Phemex announces spot listing of $SLAY (SatLayer), the economic layer for Bitcoin.

Phemex announces spot listing of $SLAY (SatLayer), the economic layer for Bitcoin.

July 02, 2025

Phemex, a leading cryptocurrency exchange, has announced the upcoming spot listing of $SLAY (SatLayer), an innovative economic layer designed to unlock Bitcoin's potential. The listing is set to commence on August 12, 2025, at 10:00 UTC, marking a significant milestone for both Phemex and the broader cryptocurrency community.

SatLayer (SLAY) is a protocol that aims to transform Bitcoin from a passive store of value into a productive, programmable asset. By introducing a concept called "restaking," SatLayer allows Bitcoin holders to earn yield on their assets in a trustless manner, enhancing the security of decentralized applications (dApps) and protocols. The project operates on the Ethereum Mainnet and has a circulating supply of approximately 210 million SLAY tokens out of a total max supply of 2.1 billion [2].

The primary function of the SLAY token is to facilitate the operations of the SatLayer protocol and its programmable security features. These features include securing the network, incentivizing participation, and enabling governance. The protocol is built on top of the Babylon protocol, which facilitates native Bitcoin staking. This collaboration allows SatLayer to extend Bitcoin's economic security to a wide range of applications, including DeFi platforms, real-world asset tokenization, and AI infrastructure.

The project has gained significant investor confidence, securing $8 million in a pre-seed funding round co-led by Hack VC and Castle Island Ventures, with participation from prominent investors such as Franklin Templeton and OKX Ventures [2]. The funding round reflects the growing interest in Bitcoin-based applications and cross-chain interoperability.

The listing of SLAY on Phemex is expected to increase liquidity and accessibility for investors interested in the Bitcoin DeFi ecosystem. As the project continues to develop and expand, it aims to compete with other layer-2 solutions in the growing Bitcoin DeFi market.

References

[1] Hybrid L2 BOB Raises $9.5 Million in Latest Funding Round to Advance Bitcoin DeFi Development – News Bytes Bitcoin News (https://news.bitcoin.com/hybrid-l2-bob-raises-9-5-million-in-latest-funding-round-to-advance-bitcoin-defi-development/)

[2] What Is SatLayer (SLAY)? – Phemex Academy (https://phemex.com/academy/what-is-satlayer-slay)