The total value locked (TVL) in the liquid restaking protocol Symbiotic has exceeded $1 billion, according to DeFi Llama.
The project team noted that the pool for Lido Finance’s wrapped ether stETH reached its limit of 210,600 wstETH (~$671,182 at the time of writing) within four hours.
After 4 hours, Symbiotic’s 210,600 wstETH cap has been reached.
Other assets can still be staked, and caps will be increased over time.
More assets will be added as we continue the initial scaling of the protocol.— Symbiotic (@symbioticfi) July 3, 2024
“Other assets can still be staked, and limits will be increased over time. Additional offerings will be added as the protocol scales,” the statement said.
Symbiotic was launched in May. The project positions itself as a competitor to EigenLayer, also offering decentralized solutions collective protection through AVS — active validation services. Restakers have the opportunity to earn income by placing assets to support AVS operations.
Symbiotic distinguishes itself from the first restaking protocol with a customizable modular architecture, support for multiple ERC-20 tokens, a flexible approach to collateral, and several other features.
The TVL of EigenLayer, operational since January, exceeds $16.8 billion, yet Symbiotic has already secured the second position in the segment by this metric.
Earlier reports revealed that Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov secretly participated in financing Symbiotic.