Official announcements from Paradigm and Symbiotic

Symbiotic Launches Flexible Restaking Protocol with $5.8M Funding from Paradigm and CyberFund

Jun 11, 2024, 02:22 PM

Symbiotic has launched a new permissionless and flexible restaking protocol, aimed at providing network builders with maximal flexibility and control. The protocol has raised $5.8 million in seed investments from venture firms Paradigm and CyberFund. Symbiotic is positioned as a competitor to Eigenlayer. Several partnerships have been announced, including with DOPP to decentralize their oracle network, and with StakeCapital to integrate the protocol across their projects. Additionally, the release includes Reth Execution Extensions.