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Author: Macauley Peterson Source: Blockworks Translation: Shan Oba, Bit Chain Vision Realm
Eigenlayer, the pioneer in the field of pledges, has shown a significant success of attracting capital, becoming a “black hole” in the Ethereum field, and becoming one of the largest DEFI agreements in the process.However, Symbiotic enters the shared security field with its “pledged assets” design, which may bring disruptive changes.
Since it has been launched in Ethereum in more than a year ago,Eigenlayer absorbed approximately 5.4 million ETH, which was worth $ 20 billion when it reached its peak in early June.The agreement began to actively increase the deposit limit in early 2024 and accept more types of Ethereum.By March, the deposit increased from less than 1 million ETH to about 3 million.This growth rate continues after Karak was launched. Karak is a multi -asset re -pledge model aimed at improving pledge income.
Symbiotic further deepen this concept and supports any ERC-20 assets as a collateral mortgage.This customized option and flexible re -pledge model enable developers to use various assets to protect their applications.Yesterday, Ethena’s native currency ENA and its pledge version of the SUSDE synthetic USD became the first non -ETH asset pledged on Symbiotic.SUSDE earns benefits through Ethereum pledge and futures base difference transactions.
The new SUSDE insurance library on the Symbiotic risk management platform Mellow Finance quickly reached a maximum of $ 40 million, and the ENA insurance library had been filled by half after the first day of deposit.Both Mellow and Symbiotic are supported by Cyber Fund and are part of the Lido Alliance. At present, other Mellow insurance libraries only accept the Lido pledged Ethereum.
Ethena insurance libraries have three managers: MEV Capital, Re7 Labs and K3.MEV Capital’s ordinary partner Laurent Bourquin said he expects liquid reinsurance to the tokens (LRTS) to be accepted as a Symbiotic insurance deposit.
The main difference between Symbiotic is its “no difference”, that is, the LRTS of EIGENLAYer allows LRTS to enter Symbiotic.This will generate double cuts, thereby bringing dual benefits.Other liquid pledge and re -pledged providers are also eager to join this field.Sunand Raghupathi, co -founder of Veda Protocol and Seven Seas Capital, said that Symbiotic announced two days after it was launched. Through VEDA, they could launch an LRT on Symbiotic.
Veda cooperated with Etherfi to launch the “Super Symbiotic” insurance library, which accepts various Ethereum derivatives, including EETH of Etherfi, and converted it to STETH for Symbiotic.Technically, Symbiotic can accept Eeth itself, which will be dual pledged -first in EIGENLAYER, and then on Symbiotic -but this is not Etherfi’s approach.If the user provides EETH, it will be removed from Eigenlayer first.Misha Putiatin, co -founder of Symbiotic, pointed out that dual pledge is essentially risky.We cannot stop people from pledged dual pledge, but we did not plan to motivate this behavior.
Bourquin of MEV Capital believes that dual pledge is inevitable.At present, this risk is temporarily put on hold because the Eigenlayer has not cut a mechanism.The deposit accepted by Eigenlayer can be entrusted to the active verification service (AVS), but there is currently no one that enables the reduction conditions, which will eventually face greater risks of the deposit’s funds.Bourquin believes that the flexibility of Symbiotic is an obvious advantage.
Etherfi was originally an EIGENLAYer pledge agreement, but later it also became a trusted brand in other fields.Multiple DEFI channels earn high returns.By allowing users to participate in Symbiotic, Etherfi can retain these users in its ecosystem and capture some capital flows.This method provides an alternative to avoid changing EETH through the liquidity pool on the chain, which may put pressure on the stability of derivatives.
Even if the number of EETH decreases, Etherfi can still retain these users through its brand and front end.Eigenlayer believes that most assets should not be used for this purpose. They spent a long time that ETH was the king of security assets in a sense.Symbiotic believes that market power should determine what is suitable for AVS pledge.Eigenlayer does have a plan to support dual pledge, using ETH and a custom encrypted asset, but Symbiotic’s indispensable design can be realized today.
Anyone can create a market on Symbiotic, so it is used to ensure that the types of tokens on AVS on Symbiotic will be much more than EIGENLAYER, and the latter is very focused on ETH.
