Reputation concerns have led Justin Drake and Dankrad Feist to abandon their post in the restaking protocol.

The project will distribute approximately 12% of its supply to early users.

Despite its interesting concept, the project is entering a crowded stablecoin market and will likely face challenges competing with industry giants such as USDT and USDC.

Quickly becoming a top contender, Symbiotic leverages Lido’s backing to position itself against EigenLayer in the restaking market.

A well-known Ethereum researcher becomes a new advisor to the EigenFoundation despite the possible conflict of interest. He will focus on the topic of a new crypto primitive, restaking, and its risks.

Supported by industry giants, Symbiotic aims to disrupt Eigenlayer's dominance by accepting a wide range of ERC-20 tokens for staking, unlike Eigenlayer’s ETH-only support.

The excitement surrounding the EigenLayer Stakedrop quickly turned to disappointment with the announcement of a minimal 15% token allocation and significant geographical restrictions.

The Ethereum restaking protocol has become the second-largest DeFi platform by TVL, while it migrates its operations to mainnet.