Symbiotic Reaches $1 Billion TVL Milestone in Just One Month
The Total Value Locked (TVL) in the Symbiotic restaking protocol has officially surpassed $1 billion, closing the gap with competitor EigenLayer.
Symbiotic Reaches $1 Billion TVL Milestone
Symbiotic, an ambitious restaking protocol aiming to compete with EigenLayer, hit the deposit limit of 210,600 stETH (approximately $800 million) within just four hours after raising the asset cap yesterday (July 3).
After 4 hours, Symbiotic's 210,600 wstETH cap has been reached.
— Symbiotic (@symbioticfi) July 3, 2024
Other assets can still be staked, and caps will be increased over time.
More assets will be added as we continue the initial scaling of the protocol.
This achievement pushed Symbiotic's TVL to over $1.04 billion within one month of opening for deposits, according to DeFiLlama. The project had previously garnered $225 million in TVL within the first 24 hours of its launch on June 11.
Symbiotic TVL Statistics. Source: DefiLlama (July 4, 2024)
At the time of writing, most pools such as wstETH, sUSDe, swETH, mETH, and sfrxETH have been filled, with only a few pools still accepting tokens.
Symbiotic Pool Statistics as of 03:30 PM on July 4, 2024 (Vietnam Time)
Symbiotic provides a platform for users to deposit funds to support third-party protocols through a shared security model. The project positions itself as a competitor to the first restaking protocol on Ethereum, EigenLayer.
Like EigenLayer, Symbiotic secures the network by reallocating capital staked by users and utilizing existing infrastructure. Symbiotic differentiates itself from EigenLayer with its strategy to support various ERC-20 tokens in addition to ETH and other derivatives. The protocol features a modular design that can flexibly accommodate any combination of tokens used as collateral for restaking purposes.
Symbiotic recently raised $5.8 million from Paradigm and cyber.Fund. A day prior, Lido Finance announced a partnership with Symbiotic and Mellow Finance to launch "Restaking Vaults," as EigenLayer continues to threaten Lido's dominance.
At the time of reporting, the total TVL in the restaking sector is estimated to be around $19 billion. EigenLayer remains dominant with the highest yield rates, contributing $16.8 billion (88.4%) of the TVL in this segment.
Top 9 Restaking Protocols. Source: DefiLlama (July 4, 2024)
