Symbiotic Restaking Protocol Launches Devnet Ahead of Q3 2024 Mainnet

Symbiotic, a restaking protocol on Ethereum, has officially launched its devnet as it advances toward a full mainnet deployment anticipated in the third quarter of 2024. This devnet launch marks a significant milestone for Symbiotic, which has quickly gained attention since emerging from stealth in June.

The release of the devnet, announced on August 12, positions Symbiotic one step closer to its immutable mainnet. The platform is set to undergo five independent full-scope audits by leading security firms—Statemind, ChainSecurity, Zellic, OtterSec, and Certora—before the mainnet goes live.

Symbiotic, backed by prominent crypto venture firms Paradigm and cyber.Fund, aims to serve as a coordination layer for developers building and customizing their own restaking implementations. The devnet rollout on Ethereum’s Holesky testnet allows developers and businesses to experiment with restaking integrations and shared security models.

Key features of Symbiotic include a vault and a collateral system, already being leveraged by major projects such as LayerZero, Ethena, and Bolt. As Symbiotic seeks to establish a foothold in the DeFi market, it competes with protocols like EigenLayer, another emerging player in the restaking space. In its June Seed funding round, Symbiotic successfully raised $5.8 million, reflecting strong support from the crypto investment community.

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