# EigenLayer Rival Symbiotic Goes Live on Testnet

*Author: David Christopher*
*Published: Aug 12, 2024*
*Source: https://www.bankless.com/fr/eigenlayer-rival-symbiotic-goes-live-on-testnet*

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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](https://www.theblock.co/post/310451/eigenlayer-competitor-symbiotic-launches-devnet-mainnet-q3) 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%](https://defillama.com/protocols/Restaking). If its upcoming audits go smoothly and the mainnet launch meets expectations, Symbiotic could carve out a significant niche in restaking.

[How to Restake on Symbiotic on BanklessHow to get started with EigenLayer’s big challenger.![](https://www.bankless.com/assets/img/favicon/apple-touch-icon.png)BanklessWilliam M. Peaster![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/07/Screenshot-2024-07-08-at-11.36.47-AM.png)](https://www.bankless.com/how-to-restake-on-symbiotic)