The trend of restaking is spreading from Ethereum to the established public chain Solana. Projects on Solana such as Jito, Solayer Labs, Cambrian, and Picasso are all experimenting with restaking.
Previously, restaking projects on Ethereum such as Etherfi and Renzo have been launched on Binance’s Launchpool and Eigenlayer, which received a $100 million investment from top crypto venture capital firm a16z. Now, it seems that this restaking trend is spreading to the established public chain Solana.
According to sources cited by CoinDesk, projects on Solana such as Jito, Solayer Labs, Cambrian, and Picasso are hoping to replicate the success of Eigenlayer’s restaking on the Solana ecosystem.
Lucas Bruder, CEO of Jito Labs, stated that “the restaking trend is heating up, it’s like a gold rush.”
Gennady Evstratov, founder of Cambrian, mentioned that the team is finalizing a $2.5 million funding round with three investors valuing the project at $25 million. They plan to launch the restaking network, introduce a scoring system, and issue tokens in Q2 or Q3.
Solayer Labs is currently developing a multi-stage scoring system.
Solana founder Anatoly Yakovenko also participated in Polychain Capital’s $4 million funding round.
Restaking refers to the process of staking ETH that is already staked on the Ethereum PoS chain to provide validation services on other blockchains in order to earn additional rewards in addition to the staking rewards on the Ethereum mainnet.
Currently, restaking protocols such as Etherfi and Renzo have been launched on Binance Exchange, and Eigenlayer is about to launch its token. However, restaking protocols on Solana are still in the early stages, and even individuals from the Solana Foundation have stated that they have not conducted in-depth research on this.
Solana’s price briefly surpassed $140, rising 7.8% in the past 24 hours, and the weekly decline has narrowed to less than 3%.
In addition, DeFi projects in the Solana ecosystem have also seen a general increase in prices. Jito has risen 10.9% in the past 24 hours, reaching $3.53; JUP has risen 12.1% to $1.04; RAY has risen 7.9% to $1.56.
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