Symbiotic Explained

What is Symbiotic?

Symbiotic is an advanced, permissionless shared security protocol designed to provide modular scaling for decentralized networks. By enabling the restaking of various digital assets, including ERC-20 tokens, Symbiotic offers a highly flexible framework that allows networks to manage their own staking and restaking processes. Symbiotic quickly became the second largest restaking protocol by total-value locked (TVL) at $1.2 billion, and it looks to compete with the industry leader EigenLayer at $15.5 billion.

What makes Symbiotic unique is that it ensures capital efficiency and risk minimization through immutable core contracts and customizable components like collateral assets, rewards, and slashing systems. Its architecture supports many applications, enhancing economic security and fostering decentralized infrastructure development without compromising governance or introducing single points of failure.

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How Does Symbiotic Restaking Work?

Symbiotic operates as a permissionless shared security protocol by enabling the restaking of digital assets to provide economic security for decentralized networks. Here’s a technical breakdown of how it works on the Ethereum blockchain:

• Multi-Asset Collateral: Supports restaking from various digital assets, including ERC-20 tokens and liquidity positions.
• Vaults: Custom contracts that manage the delegation of collateral to network operators, ensuring efficient distribution and security.
• Operators: Entities responsible for managing infrastructure and validating transactions across networks.
• Resolvers: Contracts that handle the approval or rejection of slashing penalties, and maintaining network integrity and security.
• Non-Upgradable Core Contracts: Ensure immutability and minimize governance risks, providing a stable foundation for network operations.
• Customizable Components: Networks can configure collateral assets, rewards, node operators, and slashing criteria, offering flexibility and control.

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How to Earn Points for the Symbiotic Airdrop?

To earn points for the Symbiotic airdrop, you can follow a series of steps involving restaking assets on the Symbiotic app and its partner platforms. While there is no official confirmation that these points will be used for a future token airdrop, participating in these activities is currently the primary method for earning points. Here's a concise guide to get you started:

• Connect Wallet: Visit Symbiotic and connect your wallet, such as MetaMask.
• Restake Assets: Navigate to the restaking section on the Symbiotic application and choose from the available pools. Select the pool you want to participate in, input the amount, and deposit your assets.
• Check Dashboard: Monitor your deposits, points, and collateral by visiting the dashboard.
• If Symbiotic pools are full: you can also earn points by depositing liquidity on partner platforms like Pendle and Ether.fi, which offer different multipliers for Symbiotic, Ether.fi, and Veda points.

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Founding Team

The Symbiotic founding team comprises experienced leaders in blockchain and crypto auditing, led by Misha Putiatin and Algys Ievlev. Misha, the CEO, and Algys, the CTO, both co-founded the protocol after successful careers at MixBytes and Statemind, where they honed their expertise in smart contract auditing and security. Their vision for Symbiotic emerged from a deep understanding of the industry's need for a permissionless, shared security protocol.

The team also includes Felix Lutsch, former Chief Commercial Officer at Chorus One, who has made significant contributions to the research and development of liquid staking. Based in Dubai, the founders, and their core team have combined their extensive experience and strategic insights to position Symbiotic as a leader in decentralized security and restaking.

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Symbiotic Ecosystem

The Symbiotic ecosystem includes a variety of partnering protocols that leverage its shared security framework to enhance its decentralization and economic security. A few of the key partners are:

• Ethena: Integrates Symbiotic with LayerZero's Decentralized Verifier Network to secure cross-chain assets.
• Bolt: Uses Symbiotic for operator set restaking and slashing in Ethereum block proposer commitments.
• Hyperlane: Explores a Symbiotic-powered Interchain Security Module for modular interoperability.
• Kalypso by Marlin: Implements Symbiotic restaking for liveness and response time guarantees in its ZK Proof Marketplace.
• Fairblock: Investigates dynamic cryptography service networks secured through Symbiotic restaking.
• Aori: Integrates Symbiotic restaking with stablecoin assets for accountability in a high-frequency orderbook protocol.

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Funding

Symbiotic secured $5.8 million in a seed round from prominent venture firms Paradigm and cyber•Fund. This funding supports their mission to develop a permissionless, shared security protocol. The backing from these investors, known for their deep crypto-native insights and commitment to decentralization, underscores confidence in Symbiotic's innovative approach and potential impact on the blockchain ecosystem.

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Bottom Line

Symbiotic stands at the forefront of decentralized security innovation, offering a permissionless, modular framework for restaking digital assets to enhance economic security and decentralization across networks. By supporting various digital assets, Symbiotic enables efficient capital allocation and risk management, supporting networks to configure their staking processes with flexibility and control.

Symbiotic's robust ecosystem, supported by a skilled founding team and strategic funding, positions Symbiotic as a promising player in advancing blockchain infrastructure. Participating in restaking activities to earn points early can potentially lead to an airdrop as the product reaches mainstream status.