Solayer is going to reopen Epoch 2 of the restaking for a 24-hour period on June 21. This is part of the protocol’s efforts to spread the word about Solana as a prospective restaking platform to look out for.
Solayer provides unlimited access to Total Value Locked (TVL) during this 24-hour period. The platform offers unrestricted participation opportunities for all members of the community. They are encouraged to deposit in SOL to secure their space in the restaking pool.
Solayer Epoch is a private period of 24-hour duration where the invited community members have access to the staking liquidity pool.
What is Solayer?
Solayer is the native restaking layer of the Solana blockchain network. The high economic security and the benefits of decentralization that the Solana blockchain provides the users are the main attraction for restaking using Solayer.
Solayer uses the proof-of-stake consensus that is used by the Solana protocol to secure the restaked tokens.
By restaking, the users can utilize the security and economic guarantees of the Solana platform.
Solana’s superior infrastructure is high-performing, cost-effective infrastructure has high execution features, and gives the following benefits to restakers and shared validator network (SVN) builders.
- Cost-effective SVN construction
- Low latency application
- Cheaper state synchronization/updation/finalization of SVN
- Cheaper state transition storage
Solayer Epoch 0 and Epoch 1
Solayer Epoch 2 is the continuation of Epoch 0 and Epoch 1. During Epoch 0, only 100 members were given the access code to join the restaking pool.
Each invited address would also be given two additional invite codes to share among their network. The maximum capitalization during this period was 20 million USD.
The total value of the capitalized token was 50 million USD during Epoch 1. This epoch saw a significant rise in the number of depositors with it reaching 9000 by the end of Epoch 1.
There was no time limit for participating in Epoch 1; this is one of the factors that contributed to the rise in the number of depositors in Epoch 1.
Like Epoch 0, the native users of the SOL token were given the opportunity to restake their assets.
Another significant feature of Epoch 1 was the permanent referral link that was given to a depositor who invested more than 10 SOLs for restaking. The 10% referral reward would be distributed to the users for referring more users to restake on Solayer.
How to Participate in Solayer Epoch 2 Restaking?
Participating in the Epoch 2 of Solayer staking is simple if you follow the steps mentioned here.
Go to the Solayer website.
Note down the invite code that you have received from the website after providing your exclusive user details.
Access the app.solayer.org page from the website.
Follow Solayer on various social media platforms.
Enter your invite code. Once you access the platform using the invite code, you will get five more invite codes to share with your network.
Now restake the SOL tokens that you have with you leveraging the benefits and security that Solayer Epoch 2 provides you.
How to do Restaking in the Solayer Platform?
The procedure to be followed for restaking SOL tokens and liquidity staking tokens (LSTs) on the Solayer platform is given below.
On the Solayer website, go to the app.solayer.org.
Decide on the LST that you would like to restake from the LSTs listed on the website.
Enter the amount of LST that you would like to restake.
Deposit the tokens to initiate the restaking process.
The Bottom Line
Restaking is a way to gain the rewards that the ecosystem offers such as reward points, high liquidity, top-notch security, and the benefits of operating in a robust defiance ecosystem.
While using the Solayer protocol, users are awarded points that they can use to influence the governance and other decisions of the platform.
Restaking on the Solana layer offers a good future for potential investors. The unique features of the ecosystem ensure that the process is fully automated without any manual intervention. Therefore, there is very little chance of any fraud being committed during the restaking process.
