Symbiotic, a revolutionary restaking protocol that operates without the need for permission, has made its debut, enabling other protocols to share security by restaking assets. Alongside this milestone, Symbiotic has also secured $5.8 million in its initial funding round, with Paradigm and Cyber.fund leading the investment, which will be utilized to advance its mission of decentralization.
The Symbiotic Restaking Protocol Raises $5.8 Million in Seed Round and Launches Simultaneously
Symbiotic, a protocol that is network agnostic and operates without requiring permission for restaking, has recently kicked off its bootstrap phase and the initial phase of capital restaking. The primary goal of Symbiotic is to offer greater choices to holders of capital by utilizing its resources to enhance security for other protocols.
Symbiotic is being promoted as a versatile shared security ecosystem that is characterized by its flexibility in providing options to protocols that are built on its foundation, its permissionless nature due to the unchangeable core smart contracts, and its reliability stemming from its focus on scalability.
Although the protocol is set to permit the restaking of all ERC-20 tokens in the future, it is currently concentrating on staked ETH as the largest pool of funds being staked. At present, there are eight different wrapped ether tokens available on Symbiotic, with wstETH (wrapped lido staked ether) being the most restaked, totaling nearly $170 million, followed by cbETH (Coinbase wrapped staked ether) with over $28 million locked.
Symbiotic has also disclosed a group of twenty diverse protocols that are already exploring the advantages and functionalities of constructing their projects on its platform, with names like Ethena and Layerzero included in this list.
Emerging from stealth mode, Symbiotic announced that it had successfully secured $5.8 million in its seed funding round, with backing from Paradigm and Cyber.fund, with the aim of advancing its decentralized vision. The launch has been met with success, as the initial gradual limits have been met and over $240 million has been locked in so far.
However, through social media, Symbiotic has indicated that “restaking caps will be raised and additional assets will be incorporated as we progress with the initial scaling of the protocol.” Nonetheless, a detailed roadmap for these expansions has not been provided.
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