The locked value in Symbiotic liquid restaking protocol exceeds $1 billion
The locked value (TVL) in the Symbiotic liquid restaking protocol has reached a significant milestone, exceeding $1 billion, according to the latest data from DeFi Llama. This impressive figure reflects the growing interest and trust in the innovative approach of Symbiotic in the decentralized finance space.
High demand for stETH pool within Symbiotic
According to information from the project team, the pool for wrapped ether stETH from Lido Finance, set within Symbiotic, reached its limit in just four hours, equivalent to 210,600 wstETH amounting to approximately $671,182 USD at the time of writing. This underscores the high demand for this asset and the protocol’s potential for scaling. Despite the current limit, the team assures that other assets can still be staked, and limits will be increased over time. Additionally, it is expected that additional offerings will be added as the protocol continues to expand.
Symbiotic as a competitor to EigenLayer
Launched in May, Symbiotic positions itself as a competitor to EigenLayer. The project provides decentralized solutions with collective protection through active validation services (AVS), offering stakers the opportunity to earn income by staking their assets to support the AVS operations. The protocol differentiates itself from other solutions in the market with its customizable modular architecture, support for multiple ERC-20 tokens, a flexible approach to collateralization, and a range of unique features.
As the TVL of EigenLayer, which has been operational since January, already exceeds $16.8 billion, Symbiotic has shown rapid growth and has risen to second place in this metric in the liquid restaking segment. This demonstrates significant interest in new solutions and their growing influence on decentralized finance markets.
