Restaking protocol Symbiotic launches devnet

Symbiotic, a restaking protocol on Ethereum, has announced that its devnet is now live as it moves closer to the mainnet launch.

The platform’s devnet comes just months after the decentralized finance platform on Ethereum (ETH) launched in stealth and is a key step towards the mainnet deployment expected in the third quarter of 2024.

“With this devnet release, Symbiotic is one step closer to its full immutable mainnet deployment in Q3 2024, pending five independent full-scope audits from industry-leading security firms (Statemind, ChainSecurity, Zellic, OtterSec, and Certora)” the Symbiotic team said in an announcement on Aug. 12.

Paradigm and cyber-fund-backed Symbiotic emerged from stealth in June, introducing a protocol that acts as a coordination layer for developers to build and adapt their own restaking implementations.

In the latest announcement, Symbiotic revealed that the rollout on Ethereum’s Holesky testnet will enable developers and businesses to create protocols that leverage restaking integrations and shared security.

As a key protocol, Symbiotic offers a trust-minimized network that projects can utilize to launch on day one. Features include a vault and a collateral system that major projects such as LayerZero, Ethena, and Bolt already leverage.

Symbiotic eyes penetration into the DeFi market, where protocols such as EigenLayer are emerging as significant players. The platform raised $5.8 million in its Seed funding round in June, with backing from crypto venture capital firms Paradigm and cyber.Fund.