Sonic SVM and Solayer boost Solana staking rewards, Adrastea introduces liquid restaking

Sonic SVM, a Solana (SOL)-based Layer-2 (L2) platform, has partnered up with Solayer to increase rewards for Solana delegators, while Adrastea, a new partner in the ecosystem, is introducing liquid restaking on Solana, as reported to Finbold on Friday, November 1. 

The collaboration comes just after the news of Sonic SVM surpassing $50 million in SOL delegations as Solayer’s largest Actively Validated Service (AVS).

Chris Zhu, chief executive officer (CEO) of Sonic SVM, remarked on the partnership:

Picks for you

Tether now holds more US Treasury bonds than Germany, Australia, and UAE 2 hours ago
SingularityDAO community votes in favor of merging with Cogito Finance and SelfKey 2 hours ago
Dogecoin price set for ‘parabolic move’, according to analyst 3 hours ago
Gold price prediction for 2025 22 hours ago

“Our partnership with Solayer and Adrastea represents a crucial step in our mission to provide enhanced value to Solana stakeholders. By offering additional rewards to Solayer delegators, and working with Adrastea, we’re not only incentivizing participation in network security but also fostering greater engagement within the Solana ecosystem.”

More incentives to join Solana

Celebrating their latest achievements, the three partners are launching an enhanced rewards campaign to attract more participants to the Solana restaking ecosystem and incentivize participation.

In addition, Solayer users who delegate their SOL or other eligible liquid staking tokens (LST) to Sonic’s AVS will also qualify for additional rewards. 

Delegators using the Adrastea platform to stake with Sonic will receive lrtsSOL, a token pegged 1:1 to SOL, which can be leveraged across the decentralized finance (DeFi) ecosystem to give users more utility and flexibility.

Solayer’s Co-Founder, Jason Li, commented on the importance of user experience, stating:

“Solayer is always looking to enhance the experience of our users, and teaming up with Sonic SVM to offer staking rewards is a perfect way to achieve this. Sonic SVM has proven to be a trusted partner in the Solana ecosystem, and we are excited to offer our users a chance to benefit from their staking services.”

Adrastea’s founder, BM, in turn, highlighted Adrastea’s role in the collaboration:

“Adrastea is transforming liquidity access for Solayer users, and we’re thrilled to partner with Sonic SVM as our first incentivized AVS. This partnership revolutionizes the restaking experience by unlocking liquidity from delegations, empowering Sonic SVM to receive robust delegation liquidity while enabling users to hold a highly flexible asset, $lrtsSOL, to maximize their DeFi opportunities.”

Liquid staking token adoption on Solana. 

The new partnership between Sonic SVM, Solayer, and Adrastea is another sign of the growing trend of Liquid Staking Token adoption on Solana. 

As of November, the market cap for the respective partners’ tokens has surpassed the $2-billion mark.

If the trend continues, the collaboration will only further increase the appeal of these tokens across both centralized and decentralized platforms.

Comments

Post a Comment

Popular posts from this blog

Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate

Image
Phoenix Group, a major bitcoin mining service provider based in Abu Dhabi, recently announced the successful completion of its Initial Public Offering (IPO), securing a substantial $370 million in capital.  In a statement released this week, Phoenix Group revealed the IPO, initiated on the Abu Dhabi Securities Exchange (ADX), witnessed an overwhelming response, with subscriptions exceeding the initial offering price 33 times over. Notably, the enthusiasm among retail investors was particularly striking, with subscriptions surpassing expectations by 180 times. You might also like: WSJ: Changpeng Zhao to step down, plead guilty as part of Binance-DoJ settlemen Phoenix Group IPO details The public offering, which commenced on Nov. 16 and concluded on Nov. 18, involved the sale of 907 million shares. This represented 17.64% of the company’s stakes, with the aim of raising 1.3 billion UAE dirhams, approximately $370 million. The shares are scheduled to start trading on Dec. 4
Read more

Shiba Inu: New Whale Buys 1.2 Trillion SHIB for $11.7M

Image
Shiba Inu’s (SHIB) popularity does not seem to take a hit even when the token has fallen by many percentage points over the year. The number of new holders continues to increase. Recently the project added 50,000 new holders, even when the markets were extremely bearish. Recently a newly born Shiba Inu (SHIB) whale purchased nearly 1.3 trillion SHIB tokens worth $11.7 million. The wallet instantly became the 46th largest SHIB whale with just one transaction. Source: Etherscan.io, The Crypto Basic Another whale, which is the 77th largest SHIB whale, picked up an additional 432 billion SHIB tokens worth $3.8 million. The whale currently holds around 524.3 billion SHIB tokens worth $4.74 million. Source: Etherscan.io, The Crypto Basic The two enormous Shiba Inu owners have so far amassed a total of 1,729,235,724,962 (1.72T) SHIB, which is equal to $15.6 million.  Why the renewed whale interest in Shiba Inu? The whale interest may stem from the World Economic Forum (W
Read more

California DMV Puts Vehicle Registration System on Avalanche (AVAX) to Prevent Fraud: Report

The Department of Motor Vehicles (DMV) for the most populous state in the US is placing its vast and complex vehicle registration system on the blockchain. According to a new announcement from Ava Labs, the development firm behind Avalanche (AVAX) the State of California is using the chain to update its title transfer system. “What else can an Avalanche L1 do? The California DMV is launching its own chain on Avalanche to modernize the vehicle title transfer experience for CA’s 39M+ residents.” In an accompanying post, Ava Labs says the new system will allow the title transfer process to take minutes instead of weeks. “Trusted transfers is one of the main challenges for any e-titling solution to succeed. Bringing these titles onto an Avalanche L1 brings full transparency and added security, and will allow vehicle owners to track and manage their pink slip titles digitally.” Reuters reports that the move places 42 million car titles onto the Avalanche blockchain
Read more