6 days ago
Sentiment is down, and critics have been quick to point out ETH's underperformance against SOL while largely attributing this to a perceived loss of mindshare and users to L2s.
This narrative has sparked a crucial debate: Are L2s Ethereum?
arjunnchand
brings the analysis...
========================================
🤔 Symbiotic or Separatist?
L2s have been a core component of Ethereum's rollup-centric roadmap from the very beginning. They were envisioned as extensions (technical and cultural) of Ethereum, designed to expand its capabilities and attract a broader user base.
At their core, L2s are deeply linked with Ethereum. They share its DNA — relying on ETH as the currency, benefitting from Ethereum's security blanket, and utilizing it for data storage and settlement. It's like a startup leveraging its parent company's infrastructure and brand recognition, a win-win for both.
The symbiotic relationship between L2s and Ethereum is undeniable. L2s thrive on Ethereum's infrastructure and security, while Ethereum benefits from the increased activity and increased demand for ETH, making it a better store of value.
By offering lower fees and faster transaction times, L2s have made it easier for developers to build different types of applications. Look at the explosion of memecoins on Base or the rise of SocialFi platforms like Farcaster creating new markets for users.
Beyond that, L2s are becoming major hubs for DeFi activity, and ETH, the asset, is at the heart of this ecosystem. Look at the numbers:
arbitrum
,
Optimism
,
@base
— these chains are dominated by ETH-related assets.
🧛♂️ Vampire attack?
However, one of the primary arguments against the rollup-centric approach to scaling Ethereum is the assumption that L2s may not continue to rely on Ethereum. Sure, L2s and Ethereum seem like a happy family now. But what if L2s build their own empires and ditch Ethereum altogether? No more relying on Ethereum for security, no more ETH as gas, not even needing Ethereum's block space.
This "L2s go rogue" fear is a legitimate concern. Technically, they could build independent ecosystems with their own validators as they would then be able to own the entire modular blockchain stack. So, is this the future – a messy breakup between L2s and Ethereum? Not necessarily.
We can all agree that there are perhaps a few too many L2s. Too many copycats. Too little differentiation. It's like a thousand startups chasing the same market, all promising the same thing. This isn't healthy.
What we need are L2s that matter. L2s that offer something unique, something that sets them apart. Security, app diversity, GTM strategy — these are the areas where we need to see real innovation.
But we must be wary of ‘echo chambers’. These zones of chains should not become isolated universes. A healthy L2 ecosystem is one where chains work together, not in isolation. We need bridges, not moats.
We need collaboration. We need communication. We need education. We need incentives. We need to build shared infrastructure and standards that foster seamless connectivity across L2s. Only then can we truly win together.
💭 Closing Thoughts
You can say that L2s aren’t Ethereum. You can argue L2s aren’t even extensions of Ethereum. But you cannot deny the fact that L2s enhance the utility of Ethereum and ETH.
The "L2s vs. Ethereum" debate is a false dichotomy. This isn't a zero-sum game. Ultimately, Ethereum and L2s are in this together. Let's build a future where Ethereum and L2s thrive as a symbiotic whole, and push the crypto ecosystem forward.
This narrative has sparked a crucial debate: Are L2s Ethereum?
arjunnchand
brings the analysis...
========================================
🤔 Symbiotic or Separatist?
L2s have been a core component of Ethereum's rollup-centric roadmap from the very beginning. They were envisioned as extensions (technical and cultural) of Ethereum, designed to expand its capabilities and attract a broader user base.
At their core, L2s are deeply linked with Ethereum. They share its DNA — relying on ETH as the currency, benefitting from Ethereum's security blanket, and utilizing it for data storage and settlement. It's like a startup leveraging its parent company's infrastructure and brand recognition, a win-win for both.
The symbiotic relationship between L2s and Ethereum is undeniable. L2s thrive on Ethereum's infrastructure and security, while Ethereum benefits from the increased activity and increased demand for ETH, making it a better store of value.
