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Symbiotic emerges from stealth with USD 5.8 million in seed funding
Decentralized Finance (DeFi)
Jun 11, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

Jun 11, 2024

Symbiotic emerges from stealth with USD 5.8 million in seed funding

Funding

  • Symbiotic, an Ethereum restaking infrastructure provider, has emerged from stealth raising USD 5.8 million in seed funding from Paradigm and Cyber Fund, an investment firm backed by the co-founders of Lido .

  • Shortly after the protocol's launch, the company also saw an influx of USD 231.11 million in total value locked (TVL).

  • Symbiotic is a permissionless and modular restaking infrastructure protocol that enables users to earn yields from actively validating Ethereum-based services. These can include appchains, roll-ups, bridges, exchanges, and pricing oracles. The protocol serves as a coordination layer that enables network developers to control aspects like collateral assets, node operator selection, rewards, and slashing mechanisms. Moreover, it provides a multi-asset and network-agnostic design that supports any token based on the ERC-20 token standard.

  • Analyst QuickTake: The Ethereum restaking space (particularly the EigenLayer ecosystem) has seen a recent boom in investor interest over the last six months, with protocols such as Kelp DAO , Ether.fi , and Renzo raising USD 9 million , USD 23 million , and USD 3.2 million , respectively. Moreover, EigenLayer also raised USD 100 million in Series B funding in February. Symbiotic aims to offer an alternative to EigenLayer, which only supports specific Ethereum token derivatives, by enabling users to restake any token based on the ERC-20 token standard.

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