Symbiotic, a decentralized restaking platform for the Ethereum ecosystem, saw its total value locked (TVL) reach a new record of $1.65 billion on Thursday, August 22.
The restaking protocol’s TVL has surged 60% in the past week alone, becoming the second-best performer among the ten restaking platforms tracked by DefiLlama.
The increase in TVL came shortly after Ether.fi, a liquid restaking platform, announced a strategic partnership with Symbiotic for its next wave of network deployments.
Ether.fi launched on EigenLayer, Symbiotic’s main rival, but it currently supports both restaking platforms.
EigenLayer’s TVL has slightly declined during the last week and has lost 24% over the month.
Interestingly, the sudden increase in Symbiotic’s TVL occurred on August 15, when a Coindesk report cast EigenLayer in a negative light. The article claimed that Eigen Lab had shared the digital wallets of its team members with ecosystem projects planning to conduct token airdrops. These projects were sending back a portion of their tokens as a thank you, leading to concerns of conflicts of interest.
The news itself hasn’t affected EigenLayer in any visible way, as its metrics were already in decline when the report was published. However, it might have pointed to Symbiotic as a better and more trustworthy alternative, sparking interest in the restaking platform backed by Lido.
The next day after reports of Ether.fi partnership and EigenLayer’s practices, Symbiotic saw token inflows worth $500 million, which was the second-best day on record.
The most deposited token was wstETH, which is the wrapped version of Lido’s liquid staking token stETH. The wrapped token accounts for 69% of deposits on Symbiotic, followed by cbETH, wBTC, wbETH, and SUSDe.
Thanks to the 60% increase in TVL, Symbiotic has consolidated its position as the second-largest restaking protocol after EigenLayer, whose TVL hovers above $12 billion.
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