Symbiotic, a protocol designed to enable restaking of assets across various networks without permission requirements, has recently commenced its initial bootstrapping phase and capital restaking phase. The protocol aims to offer additional choices for capital holders by using its funds to enhance security for other protocols.

Described as a shared security ecosystem, Symbiotic emphasizes flexibility for protocols utilizing its infrastructure, permissionlessness due to its immutable core smart contracts, and reliability through its scalability focus.

While currently focused on staked ETH, which represents the largest pool of funds staked, Symbiotic plans to expand to include restaking options for all ERC-20 tokens in the future. Presently, it supports eight different wrapped ether tokens, with wstETH (wrapped lido staked ether) leading at nearly $170 million restaked, followed by cbETH (Coinbase wrapped staked ether) with over $28 million locked.

Symbiotic has attracted interest from twenty protocols exploring integration possibilities, including prominent names like Ethena and Layerzero. Emerging from stealth mode, Symbiotic disclosed it raised $5.8 million in a seed funding round co-led by Paradigm and Cyber.fund to advance its decentralized vision. The protocol's launch has proven successful, surpassing $240 million in locked assets, with plans to gradually increase restaking caps and add more assets as it scales, although specific timelines for these expansions were not provided.