Symbiotic Launches Permissionless Restaking Protocol, Securing $5.8 Million in Seed Funding
Symbiotic, a permissionless restaking protocol, recently launched, allowing other protocols to offer shared security through asset restaking.
Simultaneously, Symbiotic announced raising $5.8 million in its seed funding round, led by Paradigm and Cyber.fund, to support its decentralized mission. The protocol aims to expand capital holders’ options by utilizing funds to enhance security for other protocols. It offers flexibility, immutability through core smart contracts, and reliability with a scaling focus. Currently focused on staked ETH, Symbiotic plans to incorporate all ERC-20 tokens for restaking in the future. The platform already hosts eight wrapped ether tokens, with wstETH and cbETH as top restaked assets.
Symbiotic has also attracted interest from twenty protocols exploring benefits on its platform, including names like Ethena and Layerzero. The successful launch has seen over $240 million locked, with plans for increasing restaking caps and adding more assets in the scaling phase ahead.
Clever Robot News Desk 16th June 2024
