Symbiotic Launches First Permissionless Restaking Protocol on Ethereum Mainnet
Symbiotic is launching a modular restaking protocol on Ethereum's mainnet, the first permissionless restaking solution on a major blockchain. Users can stake tokens to secure networks beyond Ethereum, enhancing security and capital efficiency in the DeFi sector.
Key Features of Symbiotic's Restaking Protocol
- Allows users to restake any ERC-20 token, expanding participation across projects.
- Introduces a customizable slashing mechanism using “vaults” for pooled tokens, enabling networks to define their own rules for punishing malicious behavior.
- Facilitates connections between different networks without imposing restrictions.
Market Reception and Funding
- Over a dozen protocols plan to integrate with Symbiotic, including Chainbound’s Bolt Network and Router for interoperability with Cosmos chains.
- Symbiotic raised $5.8 million in seed funding led by Paradigm and cyber•Fund.
- The platform achieved over $1 billion Total Value Locked (TVL) shortly after launch, positioning itself as a significant player in the restaking market.