypto ecosystems. They see Solayer as a key player in the Solana ecosystem and are excited to support its mission to enhance the vibrancy of the ecosystem.

Currently, Solana is trading at $147, marking a 1.8% increase over the past 24 hours.

In related news, Binance Labs recently invested in Particle Network, a Cosmos-based layer-1 blockchain designed to address user and liquidity fragmentation by allowing traders to manage a single account across multiple crypto networks.