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Home»ADOPTION NEWS»EigenLayer Competitor Symbiotic Surpasses $1 Billion in Deposits in One Month
ADOPTION NEWS

EigenLayer Competitor Symbiotic Surpasses $1 Billion in Deposits in One Month

By Crypto FlexsJuly 4, 20242 Mins Read
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EigenLayer Competitor Symbiotic Surpasses  Billion in Deposits in One Month
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The total value locked in the re-staking protocol Symbiotic has exceeded $1 billion.

The project announced yesterday that it had reached its deposit limit of 210,600 wrapped stETH, worth approximately $800 million, in just four hours. This increase brings user deposits to over $1.04 billion in less than a month, according to DeFiLlama data.

Symbiotic positions itself as a competitor to EigenLayer, the first re-staking protocol on Ethereum, by allowing users to deposit funds to support third-party protocols via a shared security model. Symbiotic is currently in the bootstrapping phase, which includes integrating re-staking collateral.

Like EigenLayer, Symbiotic aims to solve network security issues by redistributing existing staking capital and infrastructure.

It differentiates itself from EigenLayer by supporting a variety of ERC-20 tokens in addition to ETH and certain derivatives. The protocol also features a customizable modular design that accommodates any combination of tokens as collateral.

Symbiotic recently raised $5.8 million in funding from Paradigm and cyber.Fund to further its development. Symbiotic’s liquid re-staking platform, Mellow, has also been launched.

Currently, EigenLayer is leading the restating niche by a wide margin, with a TVL of around $17 billion, according to The Block’s data dashboard.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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