The team behind the Symbiotic Net
The financing will expand the current team and develop the universal betting framework of the protocol, expanding its efforts from the retouching to the inclusion of including support to other rethinking activities.
“Instead of focusing solely on shared safety, Symbiotic allows any combination of assets to ensure any kind of network, modular or monolithic, L1 or L2, while supporting use cases that extend much beyond traditional participation, including insurance and other financial products,” the equipment shared in a press release.
Panther Capital directed the financing round, which also saw the participation of Coinbase Ventures and more than 100 angels.
Restabbing is a way to use a block chain to ensure other applications. It became one of Defi’s greatest trends last year, with billions of replacement protocols for investors.
Eigenlayer was the largest winner among submantkers with total blocked value (TVL) that increased by up to $ 20 billion in its peak, before returning to a little more than $ 7 billion recently, according to defillma data. However, Eigenlayer remains the largest replacement protocol, placing the project in the rival startups like Symbiotic. Currently, the TVL of all replacement protocols is around $ 14 billion.
The startup to rival a giant
Symbiotic arrived at the scene in 2024 with the support of the co -founders of Lido and the paradigm of the cryptographic adventure firm, as an alternative to the reestimation of the Eigenlayer protocol. Currently, the Network has about $ 825 million on TVL, which puts it thirdly among resting companions, according to defill.
The network allows decentralized applications, also known as validated services (AVS) actively, they collectively ensure each other. Then, users can replenish their cryptographic assets that have deposited in other protocols to help ensure these AVS, and accumulate some type of reward, such as more performance extract or gain points. However, the symbiotic differs from Eigenlayer, because it allows users to deposit any token Ethereum ERC-20 in the protocol, while Eigenlayer only takes ETH.
With the new financing round that gives symbiotic the ability to expand beyond restructuring, the startup is looking to change the way inverters perceive the rethinking industry in general.
“We are building infrastructure, and our work is to improve that for a great margin,” said Misha Putiatin, co -founder of Symbiotic, to Coindesk in an interview.
Putiatin added that they are making this change to take into account the new protocols “that are rising on board, or as in an active pipe”, which are not interested in reproducing. “They don’t want to share their safety, they want to build their own vertical safety and their own alignment, just using us.”
Read more: Lido co -founders, a paradigm secretly back to the competitor of Eigenlayer as the defi battle lines are formed