By offering lower fees and faster transaction times, L2s have made it easier for developers to build different types of applications. Look at the explosion of memecoins on Base or the rise of SocialFi platforms like Farcaster creating new markets for users.
Beyond that, L2s are becoming major hubs for DeFi activity, and ETH, the asset, is at the heart of this ecosystem. Look at the numbers:
arbitrum
,
Optimism
,
@base
— these chains are dominated by ETH-related assets.
🧛♂️ Vampire attack?
However, one of the primary arguments against the rollup-centric approach to scaling Ethereum is the assumption that L2s may not continue to rely on Ethereum. Sure, L2s and Ethereum seem like a happy family now. But what if L2s build their own empires and ditch Ethereum altogether? No more relying on Ethereum for security, no more ETH as gas, not even needing Ethereum's block space.
This "L2s go rogue" fear is a legitimate concern. Technically, they could build independent ecosystems with their own validators as they would then be able to own the entire modular blockchain stack. So, is this the future – a messy breakup between L2s and Ethereum? Not necessarily.
We can all agree that there are perhaps a few too many L2s. Too many copycats. Too little differentiation. It's like a thousand startups chasing the same market, all promising the same thing. This isn't healthy.
What we need are L2s that matter. L2s that offer something unique, something that sets them apart. Security, app diversity, GTM strategy — these are the areas where we need to see real innovation.
But we must be wary of ‘echo chambers’. These zones of chains should not become isolated universes. A healthy L2 ecosystem is one where chains work together, not in isolation. We need bridges, not moats.
We need collaboration. We need communication. We need education. We need incentives. We need to build shared infrastructure and standards that foster seamless connectivity across L2s. Only then can we truly win together.
💭 Closing Thoughts
You can say that L2s aren’t Ethereum. You can argue L2s aren’t even extensions of Ethereum. But you cannot deny the fact that L2s enhance the utility of Ethereum and ETH.
The "L2s vs. Ethereum" debate is a false dichotomy. This isn't a zero-sum game. Ultimately, Ethereum and L2s are in this together. Let's build a future where Ethereum and L2s thrive as a symbiotic whole, and push the crypto ecosystem forward.
21 days ago
Daily Memecoin Recap - August 27
Volume was slow today with $btc & $sol decreasing
Cat Meta
$smh -> $1 .15m to $3m (2.6x), "So Much Higher"
$sicko -> $200k to $1 .35m (6.75x), heavily pushed today
$mood -> hit $520k , twitter community instead of an account
Dog Meta
$spikedog -> hit $625k , "4chan dog", good meme
$updog -> hit $335k , $bane CTO lead (ATH $7m ), CTO
Tron Memes
$biao -> $3m to $6 .5m (2.2x), famous Chinese meme
$elmo -> hit $8m , heavily pushed by KOLs, based on elmo
$vangogh -> hit $4 .1m, based on a justinsuntron tweet
More Cooks On $sol
$deebo -> $230k to $1 .55m (6.7x)
$money -> hit $580k , "Just give me my money"
$that -> hit $530k , "tinfoil hat",
$sym -> hit $390k , "Symphony", CTO
$mp3 -> hit $350k , "mood: Printing Trillions", twitter community instead of an account
Traditional markets are historically low volume during summer -> Crypto majors follow -> Memecoins follow
Looking for a push sometime into end of year, for now patience is key, focus on quality over quantity
Volume was slow today with $btc & $sol decreasing
Cat Meta
$smh -> $1 .15m to $3m (2.6x), "So Much Higher"
$sicko -> $200k to $1 .35m (6.75x), heavily pushed today
$mood -> hit $520k , twitter community instead of an account
Dog Meta
$spikedog -> hit $625k , "4chan dog", good meme
$updog -> hit $335k , $bane CTO lead (ATH $7m ), CTO
Tron Memes
$biao -> $3m to $6 .5m (2.2x), famous Chinese meme
$elmo -> hit $8m , heavily pushed by KOLs, based on elmo
$vangogh -> hit $4 .1m, based on a justinsuntron tweet
More Cooks On $sol
$deebo -> $230k to $1 .55m (6.7x)
$money -> hit $580k , "Just give me my money"
$that -> hit $530k , "tinfoil hat",
