Crypto News- Symbiotic, EigenLayer competitor, surpasses $1 billion in deposits in under a month

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.

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