Crypto News- In less than a month, Symbiotic exceeds $1 billion in deposits, rivaling EigenLayer
Crypto News- Symbiotic, a restaking protocol, has surpassed $1 billion in total value locked.
The project achieved a significant milestone by hitting its deposit limit of 210,600 wrapped stETH, valued at approximately $800 million, within just four hours yesterday. This surge propelled user deposits to over $1.04 billion in less than a month, according to data from DeFiLlama.
Symbiotic enables users to deposit funds to support third-party protocols through a collaborative security model, positioning itself as a direct competitor to EigenLayer, Ethereum’s pioneering restaking protocol. Currently in a bootstrapping phase, Symbiotic is integrating restaked collateral.
Symbiotic challenges EigenLayer by crossing $1 billion in deposits within a month
Symbiotic distinguishes itself from EigenLayer by supporting a wide range of ERC-20 tokens beyond just ETH and specific derivatives. The protocol boasts a customizable modular design that accommodates various token combinations as restaked collateral.
Recently, Symbiotic secured $5.8 million in funding from Paradigm and cyber.Fund to bolster its development efforts. Additionally, Mellow, a liquid restaking platform for Symbiotic, has been introduced.
Currently, EigenLayer dominates the restaking sector with a substantial lead. According to The Block’s data dashboard, EigenLayer’s Total Value Locked (TVL) stands at approximately $17 billion.
FAQs
What is Symbiotic and how does it compete with EigenLayer?
Symbiotic is a restaking protocol that competes as an alternative to EigenLayer, an Ethereum-based restaking protocol. It distinguishes itself by allowing users to stake a variety of ERC-20 tokens beyond just ETH and specific derivatives, thanks to its customizable modular design.
Why is Symbiotic significant?
Symbiotic gained attention by surpassing $1 billion in deposits within a short period. This achievement underscores its potential to compete with EigenLayer by offering a novel security model and supporting diverse tokens in the DeFi space.
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