SymbioticFi has made a remarkable impact on the restaking market since its launch, achieving impressive Total Value Locked (TVL) milestones within a short span.

In just 24 hours after going live on June 11, Symbiotic amassed $250 million in TVL, a feat that many projects take significantly longer to reach. By July 3, the platform had surpassed $1 billion in TVL, marking a staggering $730 million increase within just 24 days.

Symbiotic is a pioneering restaking project on Ethereum, offering users the ability to stake various Liquid Staking Tokens (LSTs) and earn profits. What sets Symbiotic apart in the restaking market is its support for a wide range of ERC-20 tokens and its modular design, which allows for flexible token collateral.

Several Key Events Fueled Symbiotic’s Rapid TVL Growth

– June 11: Symbiotic’s mainnet launch attracted over $250 million in TVL within the first 24 hours.

– June 26: Symbiotic introduced ENA and sUSDe tokens to the platform. Unlike Eigenlayer, which supports only ETH and its derivatives, Symbiotic supports a broader range of tokens. The $50 million sUSDe cap was reached in less than 15 minutes, showcasing the platform’s growing popularity.

– July 3: Symbiotic raised its deposit limits, leading to a significant surge in TVL. Within just 24 hours, the platform’s TVL tripled to $1 billion, with the updated limit of 210,600 wstETH being filled in just four hours, totaling $730 million.

As of July 21, Symbiotic’s TVL reached $1.28 billion, with wstETH, ENA, and wBETH among the top contributors. However, as Symbiotic continues to grow, it faces the challenge of competing with established platforms like Eigenlayer and new entrants in the restaking market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: ramirezom/123RF // Image Effects by Colorcinch