Solayer is a restaking protocol built on the Solana blockchain. It allows users to restake their Solana (SOL) tokens to secure and validate other applications and services built on Solana, earning additional rewards in the process. This restaking mechanism aims to enhance the security and functionality of the Solana ecosystem by leveraging existing staked SOL. By allowing users to restake their SOL tokens, Solayer contributes to the security and expansion of the Solana network.
The $LAYER token is the utility token of the Solayer protocol. It is intended to be used for governance, rewarding restakers, and facilitating transactions within the Solayer ecosystem. By enabling restaking, Solayer aims to increase the capital efficiency of SOL tokens and provide users with additional opportunities to earn rewards.