TL;DR
- Symbiotic has reached $1 billion in TVL just one month after its launch, challenging EigenLayer in the Ethereum restaking market.
- It tripled its TVL in 24 hours after adjusting its deposit limits, attracting new investors interested in maximizing Ethereum yields.
- EigenLayer dominates with $16.83 billion in TVL. However, it has recently experienced declines in the same.
The Ethereum restaking protocol, Symbiotic, has achieved a total value locked (TVL) of over $1 billion just one month after its launch. The platform has garnered community attention, positioning itself as a direct competitor to EigenLayer, the leader in restaking terms.
Symbiotic, launched on June 11, has experienced explosive growth. It managed to triple its TVL in just 24 hours, jumping from $314 million to over $1.037 billion on July 4th. The sudden increase was largely attributed to the decision to increase deposit limits in several of its restaking pools, which attracted a wave of new investor funds keen on maximizing their Ethereum returns.
While EigenLayer remains the clear leader with a TVL of $16.83 billion out of a total of $18.98 billion across all restaking protocols, it has seen a decrease in TVL by 5.29% in the last week and 13.62% in the last month. Its decline has opened the door for Symbiotic to emerge as a viable and competitive alternative.
Symbiotic Poised to Challenge EigenLayer’s Throne
In addition to its exponential growth, the platform also stands out for its innovative model allowing users to restake a wider variety of ERC-20 tokens compared to EigenLayer. It also offers a customizable design enabling investors to combine multiple assets during the restaking process, providing flexibility and performance optimization.
Symbiotic has garnered support from significant investors such as Lido’s founders through Cyber Fund and Paradigm, which led a $5.8 million funding round. Moreover, it has established strategic partnerships with platforms like Affine DeFi, CIAN protocol, Mitosis, and Tallyxyz.
Symbiotic’s rise represents a challenge to EigenLayer, offering investors new opportunities and expanding Ethereum ecosystem capabilities. With its rapid growth and strong backing, it has the potential to revolutionize the DeFi sector.
