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Layer3 x Fragmetric: Solana Restaking AMA
Recorded: May 30, 2025 Duration: 0:38:31Space Recording
Short Summary
Fragmetric is set to revolutionize the Solana ecosystem with its innovative restaking solutions, strategic partnerships, and upcoming token launches, including a stablecoin aimed at maximizing yield for users. The project emphasizes community engagement through its Solana Network Guard initiative, positioning itself as a leader in the DeFi space.
Full Transcription
Music Thank you. Music Thank you. I'm going to go to the next episode. Music Thank you. Thank you. Music Thank you. Thank you. Thank you. Thank you. so
GM, GM, everyone. How's it going? Welcome to this spaces. Today, we're going to talk about
a couple of things all related to Solana restaking and Fragmetric. We're going to be talking about how restaking is different in Solana.
We're going to be talking about the campaign that Layer 3 is running with Fragmetric.
We're going to talk a little bit about how the Solana network guard SANG works in Fragmetric.
And then we'll dive into more specifics like NCN, the Normalized Token Program,
and then we'll touch a little bit more on how this team sees the future of Solana restaking.
So with that said, please welcome Sang and Chad, both from the Fragmetric team.
Yeah, welcome.
Welcome to Sturispaces.
I'll start by introducing myself
in case someone here hasn't had
or hasn't joined Spaces before.
I'm Ignacio.
I'm VP of BD here in Layer 3.
And we're doing this to talk about
Solana restaking in more depth and Fragmetric.
So yeah, Sang, Chad, feel free to introduce yourselves.
Yeah, hello guys.
This is Sang, co-founder of Fragmetric.
And really great to meet you guys here.
And thanks for bringing us.
Gmetric, guys.
I'm FragChad, the intern of Fragmetric. I do everything community for Fragmetric guys, I'm FragChad, the intern of FragMetric.
I do everything community for FragMetric and I'm so stoked to be with you guys with this AMA.
Nice. Welcome guys.
So, yeah, I mean, I'd like to first start by talking about the campaign itself.
I'd like to first start by talking about the campaign itself.
So, you know, many people here have probably already started doing it.
There is so much you can do, so much you can learn around Fragmetric.
It essentially builds the foundation to understand restaking in more depth, LRTs, Fragmetrics role in the space.
And then, you know, in some of them, you get to LP and Orca and some you get, you do yield trading.
So, yeah, I guess my first question to you guys is what, you know, what do you think you've gotten out of the campaign so far?
And what exactly do you think is the coolest part of it?
Is it the fact that you're using all these LSTs to use the LRT,
or what is it specifically?
Right.
So I'm pretty sure everyone here already knows by now but fragmetric and layer three we
partnered up to teach everyone about restaking and basically how easy restaking is and what we
found out when we first started is a lot of people were really stoked they were really excited to be
with us but they had a hard time with the learning curve about
restaking because it's all new and you know there's a lot of different sources online but
nothing that really uh that smoothly and teaches it in a way that's fun and in a way that's uh very
interactive and i feel like layer 3 bridges that for a lot of users. What I found amazing,
or what I found really nice with layer three is the UI and the UX. So I really loved how it was
gamified for our users and our sangs. And a lot of our sangs, even on Discord, they came up to me
and talked about how layer three is teaching them how to restate better or use DeFi integrations better.
And yeah, I think overall, it's a huge plus for our community. Yeah, nice. We do try and
take care of that. We know that adding friction does mean that, you know, for users, it gets
confusing and maybe interrupts the learning curve.
So obviously you want to make it as focused on the educational side of things
and then learn by doing rather than having the UX to be so confusing.
So yeah, if you guys haven't tried it out,
any of you feel free to jump into into the layer
three platform you'll find it there uh there's yeah many actions you know on on frag btc frag so
um so yeah you'll put your hands on on a couple um a couple of these uh restaking um primitives so
yeah and i'd like to start then by talking about restaking Solana more generally speaking.
So, you know, I think most of other people here are probably aware of Eigenlayer and,
you know, how restaking works in Ethereum.
