Symbiotic, a groundbreaking restaking project that offers customizable staking solutions for networks, has recently raised $29 million in a Series A funding round led by Pantera Capital. The funding round also saw participation from Coinbase Ventures and over 100 angel investors, including industry leaders from Aave, Polygon, and StarkWare.
The primary objective of Symbiotic is to revolutionize staking by transforming it from a singular, network-specific security mechanism into a universal coordination layer. This approach allows for greater flexibility and efficiency in securing a wide range of blockchain networks.
One of the key highlights of this funding announcement is the launch of the Universal Staking framework by Symbiotic. This innovative framework extends blockchain security beyond traditional boundaries, enabling seamless coordination between different assets and networks.
Paul Veradittakit, Managing Partner at Pantera Capital, expressed his enthusiasm for the project, stating, “We see Universal Staking as the next step in blockchain infrastructure. Symbiotic unlocks economic coordination between assets and networks that were previously impossible.”
The funding will be utilized to expand Symbiotic’s ecosystem and team, as well as to accelerate integrations with additional networks through the use of software development kits (SDKs) and other tools. This will enable the platform to support new functionalities and enhance its overall capabilities.
Moreover, Symbiotic’s unique approach allows for the secure staking of any combination of assets on any network, whether it be a Layer 1 or Layer 2 network. This flexibility opens up a wide range of use cases beyond traditional staking mechanisms.
Misha Putiatin, co-founder of Symbiotic, highlighted the platform’s modular framework, which allows protocols to evolve their security models over time while efficiently managing risk. This empowers protocols to adapt and grow without the need for significant infrastructure changes.
Since its launch in June 2024, Symbiotic has experienced exponential growth, surpassing $1 billion in Total Value Locked (TVL). The platform is currently live on 14 networks and is set to expand to over 35 networks in the near future, including collaborations with projects like Hyperlane, Spark, and Avail.
One such partnership with Hyperlane, a player in the interoperability and modular blockchain ecosystem, has enabled Symbiotic to provide native staking solutions for its token. This collaboration showcases the versatility and adaptability of Symbiotic’s platform in securing diverse networks.
As the blockchain landscape continues to evolve and diversify, Symbiotic remains at the forefront of innovation, enabling new use cases and security models across the DeFi space. The recent funding round and the launch of the Universal Staking framework signal a new chapter in Symbiotic’s journey towards redefining blockchain infrastructure.
This article was originally published on Cryptonews and has been repurposed for a WordPress platform.