EigenLayer Rival Symbiotic Goes Live on Testnet
The hyped restaking challenger is fresh out of stealth and racing toward mainnet.
Universal restaking protocol 
Symbiotic has gone live on the 
Ethereum Holesky test network, less than two months after emerging from stealth.
What's the scoop?
- Shared Security Model: The protocol allows users to deposit a range of ERC-20 tokens to secure third-party protocols, positioning itself as a competitor to EigenLayer, which just supports ETH and its liquid derivatives.
- Key Features: The launch features core contracts for vault and collateral systems, allowing any asset for restaking. Symbiotic says its the first to implement slashing in restaking, penalizing node operators for misconduct.
- Ecosystem Adoption: Projects like
Ethena and 
LayerZero are already exploring the platform. - Mainnet Release: Symbiotic's mainnet is expected later in Q3, pending audits from firms such as Chainsecurity and Zellic.
Bankless Take:
Symbiotic's broad support for different ERC-20 tokens may make it a formidable competitor against EigenLayer. Symbiotic currently has two sets of supported products live, Mellow, a series of risk-adjusted restaking vaults integrated with its protocol, and its own Symbiotic vaults. Restaking on Ethereum has been trending down though this last month, with EigenLayer’s TVL down 18% and Symbiotic’s down 12%. If its upcoming audits go smoothly and the mainnet launch meets expectations, Symbiotic could carve out a significant niche in restaking.
William M. Peaster
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
