Paradigm-backed Symbiotic unveils restaking protocol | Headlines | News | CoinMarketCap
06/12/2024 13:34
Restaking protocol Symbiotic officially launched yesterday and announced it raised $5.8 million in funding from Paradigm and cyber.Fund to further …
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Published on June 12, 2024 06:24 GMT+00:00edited on June 12, 2024 06:34 GMT+00:00
Restaking protocol Symbiotic officially launched yesterday and announced it raised $5.8 million in funding from Paradigm and cyber.Fund to further its development.
The protocol enables user deposits to secure third-party networks using a shared security model in competition with Ethereum’s first restaking protocol EigenLayer.
Similar to EigenLayer, Symbiotic seeks to address common issues in blockchain development and network security by reallocating existing staking capital and infrastructure.
Depositors in Symbiotic will accrue rewards for contributing to the security of third-party networks. The protocol boasts a flexible and configurable modular design that supports any mix of tokens as restaked collateral and allows customizable slashing and reward mechanisms.
The launch of …