Symbiotic emerges as the second Ethereum-based restaking protocol on the market, following Eigen Layer. According to DefiLlama data, the protocol currently boasts a Total Value Locked (TVL) of $1.037 billion. Over the past month, numerous cryptocurrency firms achieved significant milestones in on-chain activity and TVL within their ecosystems.
Within 24 hours, Symbiotic, launched on June 11, 2024, reached a notable milestone by surpassing $1 billion in TVL, marking a swift achievement since its market introduction. Additionally, the protocol announced reaching a 210,600 wtsETH cap on July 3, contributing to its current TVL of $1.03 billion.
DeFiLlama data reveals that Symbiotic initially recorded a TVL of $242.98 million in its launch week, with gradual increases through June. July brought a substantial uptick, culminating in a TVL of $1.036 billion on July 3, now stabilized at $1.037 billion.
### Symbiotic Protocol’s Objectives
Symbiotic operates as an Ethereum-based restaking protocol, enabling users to deposit funds in support of third-party protocols. It stands as the market’s second offering in this category, following Eigen Layer. The protocol addresses Ethereum staking security concerns through a shared security model.
On its launch day, Symbiotic secured $5.8 million in funding from leading venture capital firms Paradigm and cyber.Fund. Unlike Eigen Layer, Symbiotic’s ERC-20 tokens facilitate cross-chain transactions, distinguishing its utility.
Furthermore, Symbiotic’s recent surge in TVL underscores its emergence as a formidable competitor to Eigen Layer, which launched in 2023 and currently commands a TVL of $17.52 billion. With sustained growth, Symbiotic aims to approach Eigen Layer’s metrics in the near future.
In recent days, amidst heightened on-chain activity, the crypto market has experienced price declines, leading to increased investor Fear, Uncertainty, and Doubt (FUD).
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