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Fenix Finance

<ul>
 <li>Symbiotic is the second Ethereum-based restaking protocol in the market after Eigen Layer.&nbsp;&nbsp;</li>
 <li>The protocol currently holds a TVL of $1.037 billion according to DefiLlama data.</li>
</ul>
In the past month, several cryptocurrency firms hit new milestones in on-chain activity and total value-locked in their ecosystems. In the last 24 hours, Symbiotic, a restaking protocol launched on June 11, 2024, hit a new milestone. Notably, it surpassed $1 billion in TVL within a month of its market presence.&nbsp;
Moreover, the restaking protocol <a href="https://x.com/symbioticfi/status/1808531705806090392" target="_blank" rel="noopener noreferrer nofollow">announced</a> on its X account, that it hit a 210,600 wtsETH cap on July 3. Following this, the protocol’s total value locked hit its new milestone and currently stands at $1.03 billion.&nbsp;
According to DeFiLlama <a href="https://defillama.com/protocol/symbiotic?usdInflows=false&amp;tvl=true" target="_blank" rel="noopener noreferrer nofollow">data</a>, the protocol recorded an initial TVL of $242.98 million in the first week of its launch. In the coming days, the value showed modest increases, until the end of June.&nbsp;
With the onset of the new month, the protocol witnessed an upward movement with increasing inflows and TVL reached $1.036 billion on July 3. The hike is still maintained as current TVL stands at $1.037 billion.&nbsp;
<h3 class="wp-block-heading" id="h-what-does-symbiotic-protocol-aim-to-do-nbsp">What Does Symbiotic Protocol Aim to Do?&nbsp;</h3>
Symbiotic is an <a href="https://thenewscrypto.com/will-ethereum-price-make-a-bullish-comeback-post-spot-etf-launch/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>-based restaking protocol that allows depositing funds to support third-party protocols for users. The organization is only the second on the market following Eigen Layer. The protocol aims to resolve security issues for Ethereum staking by using a shared security model.&nbsp;
Furthermore, on the day of its launch, the staking protocol raised funding of $5.8 million from leading venture capital, Paradigm, and cyber.Fund. Moreover, Symbiotic differs from Eigen Layer in its ERC-20 tokens utility. Symbiotic ERC-20 tokens can be used in cross-chain transactions, unlike Eigen Layer.&nbsp;
Additionally, Symbiotic with its recent advancement in TVL indicates that it’s rising as a strong competitor to Eigen Layer. The first restaking protocol was launched in 2023 and currently holds a TVL of $17.52 billion. If Symbiotic sustains its upward movement, the protocol may move closer to Eigen Layer’s value in the coming months.&nbsp;
Finally, amid the increase in on-chain activity, the crypto market has witnessed a <a href="https://thenewscrypto.com/bitcoin-btc-price-plunges-to-2-month-low-amid-market-turmoil/" target="_blank" rel="noopener noreferrer nofollow">price dip</a> over the last few days. This has caused an increasing FUD among investors.&nbsp;
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Restaking Protocol Symbiotic Achieves $1B TVL Milestone

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