- Symbiotic is the second Ethereum-based restaking protocol in the market after Eigen Layer.
- The protocol currently holds a TVL of $1.037 billion according to DefiLlama data.
In the past month, several cryptocurrency firms hit new milestones in on-chain activity and total value-locked in their ecosystems. In the last 24 hours, Symbiotic, a restaking protocol launched on June 11, 2024, hit a new milestone. Notably, it surpassed $1 billion in TVL within a month of its market presence.
Moreover, the restaking protocol announced on its X account, that it hit a 210,600 wtsETH cap on July 3. Following this, the protocol’s total value locked hit its new milestone and currently stands at $1.03 billion.
According to DeFiLlama data, the protocol recorded an initial TVL of $242.98 million in the first week of its launch. In the coming days, the value showed modest increases, until the end of June.
With the onset of the new month, the protocol witnessed an upward movement with increasing inflows and TVL reached $1.036 billion on July 3. The hike is still maintained as current TVL stands at $1.037 billion.
What Does Symbiotic Protocol Aim to Do?
Symbiotic is an Ethereum-based restaking protocol that allows depositing funds to support third-party protocols for users. The organization is only the second on the market following Eigen Layer. The protocol aims to resolve security issues for Ethereum staking by using a shared security model.
Furthermore, on the day of its launch, the staking protocol raised funding of $5.8 million from leading venture capital, Paradigm, and cyber.Fund. Moreover, Symbiotic differs from Eigen Layer in its ERC-20 tokens utility. Symbiotic ERC-20 tokens can be used in cross-chain transactions, unlike Eigen Layer.
Additionally, Symbiotic with its recent advancement in TVL indicates that it’s rising as a strong competitor to Eigen Layer. The first restaking protocol was launched in 2023 and currently holds a TVL of $17.52 billion. If Symbiotic sustains its upward movement, the protocol may move closer to Eigen Layer’s value in the coming months.
Finally, amid the increase in on-chain activity, the crypto market has witnessed a price dip over the last few days. This has caused an increasing FUD among investors.
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