Restaking protocol Solayer offers simple yield-earning strategies on a straightforward platform. This means users can earn by depositing SOL and USDC, in return for the sSOL LST and the sUSD stablecoin, respectively, and for further returns the sUSD token can be used on partnered platform RateX. Additionally, Solayer users can pick up an allocation of future LAYER airdrops (LAYER is the native token of Solayer), and the platform also offers a Visa debit card.
If you’re looking for yield on SOL and stables along with future airdrop allocations, then take a look at Solayer, a platform that also bridges the gap between crypto and IRL spending through its crypto-linked Visa debit card.
In this guide we’ll look at exactly what Solayer is, what it has to offer and how it can develop from here, and we’ll walk through how to put some simple but effective strategies to immediate work on the platform.
What Is Solayer?
The Solayer platform started out as a restaking protocol on Solana–and continues with a focus on this utility–that operates its own infrastructure layer in order to optimize resource allocation in the Solana ecosystem.
Solayer is built around InfiniSVM, the hardware engine that powers its blockchain and which promises up to one million transactions per second with extremely low latency, and in terms of proposed utility, Solayer is comparable to EigenLayer on Ethereum.
The native token of Solayer is LAYER, and it’s this token that was airdropped to users in February, with 12% of total supply distributed at that time. When it comes to price performance it’s been a positive picture since then, with the LAYER market cap growing from around $270 million on token launch to almost $700 million, although it crashed to around $407 million this week, giving a reminder of how volatile prices can be.
Relatedly, please note that this guide is not an endorsement of the LAYER token, but is intended to show how to access yield while also gaining airdrop exposure.
When it comes to further airdrops, the LAYER Season 2 period is now in effect, allowing Solayer users to gain an allocation of the next distribution.
With regard to functionality, Solayer utilizes sSOL, a liquid restaking token that represents SOL staked on the platform, and sUSD, a US Treasury Bill-backed, yield-bearing stablecoin.
Additionally, Solayer has launched the Emerald Card product. This is a Visa debit card allowing holders to spend against a USDC balance while earning yield from the sUSDC stablecoin. It operates globally while also offering user rewards in the form of Emerald Points, and there is a waitlist currently open for card applications.
How to Use Solayer
Before we begin, please note the risks inherent when using DeFi, which include: smart contract vulnerabilities, stablecoin depegs, frontend attacks, and systemic DeFi and crypto risks.
Getting started using Solayer and earning rewards is a simple process. First you need to open the app and connect a Solana wallet, and from there the navigation process is straightforward as at the moment there are relatively few options to choose from, which is actually a point in Solayer’s favor if you’re looking to avoid an overly technical user experience.
There are just two tabs, Deposit and Card, so you need to be on…