But I think, you know, restaking Solana is pretty different.
As far as I know, you know, Solana can't really extend validators like Ethereum.
There's not really a native restaking that they used to call there.
And here it's more of the other arm that Ethereum also had, which is basically using LST, so liquid restaking so yeah I wanna I wanna hear from you you know how do you
think restaking is different than Solana and yeah what approach is Fragmetric taking here
yes so actually restaking on Solana is quite different as Ignacio mentioned there are restaking
on its like eigenlayer or symbiotic and restaking on Bitcoin, which is named Babylon.
But the problem is those particles are like, they don't have the actual yield.
So eigenlayer developed eigenDA themselves, and they have like more than hundreds of AVS.
But the problem is that they're not generating the actual yield at this moment.
Again, IE&DA is only like printing like $3 per month, which doesn't make sense to take a risk as an RRT.
But great thing of Solana is that, so Fragmentrix is a liquid risk-taking protocol and we're leveraging JITO risk-taking.
And as you know, JITO's MEV has the biggest revenue in whole blockchain ecosystem.
And the first ABS slash NCN, they built his name, TIP router.
And TIP router is distributing all the MEV tips to all the stakers, but
like in decentralized way.
So before TIP router, JITO distributed their revenues to
JITO stakers with their own single server. But for now, there are more than 10 node operators
who are running TIP router and it's really decentralized and permissionless. So we are
getting MEV rewards with really permission this way now. And they are distributing some of those
MEV tips to resters as we're participating in
tip router so if you stake with fragmetric you will get all the tip router rivers and great
thing is that there are more ncns coming so switchboard the first external ncn on top of
g2 risk taking is exclusively live with fragmetrics so So if you stick with us, you will get all the like tip router rewards,
that's taking rewards, MEV rewards at the same time, switchboard rewards.
So, which is really good because you can get the real yield.
So there are a lot more AVSs on top of eigenlayer, but as you know,
Ethereum selected the modular roadmap, but Solana is more like monolithic.
So there are not many middlewares or infrastructures for the actual layer two or something.
The great thing is that, as you know, there are lots of apps on Solana and they can decentralize
and they can make their own infrastructure in permissionless way using restaking,
which is really good.
So we're expecting a lot more NCNs to come to Solana so that we can bring more yield for Flexible holders.
Nice.
So coming back to what you were saying
about Solana being a monolith,
here in Solana,
validators obviously do everything.
It's not like, you know, you just delegate execution
or like consensus, but what is the,
do you think there's an added, you know,
MEV yield or any kind of advantage
from a user point of view of having this monolith architecture
other than, you know, basically what Ethereum is doing that you have
a fixed yield, but obviously maybe the fact that you have a monolith makes it brings more
yield to the user.
Is that the case?
So actually the advantage for users and the advantage for builders is quite different.
So the advantage for users is really like straightforward.
They can stake with like Fragmetric or other RRTs and they can bring, like they can earn more yield.
And for builders perspective, so as I mentioned, Jito's MEV distribution was really centralized before
tip router.
And for now, more than 10 node operators are running it, so it's really decentralized
and permissionless.
So you don't have to trust Jito's single server.
So even if there's no JitoO, we can do tip distribution now. So for
builder perspective, the great thing is that you can make your own infrastructure really
decentralized. For example, maybe in prediction market, they can leverage risk-taking and maybe
drift bet is really great example. For now, only three committees are sending the reserve to the prediction market.
But the problem is that if they do some malicious thing, there's no way to prevent it.
So, but if we use restaking, we can bring more node operators there and we can prevent
them to do malicious things.
And by like, as node operators doing some like validation there we can bring those fees to
users which is risk takers so yeah in summary like user can earn more yield and builders can
make their own infrastructure really permissionless nice yeah and more secure as you said, which is also very important. Nice. So I'd like to move on to ask you,
you know, why do you think Solana needed something
like Fragmetric?
