{"id":14255,"date":"2024-06-11T19:16:28","date_gmt":"2024-06-11T16:16:28","guid":{"rendered":"https:\/\/forklog.com\/en\/symbiotic-launches-as-a-rival-to-eigenlayer-with-backing-from-lido-founders\/"},"modified":"2024-06-11T19:16:28","modified_gmt":"2024-06-11T16:16:28","slug":"symbiotic-launches-as-a-rival-to-eigenlayer-with-backing-from-lido-founders","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/symbiotic-launches-as-a-rival-to-eigenlayer-with-backing-from-lido-founders\/","title":{"rendered":"Symbiotic Launches as a Rival to EigenLayer with Backing from Lido Founders"},"content":{"rendered":"<p>Developers of Symbiotic have announced the launch of a &#8220;permissionless flexible restaking protocol.&#8221;<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Today&#8217;s launch marks the beginning of Symbiotic&#8217;s bootstrapping phase and the initial onboarding of restaked collateral.<a href=\"https:\/\/t.co\/nnq37pAfc0\">https:\/\/t.co\/nnq37pAfc0<\/a><\/p>\n<p>\u2014 Symbiotic (@symbioticfi) <a href=\"https:\/\/twitter.com\/symbioticfi\/status\/1800530028259844103?ref_src=twsrc%5Etfw\">June 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Positioned as a competitor to EigenLayer, the project has attracted $5.8 million in seed investments from venture firms Paradigm and Cyber Fund. The co-founders of the latter, Konstantin Lomashuk and Vasily Shapovalov, are also known for the leading liquid staking project Lido. <\/p>\n<p>According to the developers, Symbiotic&#8217;s modular architecture is highly flexible.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Symbiotic&#8217;s modular design is highly flexible. It supports any mix of tokens as restaked collateral. Slashing and reward logic is fully configurable. <a href=\"https:\/\/t.co\/DbRxSa9JlV\">pic.twitter.com\/DbRxSa9JlV<\/a><\/p>\n<p>\u2014 Symbiotic (@symbioticfi) <a href=\"https:\/\/twitter.com\/symbioticfi\/status\/1800530086837494174?ref_src=twsrc%5Etfw\">June 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;It supports any combination of tokens as restaked collateral. The <span data-descr=\"a penalty mechanism applied to validators for misconduct or errors in supporting blockchain operations\" class=\"old_tooltip\">slashing<\/span> and reward logic is fully configurable,&#8221; project representatives noted.<\/cite><\/p><\/blockquote>\n<p>They <a href=\"https:\/\/x.com\/symbioticfi\/status\/1800530111412019709\">added<\/a> that Symbiotic is immutable, and the non-upgradable core contracts on Ethereum eliminate external governance risks and single points of failure.<\/p>\n<p>Furthermore, the developers emphasized the protocol&#8217;s capital efficiency, scalability, and support for multiple assets.<\/p>\n<p>The platform&#8217;s launch also involved LayerZero, Ethena Labs, Fairblock, Mind Network, and other market players.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Symbiotic&#8217;s modular design is highly flexible. It supports any mix of tokens as restaked collateral. Slashing and reward logic is fully configurable. <a href=\"https:\/\/t.co\/DbRxSa9JlV\">pic.twitter.com\/DbRxSa9JlV<\/a><\/p>\n<p>\u2014 Symbiotic (@symbioticfi) <a href=\"https:\/\/twitter.com\/symbioticfi\/status\/1800530086837494174?ref_src=twsrc%5Etfw\">June 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Similar to EigenLayer, the new protocol will offer decentralized applications and solutions collective protection through AVS \u2014 active validation services.<\/p>\n<p>Restakers have the opportunity to earn income by placing assets to support various AVS.<\/p>\n<p>The main distinction of Symbiotic is that it allows the direct use of the liquid Lido token (stETH) and other ERC-20 standard assets.<\/p>\n<p>According to DeFi Llama, the <span data-descr=\"total value of assets locked in smart contracts of decentralized applications\" class=\"old_tooltip\">TVL<\/span> of the new project has already <a href=\"https:\/\/defillama.com\/protocol\/symbiotic#information\">exceeded $81 million<\/a>.<\/p>\n<p>Earlier in June, the total value of assets locked in EigenLayer reached $20 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developers of Symbiotic have announced the launch of a &#8220;permissionless flexible restaking protocol.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":14254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1263,1583],"class_list":["post-14255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-restaking","tag-symbiotic"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14255"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14254"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}