The post Symbiotic Review: The challenger to EigenLayer’s Throne appeared on BitcoinEthereumNews.com.

Symbiotic will become the biggest player in restaking very soon. With the founders of Paradigm Fund and Lido Finance behind the project, their ambitions do not fall short of leading EigenLayer. What is Symbiotic? Symbiotic is a restaking project and can be referred to as the sibling project to EigenLayer. It was created by a team very close to Lido, one of the giants in DeFi. The main purpose of this project is to make any available ERC-20 assets represent shares in validators, which in turn help operate blockchains or crypto protocols. Target customers include projects, developers, and companies looking to hire validators to run blockchains or dApps without investing heavily in building their infrastructure. The community will also be interested in the origin story. Symbiotic was conceived when EigenLayer dominated the restaking segment at the seeming expense of Lido. This likely puts the Lido team under pressure to devise Symbiotic and regain market share. Furthermore, the project’s funding is done by Paradigm—a fund with a “deep feud” with EigenLayer after its founder, Sreeram Kannan, rejected it. This background lends an element of exciting competition and narrative to the very development of Symbiotic. Read More: Eigen Labs Acquires Rio Network to Enhance EigenLayer Ecosystem Main Feature The project provides its services mainly to the following three entities: Restakers: Restaking ERC-20 assets like ETH, WBTC, LINK, UNI, PEPE, SHIB, and others for added security for validators on Symbiotic. The protocol only accepts LSTs from liquid staking tokens like stETH, cbETH, wBETH, and rETH. Restaking can be done through Liquid Restaking protocols as well. Validators: Secured by restaked assets on Symbiotic, validators execute customer-requested projects and run under the Proof of Stake mechanism. Networks: Projects or developers seeking to use services provided by Symbiotic’s validators in running chains, protocols, or dApps. Key…

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Filed under: News - @ July 24, 2024 6:18 pm