Solana (SOL) Layer-2 Scaling Solution Solayer (LAYER) Surges by More Than 41% This Week

A Solana (SOL) layer-2 scaling solution defied the wider crypto market slump and surged by more than 41% this week following a flurry of recent exchange listings.

Solayer (LAYER), a Solana (SOL) layer-2 scaling solution, has surged by more than 41% this week despite the wider crypto market slump. The new move comes following a flurry of recent exchange listings.

The blockchain network, which is designed for high throughput and near-zero latency, is now capable of handling 1 million transactions per second (TPS).

“Solayer is a protocol for developers who want to enhance their decentralize application’s performance on Solana. It aims to increase the reliability of network access while reducing associated costs by up to 50x,” explains the project.

Solayer’s native token is currently trading at $1.21 at the time of writing. This represents a gain of 216% over the past seven days. The 216th-ranked crypto asset on CoinGecko is also up more than 18% in the past 24 hours alone.

LAYER launched in February. That same month, the Singapore-based crypto exchange Bitget and the Seychelles-based exchange MEXC both rolled out trading services for the asset.

Earlier this month, the San Francisco-based exchange Kraken listed LAYER, and this week the Hong Kong-based HashKey Global also made the token available for traders.

Despite LAYER’s gains this week, the asset remains more than 14% down from its all-time high of $1.41, which it set shortly after launching last month.