EigenLayer revolutionized the Ethereum ecosystem by introducing the restaking primitive, but it was only a matter of time before a challenger emerged. The latest challenger to make a splash is Symbiotic, a new restaking protocol that aims to provide restakers with more options than just ETH. In this article, we’ll dive into Symbiotic’s great idea and show you how to make your first deposit.
Symbiotic's innovative concept
Launched in June 2024, Symbiotic is a shared security protocol that allows network builders to create and manage their own staking implementations in a permissionless manner. In simple terms, Symbiotic allows networks to customize staking processes, collateral types, node operator selection, rewards, and slashing mechanisms while maintaining security through non-upgradeable core contracts on Ethereum.
It is worth noting that Symbiotic has become the second largest re-staking protocol after EigenLayer. Unlike EigenLayer, which is centered on ETH, Symbiotic offers a wide range of staking options for greater flexibility.
How Symbiotic works
Symbiotic operates by coordinating its five pillars:
Collateral: On-chain assets used to provide economic security, including ERC20 tokens, Ethereum validator withdrawal vouchers, and other assets across various blockchains.
Vaults: These customizable components act as Symbiotic’s delegation and re-staking layer, handling deposits, withdrawals, slashing, and reward distribution.
Operators: Entities that run the network infrastructure, such as validators and sequencers. Operators can choose to join the network and receive financial support from re-stakers through the vault.
Resolver: An entity or smart contract responsible for approving or vetoing slashing penalties incurred by operators, ensuring that penalties are arbitrated fairly.
Networks: Protocols that require decentralized infrastructure to provide services such as transaction ordering, data consensus, and protocol automation. Symbiotic allows network builders to manage the onboarding, incentives, and penalties of operators and their delegators.
Symbiotic's Competitive Advantage
There won’t be just one winner in the restaking category. Among the many contenders, Symbiotic currently looks like the protocol most likely to give EigenLayer a run for its money in the coming months. If you are optimistic about restaking in general, Symbiotic is a project worth keeping an eye on as it is in its early stages, has a bright future, and has great potential for growth through ERC-20 support.
Of course, the Symbiotic airdrop is also a possibility that cannot be ignored. EigenLayer owns EIGEN, and it seems inevitable that they will use the Symbiotic Points system to provide airdrops of native tokens to early users. Stake now and get paid later.
Specific operations of re-pledge
If you are interested in re-staking on Symbiotic, please go to the Symbiotic website and connect your wallet. Please note that some regions cannot access the front end due to geographical restrictions.
On the main Restake page, you will see a list of vaults to offer. Some vaults, such as the Wrapped Lido Staked Ether (wstETH) vault, have reached their temporary deposit limits, while others, such as the Coinbase Wrapped Staked Ether (cbETH), are still open to depositors.
Assuming you have some cbETH and want to start staking, just click on the cbETH vault and you will be taken to the following interface:
Enter the desired deposit amount.
Complete subsequent transactions and start re-staking.
You can withdraw funds through the same interface, or track your deposits and points through the dashboard page.
If you’re interested in doubling your points by restaking with Mellow, the deposit process is pretty much the same. Select your vault, enter the desired deposit amount, complete the transaction, and your points will flow.