You know, because we've seen other projects
try to tackle restaking,
but what is it that Fragmetric is bringing specifically
to Solana?
And do you think it's a good strategy
and it's a net positive,
the fact that you guys are participating
in the different ecosystems?
Not only Sol, but you have your hands on BTC as well, right?
So, yeah, what do you think Fregmetric has in terms of uniqueness?
So, actually, the reason we launched Freg BTC is quite different from the former ones.
So, we launched FregSel and Frag Jito,
which is restaking token.
But Frag BTC is not restaking token.
Actually, it's more like abstracting
all the DeFi experience for users.
So for Frag BTC, we are not using BTC for restaking,
but if users stake BTC, we are utilizing these BTC
in really great yield sources. For example, for now, we are sending 70% of BTC. We are utilizing these BTC in really great yield sources.
For example, for now, we are sending 70% of BTC, rep BTC to JLP and 30% to custody to
hatch other positions like ETH or SOL.
So we can bring like 5% of APY to users, which is really good for BTC side.
So if you see Babylon, the problem of them is like only generating 0.5% APY,
which is not good for users. So one of our goal this year is to abstract all the DeFi
experience for users like FragBTC. We're going to launch our own stablecoin, which is build
bearing. So yeah, this, all these kinds of things are the same for users because they have experience that they come to FragMetric and they take their Solana or JITO and get FragSol or FragJITO.
And at the same time, they can utilize these assets in lots of DeFi protocols like RayTax, Exponent Finance, or Kamino.
So even for FragBTC, we're bringing DeFi yield, but they can also bring all FRAC-BTC assets to other DeFi protocols so that they can generate more yield.
So would the stablecoin that you mentioned, would it be like an abstraction token that basically pulls the yield from all the different derivatives?
derivatives or how would it work?
Or how would it work?
Yes, actually the great thing of our own asset,
we built our own asset standard and the great thing is that we can
opt into several yield sources. So for the stablecoin side,
if we launch it, we can get USDC and we can use 20% of USDC to Camino
and 30% to JLP and 50% to restaking, this kind of thing.
So great thing is that if you stake with us, you can bring the most optimized yield on Solana.
So yeah, really looking forward to launching our own stablecoin.
And I think it's kind of more similar to prime brokerage deal in TriteFi,
which is really working well these days.
So I think this kind of abstracting DeFi experience is really important for Solana users,
as I'm pretty sure in this year, the DeFi and Solana will be really huge.
Yeah, no, it definitely is growing a lot. I've seen graphs of the evolution of DeFi and Solana and it's just like a straight curve up. So yeah, I think it will definitely continue growing like it is. I mean, it's an awesome ecosystem. It's cheap, it's fast, it's secure. And the issues they had about around downtime no longer exist. They've been pretty solid.
Yeah, no, it definitely is growing a lot.
So I think definitely foundations are now ready and solid for that to happen.
So, yeah, nice.
I think we can start diving a little bit more into Fregmetrics specific parts.
So I know the team has a sort of coordination or governance layer called SANG, which coincidentally is your surname, right?
So, yeah, I think it's pretty awesome.
But yeah, could you talk more about why SANG is so important and how does it play a part in the restaking?
Yeah, sure. But before I dive into SANG, I just want to say that we have one more very important
abbreviation. And in our community, we really often say STEM a lot like you know stem stem stem and it's spelt
s-t-e-m which is short for stake twice and earn more that's basically just the essence of restaking
and what you're doing so you're staking what you've already staked to boost your earnings right and
it's just a fun little phrase that we came up with to capture what we're all about.
And every user who stems, every user who restakes, we call them sangs.
So we're all sangs.
So if you stem, you're a sang.
It's very fun to say.
And we created this name for all our restakers, for our community, because it brings our community together in a fun way.
I thought it's very fun to be a part of this big community.
And I'm a SANG, you're a SANG, we're all SANG.
It's fun to say.
But more importantly, SANG stands for something.
So SANG means Solana Network Guard.
