The launch of the EigenLayer competitor, supported by the founders of Lido, took place

Symbiotic developers have announced the launch of the "permissionless flexible restaking protocol".

Today's launch marks the beginning of Symbiotic's bootstrapping phase and the initial onboarding of restaked collateral.https://t.co/nnq37pAfc0

— Symbiotic (@symbioticfi) June 11, 2024

Positioned as a competitor to EigenLayer, the project also attracted $5.8 million in seed investments from venture capital firms Paradigm and Cyber Fund. The co—founders of the latter — Konstantin Lomashuk and Vasily Shapovalov - are also known for the leading liquid staking project Lido. 

According to the developers, Symbiotic's modular architecture is highly flexible.

Symbiotic's modular design is highly flexible. It supports any mix of tokens as restaked collateral. Slashing and reward logic is fully configurable. pic.twitter.com/DbRxSa9JlV

— Symbiotic (@symbioticfi) June 11, 2024

"It supports any combination of tokens as restaking collateral. The logic of slashing and rewards is fully customizable," the representatives of the project noted.

They added that Symbiotic is unchanged, and non-renewable core Ethereum contracts eliminate external management risks and single points of failure.

In addition, the developers focused on the capital efficiency and scalability of the protocol, as well as on the support of many assets.

LayerZero, Ethena Labs, Fairblock, Mind Network and other market players also participated in the launch of the platform.

Symbiotic's modular design is highly flexible. It supports any mix of tokens as restaked collateral. Slashing and reward logic is fully configurable. pic.twitter.com/DbRxSa9JlV

— Symbiotic (@symbioticfi) June 11, 2024

Similar to EigenLayer, the new protocol will offer decentralized applications and solutions collective protection through AVS active validation services.

Restakers get the opportunity to earn income by placing assets to support various AVS.

The main difference between Symbiotic is that it allows the use of the directly liquid Lido token (stETH) and other assets based on the ERC-20 standard.

According to DeFi Llama, the TVL of the new project has already exceeded $81 million.

Recall that in early June, the total value of blocked assets in EigenLayer exceeded $20 billion.