Allied Architects has launched JapanSOL as a pilot project for asset management on Solana, with Dawn Labs providing technical support and operating the underlying infrastructure.
The launch of JapanSOL was announced as a pilot project enabling Japanese companies to hold and use SOL. The project is operated by アライドバース, a wholly owned subsidiary of Allied Architects, Inc., in a joint structure under which Dawn Labs is responsible for the technical aspects.
The digital asset at the core of JapanSOL, japanSOL, is a depositary receipt-style asset received in exchange for depositing SOL. Rewards generated from the deposited SOL are reflected as an increase in the amount of japanSOL held, enabling transfers and use as collateral.
The deposit infrastructure uses Sanctum, with Dawn Labs operating the pool and validators. Participating companies contribute part of their rewards to the pool, which then distributes them to all holders. The structure is intended to deliver higher yields than ordinary staking. Current TVL is 7,813.65 SOL, and there are 13 holders.
In addition, SOL can be borrowed against japanSOL collateral through Jupiter Lend, and leveraged strategies using Multiply are also supported.
The project is reportedly expected to move forward with discussions on listing japanSOL on domestic exchanges and expanding integrations with major services on Solana.