Symbiotic Crypto Protocol (N/A)

The Symbiotic restaking protocol has achieved over $1.3B in TVL, according to the DeFiLlama. It positions itself as a main competitor to EigenLayer, offering extended restaking opportunities beyond Ethereum LSTs, including stablecoins and even LP or protocols' governance tokens in the future. 

Serving as a coordination layer, the protocol allows users to contribute their assets to the protocol, enhancing its security level while enabling developers to utilize this power in their applications and blockchain networks. Symbiotic achieves this by implementing its own shared security infrastructure that enables users to restake any token that can be usable as collateral, such as Ethereum LSTs, stablecoins, etc. by design. Read more about the Symbiotic security infrastructure in its docs.

🪙 Symbiotic token: Although there’s no information or public announcement made by the Symbiotic team yet, we assume that token will be powering governance layer of the platform, similarly to the EigenLayer and its $EIGEN token. 

The platform has already integrated the Symbiotic points into its dashboard, which users can earn by restaking assets with the Symbiotic protocol. This indicates that measures the contribution of users to the protocol and in the future may reward them with Symbiotic airdrop. 

Considering this information, the CoinLaunch team decided thoroughly analyzed the project and found some important pros and cons:

✅ Symbiotic pros:

• Well-designed and in-demand product;
• Only in one month since its launch in June 2024, the project has managed to reach an impressive $1.3B in TVL;
• Paradigm invested in the project;
• Presence of security audits from top-tier companies despite platform being launched quite recently;
• Not bad PR performance;
• Above-average Growth marketing score;
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• Presence of a diverse network of partners supporting the protocol.

❌ Symbiotic cons:

• Product is still in an early stage of development; currently, the protocol implements restaking caps (limits) for each supported asset;
• No accurate publicly available information about the project team;
• No publicly available information about the project's tokenomics;
• Below-average SMM, SEO, and Influencer marketing scores;
• Weak marketing infrastructure;
• Small number of funds (only 2) invested in the project;
• Low amount of funds raised (only $5.8M) for a restaking protocol. In contrast, EigenLayer boasts over $164M raised;
• No clear and structured roadmap presented by the team.