And that's exactly what you are when you restake,
right? So you're guarding the ecosystem, you're enhancing both on-chain and off-chain services,
you're contributing to the growth of the Solana ecosystem, you're protecting the network, right? So
by essentially by restaking, you're this big part big part you're you're
a part of this huge role and we wanted to name that sang and it's i feel like it's a very important
aspect of fragmetric because um just like you said you know founder is named Sang, but all of our community,
our people are also Sang. It's a very, I feel like it's very metaphorical in a way,
because by stemming, you're actually building and protecting the network, right? So you're
making Solana stronger. And we really wanted to focus on that. So, yeah.
So I hope everyone here stems.
That way you can be a Sang.
Yeah, I'm a Sang.
Yeah, so that's it for Solana Network.
That's so awesome.
It's so funny that it's the co-founder's name.
But so what exactly, because I know there's no native slashing in Solano and in Ethereum it's always been a very important component that has taken ages for some teams to ship because of its complexity and so on at the restaking level. So does this SANG network have any, not slashing, but maybe like some kind of soft penalties for, in order to, you know, encourage healthy coordination and discourage bad behavior
or, or how does it work? So actually current restaking doesn't have slashing at this moment,
but I'm pretty sure that jito guys are
working really hard to make it happen this year so for now the great thing is that it's really safe
because there's no slashing and you can earn more yield easily so yeah what one thing i can say here
is that they're really working hard to implement slashing this year.
Yeah, I know it's pretty complicated.
It takes a long time.
But yeah, so the other big component to you guys is the NCN.
Again, this is a very important part from a user point of view, right? Because this is where all the reward handling
happens, where all the streams of rewards come into the user. So my way of understanding this is
it's like a clearinghouse kind of thing. But I'd love you to shine more light here into how this works and why is it important?
And I guess, like, is it true that all these rewards get bundled together
and they ultimately, this is where it all comes from?
Yeah, I'll take the mic for this one.
So basically, one of the biggest problems in restaking for a lot of
platforms is the reward distribution. So a lot of projects had trouble with precise reward
distribution, mainly because even with staking, it's just the governance token of the network.
But with restaking, it's so much more than that. it's just the government governance token of the network but with restaking it's so much more than that you get you can get the government's token of the NCNs you can get sole you can get so many more types of rewards and with a more complex set of rewards comes a more complex solution for the reward distribution. And the great thing about Fragmetric is we already solved that problem.
So that's why we really wanted to push
this reward distribution system
and solution to everyone
because we believe it's the solution for the future
and actually right now too.
And so how it actually happens is,
let's say when you deposit Sol
or any of the supported LSTs into Fragmetric, you would get FragSol instead, right?
And your restaked tokens will then support various, you know, NCNs and those protocols.
And those protocols will generate additional rewards on top of your LST rewards and your staking rewards.
And once we have that reward, we use this native token 22 standard in Solana, which
is called a transfer hook.
So we use this on-chain transfer hook to accurately and in real time gather how much a user should get
and for how long they've held the LRT or FragSoul.
That way you can get your fair share.
And no matter what happens, you would get the exact amount that you're worth.
So that way it's transparent, it's on chain, you know, you get what you earned. So I think
that's the great part about our reward distribution. One thing I do need to comment is because the
token 22 standard isn't supported by sometimes the DeFi protocols or the platforms
that we wanna work with.
What we do is we wrap our frag tool.
So by wrapping our frag tool,
we create this abstraction layer.
That way we sort of handle everything in one go
so that the DeFi protocols don't need to take care of all of that on-chain stuff. We do
it for them and they can internally distribute it themselves after we do the calculations.
So yeah, everything's transparent and you get what you've earned. So that's the best part.
So would the validators take their part and then it comes here, it gets abstracted and it gets prorated?
Or does it get prorated completely from the start?
So actually most of validators are taking 5% of fee and 95% will go to risk takers.
Yeah, that's pretty, that's very, very generous. Nice.
Yeah, that's pretty, that's very, very generous. Nice.
So, yeah, I guess this ties up to the Normalized Token program, right?
