{"id":90822,"date":"2024-08-22T18:30:36","date_gmt":"2024-08-22T22:30:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90822"},"modified":"2024-08-22T18:31:45","modified_gmt":"2024-08-22T22:31:45","slug":"saltlayer-secures-8m-for-bitcoin-restaking-platform","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/saltlayer-secures-8m-for-bitcoin-restaking-platform\/","title":{"rendered":"SaltLayer Secures $8M for Bitcoin Restaking Platform\u00a0"},"content":{"rendered":"\n

SaltLayer has closed a $8 million pre-seed investment round<\/a> based on the Babylon staking mechanism and powered by Bitcoin.<\/p>\n\n\n\n

\"SaltLayer
SaltLayer Secures $8M for Bitcoin Restaking Platform\u00a0<\/figcaption><\/figure>\n\n\n\n

Multiple venture capital organizations focusing on cryptocurrency have backed the Bitcoin restaking platform, according to a statement made on X on August 22. <\/p>\n\n\n\n

The pre-seed investment was co-led by web3 venture capital firm<\/a> Hack VC and Castle Island Ventures. <\/p>\n\n\n\n

The protocol will utilize the funding to introduce its restaking product to the expanding Bitcoin market. Through staking and liquid restaking, users can earn incentives on their Bitcoin using SatLayer. <\/p>\n\n\n\n

The ecosystem is powered by Babylon, which just raised $70 million in a fundraising round headed by Paradigm. <\/p>\n\n\n\n

The platform allows proof-of-stake systems<\/a> to use Bitcoin for staking, such as rollups, oracles, layer-2 chains, and data availability layers. <\/p>\n\n\n\n

Any infrastructure provider or decentralized application can sign up with SaltLayer to become a Bitcoin Validated Service. dApps and other providers on SaltLayer give consumers the option to lock their Bitcoin for yield, much like actively validated services do.\u00a0<\/p>\n\n\n\n

Earning Rewards in Idle BTC<\/h2>\n\n\n\n

In exchange for contributing to the security of BVSs through Bitcoin, users can deposit their liquid staking tokens and gain incentives and other network advantages. <\/p>\n\n\n\n

Users must first deposit Wrapped Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (WBTC) or BTC liquid staking tokens from Bedrock, pStake, Solv Protocol, PumpBTC, and Lombard in order for this to function. <\/p>\n\n\n\n

Users can obtain receipt tokens representing the deposited funds, and WBTC or LSTs contribute to the security of BVSs. Holders can start earning incentives by retaking these tokens via SaltLayer.<\/p>\n\n\n\n

SaltLayer's pre-seed investment was also supported by Franklin Templeton Digital Assets, OKX Ventures<\/a>, and Mirana Ventures, among other venture capital firms.<\/p>\n","protected":false},"excerpt":{"rendered":"

SaltLayer has closed a $8 million pre-seed investment round based on the Babylon staking mechanism and powered by Bitcoin. Multiple venture capital organizations focusing on cryptocurrency have backed the Bitcoin restaking platform, according to a statement made on X on August 22. The pre-seed investment was co-led by web3 venture capital firm Hack VC and […]<\/p>\n","protected":false},"author":43,"featured_media":90823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,1659,21482],"class_list":["post-90822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-funding","tag-saltlayer"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/croc_1724363023729.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90822"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90823"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}