$sym -> hit $390k , "Symphony", CTO
$mp3 -> hit $350k , "mood: Printing Trillions", twitter community instead of an account
Traditional markets are historically low volume during summer -> Crypto majors follow -> Memecoins follow
Looking for a push sometime into end of year, for now patience is key, focus on quality over quantity
25 days ago
Daily Memecoin Recap - August 23
Crypto is pumping
$btc closes +6% today
$eth & $sol follow at +5% and +7% respectively
Runners Of The Day
$ptc -> $880k to $2 .7m (3.06x), 70% of supply burnt, paper drawings of $btc
$ufo -> hit $2 .4m, decent team, heavily sniped on launch
$sym -> hit $1 .65m, "the most symmetrical dog on Solana",
$nibo -> hit $1 .2m, large buys on launch, decent team, dog meme
$susdog -> hit $950k , based on a viral suspicious dog meme
Smoking Chicken Fish Gains Volume
$scf -> $19m to $83m (4.4x from the low), reversal, banger video drop, team is heavily dedicated
$sed -> $500k to $1 .95m (3.9x), beta to $scf , has been slow cooking since its launch on August 20th, heavy push today following $sc
Fwog Making Higher Highs
$fwog -> $10m to $28m (2.8x),
- Community continues to get stronger
- Some of the best art in the space
- Great background story (dev rugged -> artist/community relaunch)
Utility Play
$chat -> $5m to $18m (3.6x from the low), ATH $174m , shilled by MarioNawfal
Other Cooks
$ong -> $400k to $1 .94m (4.85x), "On God", gen z/tiktok meta, was dead but slowly reviving, ATH is $25m
$afc -> hit $440k , "Airforce Chicken"
$bb -> hit $435k , "Bubble Buddies", based on a spongebob character, twitter community instead of a twitter account
$belief -> hit $375k , influencer coin, dog meme
$mow -> hit $310k , "Monkey On Watermelon"
$kak -> hit $278k , "Kakling Kamala", based on KamalaHarris' laugh, launched on dexscreener's moonshot
$ascend -> hit $240k , cat meme, CTO
The market has been absolutely dead lately, but if majors continue to pump, volume will start to pick up
It's important to consider that September is historically one of the worst months for the market (S&P500)
This doesn't necessarily mean that history will repeat itself, but it is interesting data nonetheless
Lock in 🔒
Crypto is pumping
$btc closes +6% today
$eth & $sol follow at +5% and +7% respectively
Runners Of The Day
$ptc -> $880k to $2 .7m (3.06x), 70% of supply burnt, paper drawings of $btc
$ufo -> hit $2 .4m, decent team, heavily sniped on launch
$sym -> hit $1 .65m, "the most symmetrical dog on Solana",
$nibo -> hit $1 .2m, large buys on launch, decent team, dog meme
$susdog -> hit $950k , based on a viral suspicious dog meme
Smoking Chicken Fish Gains Volume
$scf -> $19m to $83m (4.4x from the low), reversal, banger video drop, team is heavily dedicated
$sed -> $500k to $1 .95m (3.9x), beta to $scf , has been slow cooking since its launch on August 20th, heavy push today following $sc
Fwog Making Higher Highs
$fwog -> $10m to $28m (2.8x),
- Community continues to get stronger
- Some of the best art in the space
- Great background story (dev rugged -> artist/community relaunch)
Utility Play
$chat -> $5m to $18m (3.6x from the low), ATH $174m , shilled by MarioNawfal
Other Cooks
$ong -> $400k to $1 .94m (4.85x), "On God", gen z/tiktok meta, was dead but slowly reviving, ATH is $25m
$afc -> hit $440k , "Airforce Chicken"
$bb -> hit $435k , "Bubble Buddies", based on a spongebob character, twitter community instead of a twitter account
$belief -> hit $375k , influencer coin, dog meme
$mow -> hit $310k , "Monkey On Watermelon"
$kak -> hit $278k , "Kakling Kamala", based on KamalaHarris' laugh, launched on dexscreener's moonshot
$ascend -> hit $240k , cat meme, CTO
The market has been absolutely dead lately, but if majors continue to pump, volume will start to pick up
It's important to consider that September is historically one of the worst months for the market (S&P500)
This doesn't necessarily mean that history will repeat itself, but it is interesting data nonetheless
Lock in 🔒
26 days ago
💬 Franklin Templeton CEO Jenny Johnson is shocked by how much traditional finance underestimates #Bitcoin .
