Overview
Symbiotic emerges as the second Ethereum-based restaking protocol in the market, succeeding Eigen Layer. With currently holding a Total Value Locked (TVL) of $1.037 billion, as per DefiLlama data, it marks significant progress in the cryptocurrency ecosystem.
In the recent period, various cryptocurrency entities achieved noteworthy milestones in on-chain activities and TVL within their systems. Remarkably, Symbiotic, introduced on June 11, 2024, achieved a substantial milestone within 24 hours. Surpassing the $1 billion TVL mark in just a month since its launch is a notable feat.
Additionally, the restaking protocol set a new record by hitting a 210,600 wtsETH cap on July 3, leading to a surge in TVL, which now stands at $1.03 billion.
Initial data from DeFiLlama indicates that Symbiotic started with a TVL of $242.98 million in its debut week. Subsequently, the figures saw gradual growth until the end of June.
As July commenced, there was an upward trajectory observed in the protocol, with increased inflows propelling the TVL to $1.036 billion on July 3. The momentum is sustained, with the current TVL at $1.037 billion.
Objectives of Symbiotic Protocol
Symbiotic stands out as an Ethereum-based restaking protocol facilitating fund deposits to support third-party platforms for users. Being the second player in the market after Eigen Layer, the protocol aims to tackle security concerns in Ethereum staking through a shared security model.
On its launch day, Symbiotic secured funding of $5.8 million from prominent venture capitalists, Paradigm, and cyber.Fund. Furthermore, it distinguishes itself from Eigen Layer through the utility of its ERC-20 tokens, which can be utilized in cross-chain transactions, offering added versatility.
The recent surge in TVL for Symbiotic positions it as a formidable competitor to Eigen Layer, the pioneer restaking protocol launched in 2023 with a TVL of $17.52 billion. If Symbiotic maintains its growth trajectory, it could inch closer to Eigen Layer's valuation in the foreseeable future.
Amidst heightened on-chain activities, the crypto market has experienced a downturn, triggering investor concerns and fear, uncertainty, and doubt (FUD).
Notable Crypto News Today
Orbs launches Liquidity Hub on Fenix Finance to enhance liquidity on Blast, signaling further advancements in the cryptocurrency realm.
