Solayer Announces Foundation and Launches Governance Token LAYER

Solayer, Solana's repledge protocol, has formed a foundation and launched the LAYER governance token, according to news.
“To support the next phase of our journey, we are excited to announce the formation of the Solayer Foundation, an independent nonprofit organization dedicated to advancing SVM extensions, the upcoming LAYER token, and Season 1 entitlement collection,” Solayer Labs posted on the X platform on Thursday Solayer Labs
Solayer is a Solana-based repledging protocol modeled after Ether's EigenLayer protocol. Repledging allows users to maximize revenue by earning additional rewards for re-locking pledged assets (AVS, or Active Verification Service) in different protocols. According to DeFiLlama, the repledging protocol is currently ranked 12th on the Solana chain.