In a conversation at the Wyoming Blockchain Symposium in Jackson Hole, she said:
“What’s crazy to me is that in traditional finance, they have no idea how much money and how much volume [of bitcoin] there is “
http://coindesk.com/busine...
In a conversation at the Wyoming Blockchain Symposium in Jackson Hole, she said:
“What’s crazy to me is that in traditional finance, they have no idea how much money and how much volume [of bitcoin] there is “
http://coindesk.com/busine...
27 days ago
Malaysia disposes of 985 bitcoin mining rigs
Malaysian authorities disposed of 985 bitcoin mining rigs worth $427 ,000 by rolling on them.
The equipment was disposed of as part of a court order. The equipment had previously been confiscated by police during an investigation into illegal mining.
According to local media, only the casings of the machines were crushed by the roller as a symbolic gesture.
Attention to the question: where will the insides of the bitcoin mining rigs go?😏
Malaysian authorities disposed of 985 bitcoin mining rigs worth $427 ,000 by rolling on them.
The equipment was disposed of as part of a court order. The equipment had previously been confiscated by police during an investigation into illegal mining.
According to local media, only the casings of the machines were crushed by the roller as a symbolic gesture.
Attention to the question: where will the insides of the bitcoin mining rigs go?😏
29 days ago
⚠️ This week we have one of the MOST IMPORTANT FED events 🇺🇸 that will affect the price of #Bitcoin ‼️👀
Save this calendar to stay alert 👇
WEDNESDAY
- 20:00 CET: Publication of the minutes of #FOMC
THURSDAY
- 14:30: Weekly unemployment claims
- 15:45: S&P Manufacturing and Services PMI Indices
- 16:00: Start of the Jackson Hole Symposium (all day)
FRIDAY
- 16:00: Jerome Powell press conference at Jackson Hole
SATURDAY
- 16:00: Jackson Hole Symposium (all day)
🚨 The Jackson Hole event is going to be very important, many central banks and economic institutions are going to debate the current situation, and above all the most interesting thing will be on Friday with Jerome Powell
As always, I will keep you informed in real time about all this.
Save this calendar to stay alert 👇
WEDNESDAY
- 20:00 CET: Publication of the minutes of #FOMC
THURSDAY
- 14:30: Weekly unemployment claims
- 15:45: S&P Manufacturing and Services PMI Indices
- 16:00: Start of the Jackson Hole Symposium (all day)
FRIDAY
- 16:00: Jerome Powell press conference at Jackson Hole
SATURDAY
- 16:00: Jackson Hole Symposium (all day)
🚨 The Jackson Hole event is going to be very important, many central banks and economic institutions are going to debate the current situation, and above all the most interesting thing will be on Friday with Jerome Powell
As always, I will keep you informed in real time about all this.
