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EigenLayer Rival Symbiotic Goes Live on Testnet
The hyped restaking challenger is fresh out of stealth and racing toward mainnet.
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Universal restaking protocol Symbiotic has gone live on the Ethereum Holesky test network, less than two months after emerging from stealth.
What's the scoop?
- Shared Security Model: The protocol allows users to deposit a range of ERC-20 tokens to secure third-party protocols, positioning itself as a competitor to EigenLayer, which just supports ETH and its liquid derivatives.
- Key Features: The launch features core contracts for vault and collateral systems, allowing any asset for restaking. Symbiotic says its the first to implement slashing in restaking, penalizing node operators for misconduct.
- Ecosystem Adoption: Projects like Ethena and LayerZero are already exploring the platform.
- Mainnet Release: Symbiotic's mainnet is expected later in Q3, pending audits from firms such as Chainsecurity and Zellic.
Bankless Take:
Symbiotic's broad support for different ERC-20 tokens may make it a formidable competitor against EigenLayer. Symbiotic currently has two sets of supported products live, Mellow, a series of risk-adjusted restaking vaults integrated with its protocol, and its own Symbiotic vaults. Restaking on Ethereum has been trending down though this last month, with EigenLayer’s TVL down 18% and Symbiotic’s down 12%. If its upcoming audits go smoothly and the mainnet launch meets expectations, Symbiotic could carve out a significant niche in restaking.
How to Restake on Symbiotic on Bankless
How to get started with EigenLayer’s big challenger.
William M. Peaster