Symbiotic has emerged because the second-largest restaking protocol inside one month of launching.
The TVL of Symbiotic, the upstart Ethereum restaking protocol looking for to problem EigenLayer’s dominance, tripled in lower than 24 hours to greater than $1 billion after rising its deposit restrict.
On July 3, Symbiotic raised its deposit cap from roughly 92,000 ETH, inspiring customers to pile 232,028 ETH liquid staking tokens (LSTs) price greater than $700,000 into the protocol.
On social media, Symbiotic famous that its up to date restrict of 210,600 Lido Staked Ether (wstETH) was crammed inside 4 hours. Its Ethena Staked USDe (sUSDe) pool can be full at 50 million tokens.
“After four hours, Symbiotic’s 210,600 wstETH cap has been reached,” Symbiotic mentioned. “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.”
Customers can nonetheless deposit 50,435 ETH ($158 million) price of LSTs to seven totally different swimming pools, and up to 57 million Ethena (ENA) tokens price $22.2 million.
Symbiotic vies for staking market share
The flurry of exercise pushed Symbiotic’s whole worth locked (TVL) above $1 billion lower than one month after launching. The TVL spike firmly established Symbiotic because the second-largest restaking protocol, beating out Karak’s $822.7 million TVL.
EigenLayer continues to dominate the sector with roughly $16.2 billion price of property. Nevertheless, EigenLayer at the moment hosts 4.89 million ETH after deposits slid by 530,000 ETH ($1.6 billion) of practically 10% since tagging an all-time excessive of 5.42 million ETH on June 17 — six days after Symbiotic’s launch, in accordance with DeFi Llama.
Symbiotic could also be proving a lovely choice for airdrop farmers searching for factors to domesticate. In April, EigenLayer’s long-awaited preliminary airdrop allocations failed to fulfill the expectations of customers.
Symbiotic can be attracting integrations from outstanding liquid restaking token (LRT) suppliers. On July 3, EtherFi, the biggest LRT supplier, launched a vault for Symbiotic factors farming. The transfer got here one week after Renzo launched a Symbiotic-based LRT.
Associated: Mellow Finance to Assist Lido Maintain On to its Place as Largest DeFi Protocol