Solayer Raises $20 Million During Genesis Epoch 0 Phase
A staking protocol centered around Solana, Solayer, managed to secure an impressive $20 million in just forty-five minutes during its introduction in the Genesis Epoch 0 phase. This remarkable feat was achieved through a combination of time constraints, a limited funding cap, and the participation of key investors within the Solana ecosystem.
The fundraising event saw the gathering of prominent figures, including Yakovenko, the former lead developer of Sushiswap, who graced a portion of the assembly dedicated to those involved in the funding process. Participants in the protocol have the opportunity to stake SOL tokens as well as other assets native to the Solana blockchain.
Access to the Genesis Epoch 0 phase was facilitated through exclusive invitations, with a total funding cap set at $20 million. This strategic approach allowed participants to form connections with early backers of the project. The funds raised will be held until Epoch 3, at which point contributors will be able to withdraw their investments.
The success of Solayer in raising a significant amount of capital during its initial funding round underscores the growing interest among users in projects built on the Solana network. It is essential for investors to conduct thorough due diligence before participating in such fundraising activities to mitigate potential risks.
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