June 12, 2024
Symbiotic, a new restaking protocol, has made its official debut, accompanied by the announcement of a $5.8 million seed funding round. This funding round, led by renowned crypto-native investors Paradigm and Cyber.Fund, underscores the strong backing for Symbiotic’s mission to establish a permissionless and adaptable framework for networks to tailor their restaking implementations.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Symbiotic | $5.8M | June 12, 2024 | Seed | $5.8M | Paradigm, Cyber.Fund | DeFi |
Previously, Crypto Briefing revealed that Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov, in conjunction with venture capital firm Paradigm, were clandestinely supporting Symbiotic. Despite being a direct rival to EigenLayer, Symbiotic distinguishes itself through its unique security model. Importantly, Symbiotic accommodates a variety of ERC-20 tokens and is not restricted to ETH and staked Ether derivatives, such as Lido’s stETH.
In its public statement, Symbiotic expressed its commitment to tackling the obstacles decentralized networks encounter in maintaining sufficient security and motivating infrastructure operators to comply with protocol regulations. By implementing a neutral coordination layer, Symbiotic empowers networks to capitalize on the security of existing ecosystems, thereby offering a simplified and secure route to decentralization for projects at different developmental stages.
About Symbiotic
Symbiotic is a permissionless restaking system that empowers decentralized networks to establish robust, fully sovereign ecosystems. It is designed to be open, modular, and permissionless1. Symbiotic offers maximally capital-efficient sourcing of node operators and economic security through a wide collateral base and scalable architecture. It serves as a minimal coordination layer that can integrate into existing or novel network architectures. Its core contracts are immutable, giving builders choice and control over shared security agreements. Networks using Symbiotic have fully customizable punishment and reward mechanisms. Its adaptable restaking logic allows networks to seamlessly adjust to evolving requirements1. In essence, Symbiotic aims to address the challenges faced by decentralized networks in ensuring adequate security and incentivizing infrastructure operators to adhere to protocol rules.
Website: https: https://symbiotic.fi/
X Account: https://x.com/symbioticfi
X Followers today: 10,840
About Investor
Investor: Cyber.Fund
Cyber.Fund is a research-driven organization that invests in and builds upon the cybernetic economy1. It has contributed to various projects such as Lido DAO, P2P.org, =nil; Foundation, DRPC, Neutron, and has invested in over 150 projects. Cyber.Fund supports founders at the frontier of the cybernetic world, helping to catalyze its inevitable emergence. The organization was formed with the belief that a new, more efficient, and more open economy was emerging.
Cyber.Fund is led by Konstantin Lomashuk and Vasiliy Shapovalov and consists of a liquid portfolio, a strategic portfolio, and a new $100mm venture arm. It aims to fuel the founders accelerating the frontier of the new cybernetic economy at the intersection of blockchain, robotics, AI, and IoT
Location: Grand Cayman, Cayman Islands
Website: https://cyber.fund/
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