Restaking Protocol Symbiotic Enters Devnet Phase

Symbiotic’s devnet has officially launched on Ethereum’s Holesky test network, emerging from stealth in less than two months.

Overview

Symbiotic allows users to deposit funds to support third-party protocols via a shared security model, aiming to compete with Ethereum’s first restaking protocol, EigenLayer. Unlike EigenLayer, Symbiotic accommodates a wider array of ERC-20 tokens beyond just ether and specific derivatives.

Key Features

The deployment includes core contracts such as its vault and collateral system, permitting any asset to be utilized for restaking to secure third-party protocols. Notably, Symbiotic claims to be the first implementation of slashing in any restaking protocol, which is designed to enforce honesty and penalize misconduct by node operators. Projects including Ethena, LayerZero, and Bolt are exploring the platform, which boasts a customizable modular design for token combinations as restaked collateral.

“Through this devnet, we’re providing a comprehensive shared security sandbox for our rapidly growing network of builders,” said Symbiotic’s Head of Ecosystem, Felix Lutsch. “For the first time, teams can implement and test their slashing logic, unlocking innovative use cases for restaking.”

Expected Mainnet Release

Symbiotic anticipates launching its mainnet later in Q3, pending audits from several security firms, including Chainsecurity, Statemind, Certora, Ottersec, and Zellic.

Notably, in July, the total value locked (TVL) in Symbiotic deposits exceeded $1 billion within a month, according to DeFiLlama data. Currently, the project is in a bootstrapping phase, integrating restaked collateral, allowing depositors to earn rewards for securing third-party networks.

Symbiotic officially launched from stealth on June 11, announcing a $5.8 million fundraising round from Paradigm and cyber.Fund.

At present, EigenLayer leads the restaking niche, holding a TVL of approximately $13 billion, according to The Block’s data dashboard.