Solayer Announces Foundation, LAYER Token and Upcoming Airdrop

Solana-based restaking platform Solayer has announced the launch of its foundation, governance token, and upcoming airdrop in a Jan. 2 X post.

Solayer’s liquid restaking token (LRT) Solayer Staked SOL has risen by 5% since the announcement, according to Coingecko data.

The Solayer Foundation will operate as an independent non-profit organization and support advanced research and development of Solayer and other protocols working to scale distributed systems. It will gain direct influence from LAYER token holders on matters such as appointing directors and officers.

The LAYER token, on the other hand, will initially operate as Solayer’s governance token. Eventually, it will receive additional functionality, such as TK. It will also be distributed to eligible participants and protocol partners as part of the Solayer season one airdrop, though a date has not yet been announced.

Solayer Season One

Solayer’s season one airdrop will be distributed among three user categories: Solayer stakers of the sSOL, endo, and exo AVS tokens, sUSD (Solayer’s yield-bearing stablecoin) participants, and whitelisted ecosystem partners. The platform plans to use a stake and time-weighted system to ensure that early participants and users are rewarded fairly.

Solayer launched its restaking service in May 2024 and is currently the seventh-largest restaking platform by total value locked (TVL), according to DeFiLlama data. In the six months since its launch, it has achieved over $350 million in staked assets, more than 190,000 unique depositors, and over 12% native staking annual percentage yield (APY) for users.