What is Solayer?

1. What is Solayer?

Solayer is a project focused on developing restaking on the Solana network.

*Total Value Locked (TVL) statistics on Solayer*

As of the time of writing, Solayer's Total Value Locked (TVL) has nearly reached $86M - a relatively impressive figure for a new restaking project.

2. Products

Solayer has two approaches:

Restaking
Shared Validator Network

*Solayer's restaking platform interface*

2.1. Solayer's restaking mechanism

For native SOL restaking, Solayer will convert users' SOL into an intermediary form called sSOL-raw, which is a Liquid Staking Token (LST) issued by the stake pool manager.

Throughout this process, Solayer does not hold users' assets, ensuring that the staked SOL is delegated to validators to earn MEV-boosted profits.

Then, sSOL-raw is converted into sSOL after another interaction with Solayer's restaking pool management. All these steps are performed in a single transaction to ensure efficiency

Below are the details about Solayer's stake pool:

Stake Pool: po1osKDWYF9oiVEGmzKA4eTs8eMveFRMox3bUKazGN2
Pool Token Mint: sSo1wxKKr6zW2hqf5hZrp2CawLibcwi1pMBqk5bg2G4
Epoch Fee: 7/100 of the epoch rewards
Stake Withdrawal Fee: 8/10000 of the withdrawn amount
SOL Withdrawal Fee: 8/10000 of the withdrawn amount
Stake Deposit Fee: 0/10000 of the deposited amount
SOL Deposit Fee: 0/10000 of the deposited amount
Stake Deposit Referral Fee: 0% của Stake Deposit Fee
SOL Deposit Referral Fee: 0% của SOL Deposit Fee

3. Tokenomics

Solayer has not yet issued a token. Theblock101 will provide updates as more information becomes available.

4. Team

Information about the project team of Solayer is currently not available.

5. Investors

Solayer is supported by renowned builders in the Solana ecosystem such as Anatoly Yakovenko, Rooter, Cindy Leow, and Adam Jin.

Additionally, the project's initial funding round includes participation from industry veterans like Sandeep Nailwal, DCF God, Justin Bram, Anatoly Yakovenko (again), Nom, Joe Lallouz, Xinshu Dong, among others. However, the exact amount raised by the project has not been disclosed yet.

6. Roadmap

Solayer is developed with three stages:

Restaking Epochs: Stakers will engage in restaking through two primary methods: liquid staking and native staking. The goal of this stage is to enhance liquidity and security for the system.
Node Operators: Solayer will establish a registry client for node operators. This aims to help operators efficiently provide services and strengthen the connectivity among related systems.
Shared Validator Network (SVN): Focuses on developing primitive modules to build a shared validator network.

The development process will proceed in stages to ensure smooth and secure onboarding of stakeholders, while generating sufficient returns to attract user interest.

7. Guide to Participating in Solayer

How to set up an account?

First, you need to access the application and connect with the SVM wallet.

Next, connect your social media accounts (X and Discord).

You will need an invitation code to register, which you can find in the #codes section of the project's Discord channel.

Once connected, you will receive 5 invitation codes to share with friends or on social media in Solayer's Discord #codes channel.

These 5 invitation codes are only for 5 unique friends. To obtain a permanent referral code - one that can be shared without time limits - you need to stake over 10 SOL on the platform.

Check staking status

a) On the dApp, click on the "Restake" page at the top right corner (left of your wallet address).

b) You can directly view the status of your staking under the "Markets" tab on the dashboard.

c) You can also check your deposit/withdrawal history under the "History" tab.

How to start staking with Solayer?

To participate in staking, you need to click on the "Deposit" section under the "Markets" tab on the homepage. Then, enter the amount you wish to deposit onto the platform for staking.

Currently, users can stake native Solana tokens. When these tokens are staked, users receive sSOL-raw tokens (Solayer LST), which are then restaked automatically.

In return, users receive sSOL, Solayer LRT (Liquid Restaked Token).

Users can also stake LSTs from project partner protocols, currently including Marinade (mSOL), Jito (JitoSOL), BlazeStake (bSOL), and Sanctum (INF).

More assets will be added as Solayer develops further, with each token accompanied by specific LRTs.

Guide to Participating in Restaking

Step 1: Visit the page: app.solayer.org

Step 2: Choose the LST you want to restake.

Choose the LST you want to restake on Solayer. — *Choose the LST you want to restake on Solayer*

Step 3: Enter the amount you wish to restake for token approval.

Step 4: Confirm the deposit.

Step 5: Points will accumulate at the time of restaking.

Step 6: At a certain withdrawal time, a portion of points will be deducted before initiating node operator launches.

8. Conclusion

This is an article about Solayer and a guide to participating in restaking on the platform. The project has not yet launched its token, so you may consider joining to experience the platform and have the chance to receive an airdrop in the future.

We hope you found the information in this article. If you have any questions, please take part in the BigcoinVietnam group for assistance.

For more updates on the project: