Symbiotic, a decentralised finance (DeFi) protocol, has secured $29 million in a funding round led by Paradigm and cyber.Fund.
Other notable investors include Robert Leshner, founder of Compound, and Sreeram Kannan, founder of EigenLayer. The funding aims to support the development of Symbiotic’s universal coordination layer for permissionless restaking, a move that could reshape the staking landscape across multiple blockchains.
Symbiotic is developing an open protocol that enables users to restake assets across different blockchains. This approach allows users to maximise their yield by leveraging the same assets for staking on multiple networks. The protocol is designed to be flexible and permissionless, supporting a wide range of digital assets and validator configurations.
Restaking has emerged as a key trend in DeFi, with protocols like EigenLayer popularising the concept. Symbiotic’s universal coordination layer aims to address current limitations by allowing broader participation and asset support. The project’s founders believe this will foster greater security, liquidity, and innovation within the staking ecosystem.
The $29 million investment signals strong confidence in Symbiotic’s vision. Paradigm, known for backing leading crypto projects, highlighted the protocol’s potential to create a more open and efficient staking infrastructure. The involvement of industry veterans like Leshner and Kannan further underscores the project’s credibility.
Symbiotic plans to use the funds to accelerate protocol development and expand its team. The project is expected to launch its mainnet later this year, with initial support for major Layer 1 and Layer 2 networks. The team also aims to engage with the broader DeFi community to ensure robust security and decentralisation.
Symbiotic’s unique combination of multi-asset support, modular design, permissionless integration, and robust risk management makes it a standout platform in the restaking space, offering greater flexibility, security, and efficiency for both users and decentralized networks
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