Lido Co-Founders and Paradigm Back Symbiotic, Challenging EigenLayer
Wednesday, 15 May 2024, 06:15
Support for Symbiotic Protocol
A recent report reveals that Konstantin Lomashuk and Vasiliy Shapovalov are backing Symbiotic, a competitor to EigenLayer.
Symbiotic's Unique Features
Symbiotic is a permissionless protocol that enables users to stake assets based on Ethereum's ERC-20 token standard. This sets it apart from EigenLayer, potentially posing a challenge to the latter's dominance.
Strategic Move by Lido
Lido's decision to support a rival protocol like Symbiotic indicates its proactive approach to maintaining its status as Ethereum's largest DeFi protocol.
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