Lido co-founder and Paradigm secretly support EigenLayer's competitor, Symbiotic

PANews reported on May 15th that according to CoinDesk, the co-founder of the dominant liquidity staking protocol Lido and venture capital firm Paradigm are secretly helping to fund a new company called Symbiotic, which will compete in the "re-staking" field. The Symbiotic project aims to provide a way for decentralized applications by re-staking assets already deposited with other crypto protocols, thereby securing these "AVSs" and earning rewards. The main difference between Symbiotic and EigenLayer is that users can directly deposit any asset based on Ethereum's ERC-20 standard, including Lido's staked ETH (stETH) token.

Sources revealed that the liquidity re-staking protocol Renzo has been discussing integration with Symbiotic after its launch. It is expected that the Symbiotic platform will be released in some form by the end of this year.