Symbiotic, a permissionless restaking protocol, has recently launched, allowing other protocols to provide shared security through asset restaking. At the same time, Symbiotic announced it had raised $5.8 million in its seed funding round led by Paradigm and Cyber.fund, which will be used to further its decentralized mission.
Permissionless Restaking Protocol Symbiotic Launches Raising $5.8 Million in Seed Round
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Symbiotic Restaking Protocol Raises $5.8 Million in Seed Round, Launches Simultaneously
Symbiotic, a network agnostic and permissionless restaking protocol, has recently launched its bootstrapping phase and the initial phase of restaking capital. Symbiotic’s objective is to provide more options to capital holders through the use of its funds to provide security to other protocols.
Symbiotic is being advertised as a shared security ecosystem that is flexible, due to the options it provides to protocols built on top of it; permissionless, due to the immutability of its core smart contracts, and reliable, due to its scaling focus.
While the protocol will allow the restaking of all ERC-20 tokens in the future, it has only focused on staked ETH as the largest pool of funds staked. Currently, there are eight different wrapped ether tokens listed in Symbiotic, with wstETH (wrapped lido staked ether) as the most restaked with almost $170 million, followed by cbETH (Coinbase wrapped staked ether) with over $28 million locked.
Symbiotic also revealed a group of twenty different protocols that are already exploring the benefits and functionalities of building on top of its platform, with names like Ethena and Layerzero among these.
Coming out of stealth, Symbiotic revealed that it had raised $5.8 million in its seed funding round, co-led by Paradigm and Cyber.fund, intending to further its decentralized vision. The launch has been successful, with the first gradual limits having been reached and over $240 million locked so far.
However, on social media, Symbiotic stated that “ restaking caps will be increased and more assets will be added as we continue the initial scaling of the protocol.” Nonetheless, it did not offer a roadmap for these increases.
What do you think about Symbiotic and its use cases? Tell us in the comments section below.