So your team has this meta token that basically normalizes all the LSTs and so on.
They get fragmented into a single unit, right? Into a single, like, bigger token, right?
Yeah, you're exactly right.
You're exactly correct.
We have this normalized token program that we created in-house.
So it's actually this normalized token program, a lot of users don't know
because it's all behind the scenes, but it's a big part of restaking for us yeah so um i'll just explain a little bit
more about what this ntp is or what this normalized token program is and uh basically like you
mentioned we you know uh if you go to our app right now, we don't just accept Gito Sol or Sol.
We accept multiple types of LSTs.
And with that comes another issue where, you know,
different exchange rates or decimals,
and it's very complicated.
So Fragmetric normalizes that.
So it's very robust and interoperable and seamless.
And this, yeah, yeah, sorry.
Especially after Sanctum came out, as you know, like there are more than hundreds of
LSTs on Solana.
And one of the challenge we got when we first built secure restaking is we want to bring
all the TVLs for restaking to secure other networks, but there's no solution to do that.
So if we make all the RTs per all the LSTs, we had to make hundreds of RTs.
But the problem is that then we cannot really use it in DeFi because all
the liquidity will be fragmented.
That's why we made this normalized system so that we can put all the lsts in one
basket and we can just give users frags all yeah that's definitely very positive i'm i'm all against
liquidity fragmentation you know i i get that everyone wants their own uh you know their own
token their own uh separate way of doing things.
But at the end of the day, what's net good for the ecosystem
is that we then manage to put everything together,
benefit from the full liquidity, also simplified experience.
If I'm a restaking user, I want to see something.
I don't want to have to choose between thousands.
And it becomes very complicated.
So I think in the view of bringing mass adoption to crypto,
things like this, I think, really make a difference
when we're abstracting.
So, yeah.
So, yeah, I think I'd like to wrap this up
by talking a little bit on the long-term vision of the team.
So I guess I'd like to ask, where do you see restaking going specifically in Solana?
I think we all agree it's going to grow significantly, but how do you think it's going to evolve from this point?
gonna evolve from this point?
So actually for the future of Solana risk-taking, it's really bright in my opinion.
So for the last month, I went to Solana Crossroads and took in Dubai and Solana Accelerate, like
three countries in a month.
And I met like tons of NCM builders there, especially from like super
team Japan or other super team Europe guys.
So I think there are lots of builders coming in, which means that we can
bring more yields for FragSoul.
And today we have, I can give you some spoiler here.
We will announce another exclusive partnership today with ping network
so that you can earn ping
point like through frag soul.
So we, what we are gonna do here is support all the NCN builders and bring all the yields
to frag soul so that we can bring the best yield personal risk takers.
And especially for future of frag metric, like we have lots of roadmaps this year, especially
one thing would be TGE and
which will be happen soon.
And I hope like everyone will get really sufficient amount of airdrops so that they
can be happy.
So yeah, that would be our one of roadmap.
And one thing is that we have prepared lots of like features for our own governance
token.
So I hope like everyone would enjoy it.
So yeah.
And as I already told, like FragVTC is one of our DeFi abstracting token, and we're
about to launch our own stablecoin also.
So one thing we wanted to do in Fragmetric is we want to attract all the users experience in the fire
restaking ecosystem so that they can just take their assets and they can get the best yield on
Solana. This one, that's our major goal. Nice. Love the vision. Love what you guys are working
towards. And, you know, I think, I think you have a lot of
interesting stuff coming.
I'm especially interested in the stablecoin
and see how it all ties up together there.
So, yeah, extremely
bullish, guys.
Yeah, I don't want to take too much time
from everyone's
busy Friday, but yeah, happy Friday,
everyone. Thanks for joining and
talk to you soon. Thanks, Sang. Thanks, Chad.
Great having you guys.
Yeah. Thank you for having us. It's, it's always great to have an AMA.
Of course. See you. See you guys. See you, Fragmetric team.
See you guys. See you, Fragmentric team. See you.
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