- Protocol for retaking In advance of its anticipated mainnet deployment later in Q3, Symbiotic has established its development network on the Ethereum Holesky test network.
- In competition with EigenLayer, Symbiotic enables users to deposit assets to secure third-party protocols.
Less than two months after emerging from stealth, the devnet of Ethereum’s Holesky test network is now operational for retaking protocol Symbiotic.
Symbiotic positions itself as a rival to Ethereum’s first restaking protocol, EigenLayer, by enabling users to deposit money to support third-party protocols via a shared security architecture. It distinguishes itself by supporting more ERC-20 coins than simply ether and certain derivatives.
The deployment consists of the Symbiotic core contracts, including its vault and collateral system, which permits any asset to be used for restaking to protect third-party protocols.
According to Symbiotic, this is the first time that slashing has ever been used in a restaking protocol to penalize dishonest node operators and enforce honest behavior. The developers mentioned that projects like Ethena, LayerZero, and Bolt are now investigating the platform, which has an adaptable modular design that can hold any combination of tokens as collateral that is restaked.
We’re offering our rapidly expanding network builder community a feature-rich shared security sandbox environment with this devnet release. Felix Lutsch, Head of Ecosystem at Symbiotic, stated. Teams may now begin putting their slashing logic into practice and testing it for the first time, which is a major step towards enabling a wide range of creative use cases for restaking.
Mainnet launch anticipated later in Q3
According to Symbiotic, a full mainnet release is anticipated for later in Q3, subject to audits by security companies Chainsecurity, Statemind, Certora, Ottersec, and Zellic.
According to DeFiLlama data, the total value locked in symbiotic deposits in July crossed the $1 billion threshold in less than a month. The project incorporates restaked collateral during its bootstrapping phase and rewards depositors for enhancing the security of third-party networks.
On June 11, Symbiotic came out of stealth to reveal their staking mechanism and declare that company had raised $5.8 million from cyber.Fund and Paradigm.
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