1 month ago
In a move that could significantly reshape the Solana DeFi landscape, Renzo Protocol and Jito Network have joined forces to introduce $ezSOL , the first-ever Liquid Restaking Token (LRT) on the Solana blockchain. This groundbreaking partnership combines Renzo's expertise in liquid restaking with Jito's MEV-enhanced validator network, promising to unlock new levels of capital efficiency and yield optimization for Solana users.
JITO'S RECENT FORAY INTO RESTAKING
This development comes just weeks after Jito, a leading Solana liquid staking protocol, officially entered the restaking market. The protocol released Jito Restaking, an open-source module designed for the Solana blockchain, supporting both staking, restaking, and LRTs. This move signaled Jito's ambition to expand its offerings and capitalize on the growing interest in restaking within the Solana community.
Renzo brings a wealth of experience from successful Ethereum protocols like EigenLayer and Symbiotic, where it currently boasts a TVL of $1 .28 billion, having reached a peak of $4 billion in June.
UNDERSTANDING LIQUID RESTAKING TOKENS(LRTs)
Restaking, a concept gaining traction on Ethereum, allows users to restake their staked assets to secure additional networks and protocols, thereby earning additional rewards. LRTs take this a step further by providing users with a liquid representation of their staked assets, which can be used across various DeFi protocols while still earning staking rewards.
$ezSOL : UNLOCKING NEW POSSIBILITIES
$ezSOL , minted using JitoSOL as the underlying staked asset, leverages Jito's MEV-enhanced validator network to offer users the potential for compounded rewards from staking, restaking, and MEV extraction. This unique combination makes $ezSOL a powerful tool for maximizing yield within the Solana DeFi ecosystem.
JITO'S RECENT FORAY INTO RESTAKING
This development comes just weeks after Jito, a leading Solana liquid staking protocol, officially entered the restaking market. The protocol released Jito Restaking, an open-source module designed for the Solana blockchain, supporting both staking, restaking, and LRTs. This move signaled Jito's ambition to expand its offerings and capitalize on the growing interest in restaking within the Solana community.
Renzo brings a wealth of experience from successful Ethereum protocols like EigenLayer and Symbiotic, where it currently boasts a TVL of $1 .28 billion, having reached a peak of $4 billion in June.
UNDERSTANDING LIQUID RESTAKING TOKENS(LRTs)
Restaking, a concept gaining traction on Ethereum, allows users to restake their staked assets to secure additional networks and protocols, thereby earning additional rewards. LRTs take this a step further by providing users with a liquid representation of their staked assets, which can be used across various DeFi protocols while still earning staking rewards.
$ezSOL : UNLOCKING NEW POSSIBILITIES
$ezSOL , minted using JitoSOL as the underlying staked asset, leverages Jito's MEV-enhanced validator network to offer users the potential for compounded rewards from staking, restaking, and MEV extraction. This unique combination makes $ezSOL a powerful tool for maximizing yield within the Solana DeFi ecosystem.
2 months ago
(E)
**New Frontiers of AI** - the story of Cyber, a legendary bodybuilder and master of cryptocurrencies from the cyberpunk universe. Cyber uses his skills in biochemistry and cryptography to create a revolutionary drug called "Neuromax", using artificial intelligence. This drug stimulates muscle growth and improves recovery, making it living proof of its effectiveness. By helping other athletes achieve new heights, Cyber becomes a symbol for the future where science and sports go hand in hand and technology unlocks new dimensions of human potential.
XCom
x.com/Oles67065913
Telegram
t.me/cryptomaniainvest
Warpcast
warpcast.com/~/invite-page...
Reddit
reddit.com/u/No_Advantage4...
Instagram
instagram.com/blockchain_v...
Instagram
instagram.com/oles_npc?igs...==
XCom
x.com/Oles67065913
Telegram
t.me/cryptomaniainvest
Warpcast
warpcast.com/~/invite-page...
reddit.com/u/No_Advantage4...
instagram.com/blockchain_v...
instagram.com/oles_npc?igs...==
2 months ago
How to start restaking on symbioticfi
A 101 Explainer 👇
EigenLayer changed the game by introducing the restaking primitive to the Ethereum ecosystem, yet it was only a matter of time until challengers rose up and started trying to beat EigenLayer at its own game!
