According to PANews, Symbiotic has initiated its development network on the Ethereum Holesky testnet, with plans to launch its mainnet later in the third quarter. Symbiotic positions itself as a competitor to EigenLayer, Ethereum's first re-staking protocol, by allowing users to deposit funds through a shared security model to support third-party protocols. In addition to Ether and specific derivatives, Symbiotic supports various ERC-20 tokens. The deployment includes Symbiotic's core contracts, such as its insurance vault and staking system, enabling the re-staking of any asset to secure third-party protocols.