Symbiotic, a restaking protocol on Ethereum, has recently announced the launch of its devnet as it progresses towards the mainnet release. This development comes after the platform’s stealth launch in the decentralized finance space on Ethereum (ETH), marking a significant milestone leading up to the mainnet deployment scheduled for the third quarter of 2024.
The Symbiotic team shared that the devnet release brings them closer to the full immutable mainnet deployment in Q3 2024, subject to five independent full-scope audits from reputable security firms including Statemind, ChainSecurity, Zellic, OtterSec, and Certora. This rigorous audit process underscores Symbiotic’s commitment to security and reliability in the crypto industry.
Emerging from stealth in June with support from Paradigm and cyber.Fund, Symbiotic introduced a protocol that serves as a coordination layer for developers to create and customize their restaking implementations. The recent rollout on Ethereum’s Holesky testnet allows developers and enterprises to build protocols with restaking integrations and shared security, leveraging Symbiotic’s trust-minimized network.
Being a pivotal protocol in the crypto landscape, Symbiotic offers essential features like a vault and collateral system utilized by prominent projects such as LayerZero, Ethena, and Bolt. This positions Symbiotic as a valuable resource for projects seeking to launch with robust security and functionality from day one.
In line with its vision to penetrate the DeFi market, Symbiotic aims to compete with emerging protocols like EigenLayer. The platform secured $5.8 million in Seed funding in June, with support from leading crypto venture capital firms like Paradigm and cyber.Fund. This funding will fuel Symbiotic’s growth and expansion within the evolving DeFi ecosystem, solidifying its position as a key player in the crypto industry.
