The team behind the Symbiotic network, the rest protocol intended to compete with Eigenlayer, shared on Wednesday that it had raised $ 29 million in an A series.
The funding will expand the current team and will contribute to the universal ignition framework of the protocol, expanding its efforts, from the simple re -evolution to the supply of support for other cleansing activities.
“Rather than focusing solely on shared security, Symbiotic allows any combination of assets to secure any network of network – modular or monolithic, L1 or L2 – while supporting use cases which extend far beyond traditional development, including insurance and other financial products”, shared the team in a press release.
Pantera Capital directed the financing tour, which also saw the participation of Coinbase Ventures and more than 100 providential investors.
Reinstallation is a way to use a blockchain to secure other applications. It became one of the largest challenge trends last year, billions with investor replenishment protocols.
Eigenlayer was the largest winner among restakers with a total locked value (TVL) increasing up to $ 20 billion to its peak, before returning to just over $ 7 billion recently, according to Defilma Data. However, Eigenlayer remains the largest replenishment protocol, putting the project in the reticle of rival startups like Symbiotic. Currently, the TVL of all the replenishment protocols oscillates approximately $ 14 billion.
The startup to compete with a giant
Symbiotic arrived at the scene in 2024 with the support of the co-founders of Lido and the corporate firm of Crypto Paradigm, as an alternative to the Protocol of Outstrain. Currently, the network has about $ 825 million on TVL, putting it third among the replenishment peers, according to Defilma.
The network allows decentralized applications, also known as actively validated services (AVS), to secure collectively. Users can then resume their cryptographic assets that they have deposited in other protocols to help secure these AVSS and accumulate a kind of reward, such as extract more yields or earn points. Symbiotic differs from Eigenlayer, however, because it allows users to deposit any ETHEREUM ERC-20 token in the protocol, while Eigenlayer simply takes ETH.
With the new financing link giving Symbiotic the ability to develop beyond the restoration, the startup seeks to change the way in which investors perceive the intention industry as a whole.
“We are building infrastructure, and our work is to improve this by a huge margin,” said Misha Puatiatin, co -founder of Symbiotic,, at Coindesk in an interview.
Poliatin added that they make this change to take into account the new protocols “which arrive on board, or as in an active pipeline”, which are not interested in recovering. “They don’t want to share their security, they want to build their own vertical security and their own alignment, which simply use us.”
Read more: the co-founders of Lido, paradigm, the competitor Eigenlayer as a form form
