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.
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