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The restaking service Symbiotic, which is backed by the founders of staking heavyweight Lido, launched today, offering the most formidable competitor yet to EigenLayer.
What's the scoop?
- Gunning for EigenLayer's position:
Symbiotic had been one of the most-hyped restaking players yet to launch. The team's close relationship with Lido's inner circle has made them a potent upstart. 
Paradigm Funding: Symbiotic announced a $5.8 million seed raise from venture firm Paradigm and the 
Lido founders' investment firm Cyber.Fund- Mellow Launch: Mellow Finance launched alongside Symbiotic as its first LRT service. Part of the Lido Alliance, an initiative to make stETH a foundational restaking asset, Mellow’s vaults are stETH-centric, helping Lido and Symbiotic gear up to compete with EigenLayer.
Bankless Take:
Symbiotic's launch could be the official kickoff to the restaking wars. After experiencing declining market share since March, Lido’s TVL rebounded 21% this past month. With broad dissatisfaction around how 
EigenLayer handled the EIGEN airdrop, there may be space for Symbiotic to find a foothold in restaking though, EigenLayer has an awfully big headstart. While EigenLayer still reigns supreme, it’s continued to experience slower growth. Given stETH remains the largest non-L1 DeFi asset, if Symbiotic and Lido create competitive yields for holders, it could go a long way to making the asset a critical element of the restaking ecosystem.
