Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits – Crypto News – Crypto News
Connect with us
Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits

De-fi

Symbiotic TVL Triples To $1B Within 24 Hours Of Raising Deposit Limits – Crypto News

Published

1 year ago

on

Symbiotic has emerged as the second-largest restaking protocol within one month of launching.

The TVL of Symbiotic, the upstart Ethereum restaking protocol seeking to challenge EigenLayer’s dominance, tripled in less than 24 hours to more than $1 billion after increasing its deposit limit.

On July 3, Symbiotic raised its deposit cap from roughly 92,000 ETH, inspiring users to pile 232,028 ETH liquid staking tokens (LSTs) worth more than $700,000 into the protocol.

On social media, Symbiotic noted that its updated limit of 210,600 Lido Staked Ether (wstETH) was filled within four hours. Its Ethena Staked USDe (sUSDe) pool is also full at 50 million tokens.

“After four hours, Symbiotic’s 210,600 wstETH cap has been reached,” Symbiotic said. “Other assets can still be staked, and caps will be increased over time. More assets will be added as we continue the initial scaling of the protocol.”

Users can still deposit 50,435 ETH ($158 million) worth of LSTs to seven different pools, and up to 57 million Ethena (ENA) tokens worth $22.2 million.

Symbiotic vies for staking market share

The flurry of activity pushed Symbiotic’s total value locked (TVL) above $1 billion less than one month after launching. The TVL spike firmly established Symbiotic as the second-largest restaking protocol, beating out Karak’s $822.7 million TVL.

EigenLayer continues to dominate the sector with roughly $16.2 billion worth of assets. However, EigenLayer currently hosts 4.89 million ETH after deposits slid by 530,000 ETH ($1.6 billion) of nearly 10% since tagging an all-time high of 5.42 million ETH on June 17 — six days after Symbiotic’s launch, according to DeFi Llama.

Symbiotic may be proving an attractive option for airdrop farmers in search of points to cultivate. In April, EigenLayer’s long-awaited initial airdrop allocations failed to meet the expectations of users.

Symbiotic is also attracting integrations from prominent liquid restaking token (LRT) providers. On July 3, EtherFi, the largest LRT provider, launched a vault for Symbiotic points farming. The move came one week after Renzo launched a Symbiotic-based LRT.

Related: Mellow Finance to Help Lido Hold On to its Place as Largest DeFi Protocol

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending