Symbiotic, a restaking project that allows networks to customize their staking implementation, has announced a $29 million Series A funding round led by Pantera Capital.
The funding saw participation from Coinbase Ventures and more than 100 angel investors across industry-leading teams such as Aave, Polygon, and StarkWare.
According to the official release shared with Cryptonews, Symbiotic aims to transform staking from an isolated, single-network security mechanism into a universal coordination layer.
Universal Staking Platform: Next Step in Blockchain Infrastructure
Symbiotic also announced the launch of the Universal Staking framework, extending blockchain security into broader economic coordination.
“We see Universal Staking as the next step in blockchain infrastructure,” said Paul Veradittakit, Managing Partner at Pantera Capital.
“Symbiotic unlocks economic coordination between assets and networks that were previously impossible.”
Further, the investment will be used to expand Symbiotic’s ecosystem and workforce, the release read. The funding will also accelerate integrations with additional networks using tools like SDKs and support new functionalities.
Besides, Symbiotic enables any combination of assets to secure any network – L1 or L2, while supporting use-cases beyond traditional staking.
“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” said Misha Putiatin, co-founder of Symbiotic.
“This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”
Symbiotic Reached Over $1B in TVL Since its Launch in June 2024
The staking protocol reported massive growth, reaching more than $1 billion in TVL since its launch in June 2024. The platform, which is live in 14 networks, is expanding to more than 35, the platform noted. These additional networks include various stages of integration, including Hyperlane, Spark, and Avail.
Additionally, interoperability and modular blockchain ecosystem players like Hyperlane, are working with Symbiotic to launch native staking for its token. The collaboration allows Hyperlane to secure its network with a decentralized validator.
“As the number and variety of on-chain assets continue to increase, Symbiotic allows them to easily serve as economic security while enabling entirely new use cases across DeFi,” Veradittakit noted.
The post Web3 Protocol Symbiotic Raises $29M in Series A, Launches Universal Staking Framework appeared first on Cryptonews.
