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SatLayer, a startup based on the Babylon steaking protocol, has raised $8 million in a preliminary round of funding. Hack VC and Castle Island Ventures jointly led the round. Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings and others also participated. Undisclosed business angels from aPriori, Custodia Bank, LayerZero, Manta Network, Magic Eden, Sui and Pendle , also joined the fundraiser. SatLayer co-founder Luke Xie told The Block that the project was originally looking to raise $4 million, but when the fundraising began, the round was reshaped. Although the startup received double its original goal, the potential seed capital from interested parties totaled $16 million. Xie said the preliminary round was structured as a simple agreement for future equity (SAFE) with tokenized warrants. He declined to comment on the startup's valuation. SatLayer is a Bitcoin re-stacking platform built on top of Babylon. The technology allows users to earn additional rewards by re-stacking their already frozen assets in various BVS protocols. Xi said that SatLayer is the first Bitcoin restacking platform built on Babylon. Through the platform, he said, users can re-stake their Bitcoins and Bitcoin Liquid Stake tokens on platforms such as Solv Protocol, Lombard, Bedrock, pStake and PumpBTC, which are used to secure the network. “Many market participants, especially those that have been around for several years, have substantial bitcoin (BTC ) reserves that are sitting idle. They can be put to better use,” he added. SatLayer will offer users rewards in the form of points. When asked about its own token, Xi said, “We don't have plans for our own cryptocurrency yet. We will announce it later if and when details become available.” $BTC