Symbiotic Devnet Goes Live, Challenging EigenLayer in Restaking Race

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Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

Restaking protocol Symbiotic has taken a major step forward with the launch of its devnet on Ethereum‘s Holesky test network, according to the company’s announcement from Aug 12. This comes just two months after the project emerged from stealth mode.

Symbiotic is the first shared security protocol on Ethereum to implement architecture for slashing and rewards – key requirements for unlocking restaking’s full capabilities.

— Symbiotic (@symbioticfi) August 12, 2024

Symbiotic is a shared security protocol that offers a customizable platform for networks to design securely their own staking systems. This includes choosing which assets to use as collateral, selecting node operators, and determining reward and penalty mechanisms (slashing). Unlike other platforms, Symbiotic doesn’t dictate these terms but rather provides a foundation for networks to build upon. This approach is similar to how an operating system provides tools for various applications.

Symbiotic's modular design is highly flexible. It supports any mix of tokens as restaked collateral. Slashing and reward logic is fully configurable. pic.twitter.com/DbRxSa9JlV

— Symbiotic (@symbioticfi) June 11, 2024

Unlike its competitor EigenLayer, Symbiotic focuses on giving networks maximum control over their staking setup and allows the use of a variety of ERC-20 tokens and is not limited to Ether (ETH) and staked Ether derivatives (such as Lido’s stETH).

Builders and networks can now test the integration of restaking into their stack with Symbiotic “shared security sandbox”. The