【Symbiotic】Restaking protocol to compete with EigenLayer / Permission-less and modularized / Supported by Paradigm and Lido / @symbioticfi

A new black ship has arrived in the restaking market.

Good morning.
This is mitsui from web3researcher.

Today I researched "Symbiotic".

🟡What is Symbiotic?
⚙What is the difference between Symbiotic and EigenLayer?
👀Deep dive into the components of Symb iotic
💬What is the outlook for Symbiotic?

🟡What is Symbiotic?

Symbiotic is a re-staking protocol on Ethereum that launched on June 11, 2024 and has been very much talked about, with the deposit limit of $200 million almost reached in one day. It is rumored to be a protocol that will compete with the current king of re-staking protocols, "EigenLayer".

Normally, I would start with an overview of Symbiotic and its differences from EigenLayer, but in this article, I will start with the first part, the background of the birth of Symbiotic. However, in this article, we will start with the background of the birth of Symbiotic, which will give you a better idea of why it is such a hot topic and why it is said to have the potential to compete with EigenLayer, which is already the overwhelming champion.

(Some of this information is speculative, as it has just been released and includes sources from news sites and newsletters, rather than official information, so there is still some guesswork involved.)

■ Founding Team

First, let me introduce the founding team.

Symbiotic began development about nine months ago. The founders are Ptyatin and Algis Yevlev, who are part of the management team at Statemind, an audit and security company. They studied in Moscow and now live in Dubai.

And we have brought together the best and brightest to advance our development and research, including expanding our core team by hiring the best and brightest, including Felix Lutsch, former Chief Commercial Officer of Chorus One, a key contributor to liquidity staking R&D.

■ Investors

Simultaneously with its release, Symbiotic announced $5.8M in funding from "Paradigm" and "cyber-Fund". Actually, the investor's analysis is quite interesting.

Paradigm" is a world-renowned web3VC, but also a competitor to a16z.

It is only a rumor, but it is said that Paradigm approached EigenLayer co-founder Sreeram Kannan to invest, but Kannan chose rival a16z. And a16z led a $100 million Series B round, valuing Eigenlayer at $500 million FDV as of March 2023, a roughly 26x increase since the current EIGEN token has an FDV of about $13.36 billion.

Of course, this is still in the rumor stage, and coddling is strictly prohibited in investing, but Paradigm may have been impressed that not only was its investment turned down by EigenLayer, a leader in the field of restaking, which it had been eyeing, but that it was also led by its rival, a16z.

Another investor, "cyber Fund," is a VC founded by Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov.