On May 15th, the co-founder of the dominant liquid staking protocol Lido and the venture capital firm Paradigm is secretly helping to fund a new company called Symbiotic, which will compete in the "re-staking" space. The Symbiotic project aims to provide a way for decentralized applications to help secure these "AVSs" by re-staking assets that have already been deposited with other cryptographic protocols, thus earning rewards. The main difference between Symbiotic and EigenLayer is that users can directly deposit any asset based on the Ethereum ERC-20 standard, including Lido's staked ETH (stETH) tokens.
According to sources, Renzo, a liquidity re-staking agreement, is already discussing integration with Symbiotic after launch. The Symbiotic platform is expected to be released in some form by the end of this year.
Lido co-founder and Paradigm secretly back EigenLayer competitor Symbiotic
2024-05-15 00:47:17
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