Solayer, a restaking protocol on the Solana blockchain, announced the creation of the Solayer Foundation, a non-profit organization, alongside its governance token, Layer.

Solayer enables users to earn rewards by restaking locked assets through actively validated services (AVSs), inspired by Ethereum’s EigenLayer.

Layer, an SPL-2020 token, aims to foster ecosystem growth and will be distributed in three phases, starting with “Solayer Season 1.”

Backed by Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko, Solayer raised US$12 million in seed funding in August 2023.