Symbiotic, a newly launched decentralized restaking protocol, saw its total value locked (TVL) figure surging to $1 billion within a matter of days. DefiLlama data shows that it currently has a TVL of $1.24 billion.
On July 4, over $730 million worth of crypto was locked with the protocol, which remains the highest daily inflow figure.
Symbiotic is a restaking platform that works similarly to EigenLayer, i.e., it repurposes staked Ether and liquid staking tokens (LSTs) to maximize potential rewards while sharing Ethereumâs mainnet security with so-called active validated services (AVS), which can be oracles, data availability services, databases, and payment services, among others.
EigenLayer is currently the second-largest decentralized finance (DeFi) application and the largest restaking protocol, with over $15.5 in TVL. It revolutionized Ethereum staking by introducing the restaking concept.
Symbiotic was launched in June as an alternative to EigenLayer and is backed by Lido, the leading liquid staking protocol with the largest TVL in DeFi.
One of the main differences from EigenLayer is that Symbiotic enables the use of multiple ERC-20 tokens.
Today focuses on Lidoâs staked ETH (stETH), but it will soon be compatible with many other protocols.
As of this writing, wrapped stETH (WSTETH) accounts for almost 70% of the total value deposited on Symbiotic.
Similar to EigenLayer, which hosts several liquid restaking protocols like Ether.fi, Symbiotic is expected to host a growing ecosystem of liquid restaking platforms.
Today, Mellow is the go-to liquid restaking protocol for Symbiotic. It already has almost $600 million in TVL, with WSTETH accounting for almost 90% of the three supported tokens. Thanks to its rapid increase, Mellow has become the sixth-largest liquid restaking platform, with Ether.fi leading the sector.
According to Symbiotic, several projects are exploring the use of its restaking solution, including Ethena, Hyperlane, Ojo, Fairblock, and Kalypso.
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The post Symbiotic Challenges EigenLayer, Its TVL Reaches $1.2 Billion appeared first on NFTgators .
