Restaking protocol Symbiotic launches devnet

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

The platform’s devnet comes just months after the decentralized finance platform on Ethereum (ETH) was secretly launched, marking a significant step towards its mainnet deployment expected in the third quarter of 2024.

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

Paradigm and cyberfund-backed Symbiotic emerged from stealth in June, introducing a protocol that acts as a coordination layer for developers to build and customize their own restake applications.

In its latest announcement, Symbiotic explained that the launch of Ethereum on the Holesky testnet will allow developers and enterprises to create protocols that leverage blockchain integrations and shared security.

As a key protocol, Symbiotic offers a trustless network that projects can use to launch from day one. Its features include a vault and a collateral system that major projects like LayerZero, Ethena, and Bolt have already leveraged.

Symbiotic aims to penetrate the DeFi market, where protocols like EigenLayer have emerged as major players. The platform raised $5.8 million in a seed funding round in June with backing from crypto venture capital firms Paradigm and cyber.Fund.