EigenLayer competitor Symbiotic crosses $1 billion in deposits in under a month

The total value locked in the restaking protocol Symbiotic has surpassed $1 billion.

The project noted that it hit its deposit limit of 210,600 wrapped stETH worth about $800 million, in just four hours yesterday. This increase pushed user deposits to over $1.04 billion in less than a month, according to DeFiLlama data.

Symbiotic allows users to deposit funds to support third-party protocols through a shared security model, positioning itself as a competitor to Ethereum’s first restaking protocol, EigenLayer. Symbiotic is currently in a bootstrapping phase that includes integrating restaked collateral.

Like EigenLayer, Symbiotic aims to resolve network security challenges by reallocating existing staking capital and infrastructure.

It sets itself apart from EigenLayer by supporting a variety of ERC-20 tokens beyond just ETH and specific derivatives. The protocol also features a customizable modular design that accommodates any combination of tokens as restaked collateral.

Symbiotic recently raised $5.8 million in funding from Paradigm and cyber.Fund to further its development. Mellow, a liquid restaking platform for Symbiotic, was also rolled out.

Currently, EigenLayer leads the restaking niche by a large margin. Its TVL stands at around $17 billion, according to The Block’s data dashboard.