SymbioticFi Surpasses $1 Billion TVL in Under a Month, Hits 318,227 ETH

Jul 4, 2024, 05:56 AM

Symbiotic Finance (SymbioticFi) has experienced rapid growth in Total Value Locked (TVL), surpassing $1 billion in under a month since its launch. The TVL in Ethereum (ETH) for SymbioticFi more than tripled from approximately 92,000 ETH to 318,227 ETH within a day. This surge has led to a significant decrease in TVL for EigenLayer, a first mover in the restaking market, which saw its TVL drop by about 220,000 ETH since SymbioticFi's entrance on June 11. SymbioticFi's growth is driven by strong user engagement and innovative solutions aimed at resolving network security challenges by reallocating existing staking capital. The project hit its deposit limit of 210,600 wrapped stETH, worth about $800 million, within just four hours, according to DeFiLlama. A SymbioticFi representative emphasized the increasing demand for their innovative restaking solutions.