🧵gSurf 🌊 deep dive szn I’ve been researching @solayer_labs with @Surf_Copilot a team not just building 1 protocol, but trying to deliver a full-stack finance infra for Solana From liquid restaking (sSOL) → yield stablecoin (sUSD) → MegaValidator infra → hardware-accelerated chain (InfiniSVM) → Emerald Card payments Solayer is aiming to be an “all-in-one” bankless stack

1) INTRODUCTION When most protocols specialize in one thing: liquid staking, stablecoins, or execution infra Solayer is attempting the opposite: a vertically integrated, full-stack financial infrastructure on Solana They are building across five fronts simultaneously: > Hardware-accelerated blockchain (InfiniSVM) > Liquid restaking & LSTs (sSOL) > Yield-bearing stablecoin (sUSD) > Validator optimization (MegaValidator) > Payments (Emerald Card) 🧐 This ambition is bold, but it comes with a fundamental strategic tension: "can a full-stack generalist compete against specialists who dominate each vertical with massive scale advantages?" Here are some key metrics that provided by Surf:

2) Where Solayer is Strong > Technical Innovation: InfiniSVM Already demonstrated 300K TPS on devnet, with a target of 1M+ TPS Hardware-optimized execution (RDMA, InfiniBand) → an edge no Solana protocol currently matches If successful, it becomes Solayer’s unreplicable moat something Jito or Ethena cannot just copy > Integrated User Journey Solayer’s real differentiator is combining components into one workflow: Stake SOL → Earn yield via sSOL → Convert to sUSD for stability → Spend globally with Emerald Card → Settled instantly via InfiniSVM This creates capital efficiency and retention loops that individual specialists cannot deliver in isolation > Early Market Proof $22.5M raised, $150M+ TVL, 304K users across products Emerald Card adoption at 40K+ users shows traction in payments a space few Solana protocols even touch Distribution of $LAYER token is relatively healthy (no single whale >5%, community majority) But still need some more requirements for @solayer_labs to be "successful"

3) Where Solayer is Vulnerable > Scale Disadvantage Compared to specialists, Solayer is still tiny: sSOL vs. JitoSOL → 11x smaller sUSD vs. Ethena’s USDe → 465x smaller MegaValidator stake vs. Jito’s validator dominance → 40x smaller Scale matters because liquidity begets liquidity Even if Solayer’s product is good, specialists can simply outcompete with depth, partnerships, and institutional relationships > Execution Complexity Running one product well is already hard Running five interdependent products means: +) Resource dilution $22.5M is thin compared to billions raised by competitors +) Integration risk if one vertical fails (e.g., sUSD peg breaks), it undermines trust in the entire stack +) Market lag Jito or Ethena can iterate faster on their single focus areas +) Regulatory Headwinds sUSD (RWA stablecoin) faces high scrutiny under MiCA/EU rules Emerald Card expands into TradFi-regulated territory (KYC/AML, cross-border payments) A single compliance issue could stall adoption across multiple verticals simultaneously

4) Strategic Insight: The “Full-Stack Dilemma” Solayer’s biggest risk is being “pretty good” at everything, but not the best at anything Specialists like Jito (MEV) or Ethena (yield stablecoins) can continue to outscale them if Solayer’s components remain individually weaker The only way that Solayer can win big: "InfiniSVM must succeed" → technical moat that specialists can't replicate "Cross-product integration must deliver real synergy" → e.g., making sUSD more attractive because it directly powers Emerald Card spending with yield, or making sSOL stickier because it flows seamlessly into payments and AVS security In other words, Solayer needs to turn its “jack of all trades” setup into a compounding flywheel, not just a collection of half-competitive products