Secret Funding and New Competition
Founders of Lido and Paradigm: The co-founders of Lido, the largest liquid staking protocol on Ethereum, are secretly funding Symbiotic, an EigenLayer competitor. They support the project through their venture capital firm Cyber Fund and Paradigm, a cryptocurrency venture capital firm.
Symbiotic Project: The Symbiotic Project allows users to "reset" assets using Lido's ether (stETH) token and other ERC-20 assets. Symbiotic is developed by the team behind the Stakemind staking service and will operate as a permissionless "reset" protocol, providing a flexible mechanism for decentralized networks to coordinate node operators and economic security provider.