The amount of blocked value (TVL) in Symbiotic's liquid restaking protocol has exceeded $1 billion, according to DeFi Llama.
The project team noted that the pool for the "wrapped" stETH ether from Lido Finance reached the limit of 210,600 wstETH in four hours (~$671,182 at the time of writing).
After 4 hours, Symbiotic's 210,600 wstETH cap has been reached.
Other assets can still be staked, and caps will be increased over time.
More assets will be added as we continue the initial scaling of the protocol.
"Other assets may still be frozen, and limits may be increased over time. Additional proposals will be added as the protocol scales up," the statement said.
Symbiotic was launched in May. The project is positioned as a competitor to EigenLayer and also offers decentralized solutions collective protection using AVS active validation services. Restakers get the opportunity to earn income by placing assets to ensure the operation of AVS.
Symbiotic differs from the first restaking protocol by its customizable modular architecture, support for multiple ERC-20 tokens, a flexible approach to collateral and a number of other features.
The TVL of EigenLayer, which has been operating since January, exceeds $16.8 billion, but Symbiotic has already taken second place in the segment.
Symbiotic's competitors. Data: DeFi Llama.Recall that the co-founders of Lido Konstantin Lomashuk and Vasily Shapovalov participated in the financing of Symbiotic without publicity.