Sonic Announces Partnerships With Solayer and Adrastea Finance to Expand the Solana Reststaking Ecosystem
- Linda HamiltonOriginal
- 2024-11-02 04:08:09644browse
The Sonic SVM team revealed it was joining forces with the Solana (SOL)-based protocols on Oct. 31.
Sonic, a Solana (SOL)-based layer-2 blockchain for gaming, has announced partnerships with two protocols in the Solana ecosystem to expand the restaking landscape.
In an announcement on Oct. 31, Sonic revealed partnerships with Solana restaking protocol Solayer and liquid restaking protocol Adrastea Finance. The Sonic SVM team announced that it has now surpassed $50 million in SOL tokens delegated on Solayer.
Sonic is now the largest actively validating service on Solayer, a protocol that boasts over $302 million in total value locked (TVL). The platform is also partnering with Adrastea Finance to bolster the Solana restaking market.
Solana has seen increasing adoption in its decentralized finance ecosystem, with staking and restaking seeing multiple key developments in recent months.
In August, Solana-based liquid staking protocol Jito partnered with restaking layer Fragmetric to launch the liquid restaking token fragSOL on Solana. Earlier in the month, restaking protocol Renzo debuted Solana’s first LRT on Jito.
Sonic will mark its $50 million delegated SOL milestone with a rewards program in collaboration with Adrastea. The initiative will further incentivize SOL delegators on the Solayer platform.
Solayer users who choose to delegate SOL or eligible liquid staking tokens with Sonic’s validator-attestation service will earn bonus rewards. Delegating Sonic through the Adrastea Finance protocol will also see users receive lrtsSOL, an LRT token pegged 1:1 to SOL. Holders can use this token to access other opportunities across the DeFi ecosystem.
According to DeFiLlama, there are a total of 192 protocols offering liquid staking solutions, with the total value locked in various assets amounting to over $45 billion. The restaking and liquid restaking ecosystem accounts for more than $15 billion and $10 billion, respectively.
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