Symbiotic, the second Ethereum-based restaking protocol in the market following Eigen Layer, has achieved a Total Value Locked (TVL) of $1.037 billion according to data from DefiLlama.
In recent weeks, numerous cryptocurrency firms have reached significant milestones in on-chain activity and TVL within their ecosystems. Within just 24 hours, Symbiotic, launched on June 11, 2024, reached a notable milestone by surpassing $1 billion in TVL, demonstrating rapid growth since its market debut.
Furthermore, the protocol announced via its official channels that it capped at 210,600 wtsETH on July 3, further bolstering its TVL to $1.03 billion. Initial figures from DeFiLlama indicate the protocol started with a TVL of $242.98 million during its first week, steadily increasing until the end of June.
Entering July, Symbiotic experienced a surge in inflows, pushing its TVL to $1.036 billion on July 3, and it currently maintains this growth with a TVL of $1.037 billion.
Symbiotic, an Ethereum-based restaking protocol, enables users to deposit funds to support third-party protocols, aiming to enhance Ethereum staking security through a shared security model, making it the second protocol of its kind after Eigen Layer.
Upon its launch, Symbiotic secured $5.8 million in funding from leading venture capital firms Paradigm and cyber.Fund. Notably, it differentiates itself from Eigen Layer by offering ERC-20 tokens that facilitate cross-chain transactions.
With its recent TVL growth, Symbiotic is emerging as a formidable competitor to Eigen Layer, which launched the first restaking protocol in 2023 and currently boasts a TVL of $17.52 billion. Should Symbiotic sustain its upward trajectory, it may approach Eigen Layer’s valuation in the near future.
Amidst these developments, the cryptocurrency market has recently experienced a downturn, contributing to increased Fear, Uncertainty, and Doubt (FUD) among investors.
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