Symbiotic, a startup rivaling EigenLayer, secures $29 million in funding to revolutionize staking beyond traditional restaking with its Universal Staking framework.
The startup to rival EigenLayer, Symbiotic, has raised $29 million in a Series A round led by Pantera Capital. The funding will expand the current team and contribute to the protocol’s Universal Staking framework, broadening its efforts from just restaking to including providing support for other staking activities.
Symbiosis is a close and often long-term relationship between different biological species.
It can be mutualistic, where both parties benefit, commensal, where one benefits and the other is not affected, or parasitic, where one benefits and the other is harmed.
Examples of symbiotic relationships include coral reefs, where algae provide nutrients to coral, and clownfish, which live among the tentacles of the sea anemone and are protected from predators.
A New Approach to Staking
Symbiotic enables any combination of assets to secure any class of network—modular or monolithic, L1 or L2—while supporting use cases that extend well beyond traditional staking, including insurance and other financial products. This modular approach allows for decentralized applications (dApps) to collectively secure each other, creating a more inclusive and diverse staking ecosystem.
A Shift in Perception
With the new funding round, Symbiotic is looking to change the way investors perceive the staking industry as a whole. The startup’s co-founder, Misha Putiatin, stated that they are building infrastructure and aim to improve on it by “a huge margin.” This shift in focus acknowledges the growing interest in non-traditional staking activities and the need for more flexible and adaptable solutions.
A New Era for Staking
The rise of Symbiotic marks an exciting new era for staking, one that promises to expand beyond traditional restaking protocols like EigenLayer. As the staking industry continues to evolve, it’s clear that innovative solutions like Symbiotic are essential for driving growth and adoption. With $29 million in funding behind it, Symbiotic is poised to play a major role in shaping the future of staking.
