The trend of restaking is spreading from Ethereum to the established public chain Solana. Projects on Solana such as Jito, Solayer Labs, Cambrian, Picasso, etc. are all experimenting with restaking.
In the highly competitive DeFi race, restaking has recently become a leading narrative, attracting a large number of users. Restaking projects on Ethereum such as Etherfi and Renzo have already launched on Binance’s Launchpool, and Eigenlayer, which kicked off this event, has received a staggering $100 million investment from top crypto venture capital firm a16z. Now, it seems that this restaking trend is spreading to the well-established public chain Solana.
According to sources quoted by CoinDesk, Jito, Solayer Labs, Cambrian, Picasso, and other projects on Solana are looking to replicate the success of EigenLayer, the leader in restaking on Ethereum. It seems inevitable:
Jito Labs CEO Lucas Bruder said, “The restaking trend is heating up, it’s a bit like a gold rush.”
Gennady Evstratov, founder of Cambrian, said, “The team is finalizing a $2.5 million financing deal, with three investors estimating a valuation of $25 million. We plan to launch the restaking network, introduce a points program, and issue tokens in Q2 or Q3.”
Solayer Labs stated that they are developing a multi-stage points program.
Solana founder Anatoly Yakovenko also participated in Polychain Capital’s $4 million financing.
What is a restaking protocol?
Taking Ethereum as an example, restaking refers to the process of re-staking ETH that has already been staked on the Ethereum PoS chain to provide verification services on other blockchain networks, in order to earn additional rewards apart from the staking rewards on the Ethereum mainnet.
In simple terms, Ethereum stakers can stake their staked ETH on other PoS networks to earn dual staking rewards from both the Ethereum mainnet and other networks.
Currently, restaking protocols on Ethereum such as Etherfi and Renzo have already launched on Binance, and Eigenlayer is about to issue tokens. However, restaking protocols on Solana are still in their early stages, and even people related to the Solana Foundation have stated that they have not conducted in-depth research on this matter.
Solana briefly surpassed $140.
However, inspired by this news and the rebound of Bitcoin, Solana has risen by 7.8% in the past 24 hours, and at the time of writing, it briefly surpassed $140, narrowing its weekly decline to less than 3%.
Additionally, DeFi projects within the Solana ecosystem are experiencing a general upward trend. Among them:
– Jito rose by 10.9% in the past 24 hours, reaching $3.53.
– JUP rose by 12.1% in the past 24 hours, reaching $1.04.
– RAY rose by 7.9% in the past 24 hours, reaching $1.56.
Related Reports:
– Puffer Finance, an Ethereum restaking protocol, completes a $18 million Series A funding round and is about to launch its mainnet.
– Why is Karak, a restaking protocol with a $1 billion valuation and top VC investments, frequently questioned by the community?
– Q2 Outlook for the Cryptocurrency Market: Bullish on Bitcoin, with a focus on restaking, AI, and modularization tracks.