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Symbiotic restaking protocol aims to address the main difficulties related to developing and securing blockchain networks with its own shared security model. Unlike its main competitor, EigenLayer, it supports restaking of not only Ethereum LSTs but also stablecoins, governance, and LP tokens. These unique features have allowed the protocol to reach an impressive $1.3B TVL in just one month since its launch in June 2024.
The protocol has also attracted significant attention from top-tier funds, raising over $5.8M from Paradigm and cyber.Fund during its Seed funding round.