The big challenger making a big splash lately is Symbiotic, a new restaking protocol that aims to offer restakers more options beyond just ETH.
What Is Symbiotic?
Launched in June 2024, Symbiotic is a shared security protocol for network builders to create and manage their own staking implementations in a permissionless fashion.
In other words, Symbiotic lets networks customize their staking processes, collateral types, node operator selection, rewards, and slashing mechanisms, all while maintaining security through non-upgradeable core contracts on Ethereum.
Notably, Symbiotic is already the second-largest restaking protocol behind only EigenLayer. Yet unlike EigenLayer, which is centered around ETH, Symbiotic offers a wide array of collateral options for more flexibility.
How Does Symbiotic Work?
Symbiotic operates through the coordination of its five main pillars. These elements are as follows:
🪙 Collateral — The onchain assets used to provide economic security in Symbiotic. These can include ERC20 tokens, Ethereum validator withdrawal credentials, and other assets across various blockchains.
🛅 Vaults — These customizable components act as Symbiotic’s delegation and restaking layer. They handle deposits, withdrawals, slashings, and reward distributions.
🦸 Operators — The entities that run infrastructure for networks, such as validators and sequencers. Operators can opt into networks and receive economic backing from restakers through vaults.
⛑️ Resolvers — These are the entities or smart contracts tasked with passing or vetoing slashing penalties incurred by operators. They ensure penalties are fairly arbitrated.
Why Symbiotic?
It makes sense that there won’t just be one winner in the restaking category. And among the field of contenders, Symbiotic currently looks like the protocol best positioned to give EigenLayer a run for its money in the months ahead.
That said, if you’re generally bullish on restaking, then Symbiotic is a project to consider because it’s early, promising, and has plenty of potential to grow with its differentiation via ERC-20 support.
Of course, a Symbiotic airdrop is also a likelihood not to be ignored. EigenLayer has $EIGEN , and it seems inevitable that the Symbiotic Points system will be used to go a similar route in facilitating an airdrop of a native token to early users. Restake now; get paid later.
Lastly, there are some interesting Symbiotic integrations live today that offer double-whammy earning opportunities. One is
mellowprotocol, a liquid restaking token (LRT) project offering Mellow Points and Symbiotic Points to users who deposit into Symbiotic through its platform.
How to Restake on Symbiotic
If you’re interested in restaking on Symbiotic, head over to https://app.symbiotic.fi/r... and connect your wallet. Note that some regions are geo-blocked from accessing the front end.
On the main “Restaking” page, you’ll see the list of vaults for offer like the one in the picture below. Note that some vaults, like the Wrapped Lido Staked Ether (wstETH) one, have currently reached their temporary deposit limits, while other vaults, e.g., Coinbase Wrapped Staked Ether (cbETH), are still open for depositors.
So let’s say you have some cbETH, and you want to start staking. Simply click on the cbETH vault, which will take you to an interface like this:
By WPeaster ✍️
A 101 Explainer 👇
EigenLayer changed the game by introducing the restaking primitive to the Ethereum ecosystem, yet it was only a matter of time until challengers rose up and started trying to beat EigenLayer at its own game!
The big challenger making a big splash lately is Symbiotic, a new restaking protocol that aims to offer restakers more options beyond just ETH.
What Is Symbiotic?
Launched in June 2024, Symbiotic is a shared security protocol for network builders to create and manage their own staking implementations in a permissionless fashion.
In other words, Symbiotic lets networks customize their staking processes, collateral types, node operator selection, rewards, and slashing mechanisms, all while maintaining security through non-upgradeable core contracts on Ethereum.
Notably, Symbiotic is already the second-largest restaking protocol behind only EigenLayer. Yet unlike EigenLayer, which is centered around ETH, Symbiotic offers a wide array of collateral options for more flexibility.
How Does Symbiotic Work?
Symbiotic operates through the coordination of its five main pillars. These elements are as follows:
🪙 Collateral — The onchain assets used to provide economic security in Symbiotic. These can include ERC20 tokens, Ethereum validator withdrawal credentials, and other assets across various blockchains.
🛅 Vaults — These customizable components act as Symbiotic’s delegation and restaking layer. They handle deposits, withdrawals, slashings, and reward distributions.
🦸 Operators — The entities that run infrastructure for networks, such as validators and sequencers. Operators can opt into networks and receive economic backing from restakers through vaults.
⛑️ Resolvers — These are the entities or smart contracts tasked with passing or vetoing slashing penalties incurred by operators. They ensure penalties are fairly arbitrated.
Why Symbiotic?
It makes sense that there won’t just be one winner in the restaking category. And among the field of contenders, Symbiotic currently looks like the protocol best positioned to give EigenLayer a run for its money in the months ahead.
That said, if you’re generally bullish on restaking, then Symbiotic is a project to consider because it’s early, promising, and has plenty of potential to grow with its differentiation via ERC-20 support.
Of course, a Symbiotic airdrop is also a likelihood not to be ignored. EigenLayer has $EIGEN , and it seems inevitable that the Symbiotic Points system will be used to go a similar route in facilitating an airdrop of a native token to early users. Restake now; get paid later.
Lastly, there are some interesting Symbiotic integrations live today that offer double-whammy earning opportunities. One is
mellowprotocol, a liquid restaking token (LRT) project offering Mellow Points and Symbiotic Points to users who deposit into Symbiotic through its platform.
How to Restake on Symbiotic
If you’re interested in restaking on Symbiotic, head over to https://app.symbiotic.fi/r... and connect your wallet. Note that some regions are geo-blocked from accessing the front end.
On the main “Restaking” page, you’ll see the list of vaults for offer like the one in the picture below. Note that some vaults, like the Wrapped Lido Staked Ether (wstETH) one, have currently reached their temporary deposit limits, while other vaults, e.g., Coinbase Wrapped Staked Ether (cbETH), are still open for depositors.
So let’s say you have some cbETH, and you want to start staking. Simply click on the cbETH vault, which will take you to an interface like this:
By WPeaster ✍️
2 months ago
Ethereum: The TVL of the Symbiotic restaking protocol exceeds $1 billion
The Symbiotic protocol differs from its direct competitor, EigenLayer, by an important feature: it also allows you to support some ERC-20 tokens in a personalized and modular way, while EigenLayer remains more exclusively focused on Ethereum.
Symbiotic recently announced that it has reached its deposit limit set at 210,600 wstETH, which allows it to display a TVL (Total Value Locked) now greater than $1 billion, according to data from the DefiLlama website.
The deposit limit for Symbiotic will be increased over time, and other assets will be added as the protocol develops.
However, despite this success, Symbiotic does not yet compete with the undisputed leader, EigenLayer, which recently boosted its position with the launch of its eigen token airdrop. It remains to be seen if Symbiotic will follow a similar path in the future.
The Symbiotic protocol differs from its direct competitor, EigenLayer, by an important feature: it also allows you to support some ERC-20 tokens in a personalized and modular way, while EigenLayer remains more exclusively focused on Ethereum.
Symbiotic recently announced that it has reached its deposit limit set at 210,600 wstETH, which allows it to display a TVL (Total Value Locked) now greater than $1 billion, according to data from the DefiLlama website.
The deposit limit for Symbiotic will be increased over time, and other assets will be added as the protocol develops.
However, despite this success, Symbiotic does not yet compete with the undisputed leader, EigenLayer, which recently boosted its position with the launch of its eigen token airdrop. It remains to be seen if Symbiotic will follow a similar path in the future.
