The game between giant VCs: A detailed explanation of the re-pledge agreement Symbiotic supported by Paradigm and Lido

As a rare popular DeFi narrative in this round of bull market, the re-staking track has welcomed another heavyweight player. On June 11, Symbiotic announced it had completed initial deployment and raised $5.8 million in a seed round led by Paradigm and Cyber ​​Fund. Five hours after going online, the wstETH pledged on Symbiotic reached the upper limit, and the momentum was really fierce.

Considering that the current re-staking track EigenLayer only supports staking of ETH and certain ETH derivatives, while Symbiotic supports staking of any asset that meets the ERC-20 token standard, the two may become direct competitors. According to previous reports by CoinDesk, behind this financing is actually a game between giant VCs. Several people familiar with the matter revealed that EigenLayer co-founder Sreeram Kannan turned down investment from Paradigm and chose a16z instead. The Cyber ​​Fund was founded by Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov. Although Cyber ​​Fund issued an article expressing respect for EigenLayer's pioneering work in re-pledge, it is not difficult to imagine that this investment should also be its response to EigenLayer's encroachment on its market share.

So, what kind of re-pledge agreement is Symbiotic?

Symbiotic Introduction

According to the official documentation, Symbiotic is a shared security protocol that serves as a coordination layer to enable network builders to control and adjust their own (re)staking in a permissionless manner. Strategy.

The advantages of this protocol include:

• Flexibility brought by modularity

The network can control every aspect of the (re)staking strategy, including supported staking assets, node operator selection, rewards, slashing, and related settlement mechanisms. All participants have the flexibility to opt in or out of Symbiotic.

• Risk minimization through immutability

Non-upgradeable core contracts on Ethereum eliminate external governance risks and single points of failure. Symbiotic’s contract design can minimize execution-level risks.

• Increase capital efficiency with re-hypothecation and reputation-based curation

Permissionless, multi-asset and network-free Sentence's design helps achieve scalable and capital-efficient economic security. In addition, evolving operator-centric cross-network reputation systems will further improve capital efficiency for network builders.

Symbiotic core module

The Symbiotic protocol consists of 5 interrelated modules, including the collateral of the economic security layer, the treasury of the pledge layer, the operator of the infrastructure layer, and the arbitration layer Resolver and service layer network.

Collateral

Collateral can be held outside of the Symbiotic protocol itself (for example, on Ethereum) by using assets used to secure the Symbiotic network. holding DeFi positions on external networks) to improve capital efficiency and expand scale.

Symbiotic accomplishes this by decoupling the ability to slash an asset from the underlying asset itself, similar to how liquidity staking tokens create a tokenized representation of the underlying staking position. Technically, collateralized positions in Symbiotic are ERC-20 tokens, with extended functionality to handle slashing.

Collateral tokens are minted by users who own assets or want to re-collateralize positions and are deposited into the treasury, which entrusts the collateral to operators in the Symbiotic network. The treasury defines acceptable collateral, and the network needs to accept treasury collateral and treasury terms (such as slashing limits) to receive rewards.

Treasury

Treasury is the entrustment and re-pledge management of Symbiotic. Its functions include:

• "Accounting": The treasury handles deposits, withdrawals and forfeitures of collateral, and then handles its related assets.

• Delegation strategy: Treasury deployers/owners develop delegation and re-staking strategies to operators on the Symbiotic network.

• Reward distribution: The treasury distributes the network’s staking rewards to collateral savers.

Treasury can be deployed in an immutable, pre-configured manner, or you can specify an owner who can update the treasury parameters. Operators and custodians such as cryptocurrency institutions or liquidity (re)staking protocols are expected to use the treasury to create differentiated products, such as:

• Operator-specific treasury: Operators can Create a treasury and re-pledge collateral onto its infrastructure via any network configuration. Operators can create multiple treasuries with different configurations to provide services to customers without the need for additional node infrastructure.

• Multi-operator treasury: Configure re-pledge networks and delegation strategies for different operators. Treasurys can also set custom slash limits, capping the amount of collateral that can be slashed by a specific operator or network. The terms of these commitments need to be endorsed by the network providing the curation services.

• Immutable pre-configured treasury: Treasurys can be deployed with pre-configured rules that cannot be updated, thus preventing treasury managers from adding additional re-staking networks or in any other way Risks such as changing configurations.

Operator

Operators are entities that run decentralized network infrastructure within and outside the Symbiotic ecosystem. The Symbiotic protocol creates an operator registry that records interactions with the protocol, and protocol participants can attach credentials and other data to operator entities. In the initial release, this includes operator entity metadata provided by the operator itself, as well as data created by interaction with the Symbiotic protocol, such as:

• Networks the operator has opted into

• 相關的財庫和財庫中的再質押抵押品

• #歷史罰沒日誌以及與Symbiotic 生態的所有其他交互記錄

Symbiotic 協定及其財庫系統的一個重要優勢是，營運商可以從不同合作夥伴（透過財庫）接收每個受支援網路的同一套節點基礎設施的質押份額。該系統允許節點營運商從具有不同風險狀況的不同質押者那裡獲取份額，而無需為他們建立獨立的基礎設施。

解決者

Symbiotic 透過引入解決者，支援各種處理罰沒事件的模式。解決者是能否決從網路轉發的罰沒事件的合約或實體，由網路提出的條款確定，並被尋求為營運商提供抵押品支援的財庫所接受。財庫可以允許多個不同（或無）的解決者來涵蓋其全部抵押品。此外，UMA、Kleros、reality.eth 等去中心化爭議解決框架也可當作解決者。另外，還可以透過要求達到法定人數的否決機製或透過特定的罰沒事件，為 Symbiotic 協議的參與者提供額外的安全保障。

網路

在Symbiotic 中，網路定義為任何需要去中心化基礎設施網路在加密經濟中提供服務的協議，例如，透過負責驗證和排序交易，向加密貨幣經濟中的應用提供鏈下數據，或為用戶提供跨網路互動的保證等，使開發人員能夠啟動去中心化應用程式。

去中心化基礎設施網路可以利用 Symbiotic 靈活地以營運商和經濟支援的形式獲取其安全性。在某些情況下，協定可能由具有不同基礎設施角色的多個子網路組成。 Symbiotic 協議的模組化設計允許此類協議的開發人員定義參與者選擇加入任何子網路的參與規則。

Symbiotic 生態進展

根據 CoinDesk 援引消息人士報道，Renzo 已在就 Symbiotic 推出後進行整合進行討論。此外，Ether.Fi 聯合創始人 Mike Silgadze 對 Symbiotic 也充滿期待，稱「我對他們正在研究的東西感到興奮。它看起來很有趣，也很有創新性。」

目前Symbiotic 生態已有近20 位合作夥伴，以下是相關進展：

• Ethena 正將Symbiotic 與LayerZero 的去中心化驗證網路(DVN) 框架整合在一起，以實現Ethena 資產（如USDe）的跨鏈。

• Bolt 由Chainbound 構建，是一個能讓以太坊區塊提議者做出可信承諾（如無信任的預先確認）的協議，併計劃利用Symbiotic 進行運營者集的再質押和罰沒。

• Hyperlane 正在為其模組化互通性框架探索由 Symbiotic 驅動的鏈間安全模組（ISM）。

• Kalypso 是一個 ZK 證明市場，支援私有輸入，使用 Symbiotic 再質押為證明產生提供有效性和回應時間保證。

• Fairblock 正與Symbiotic 合作探索動態加密服務網路(CSN)，透過（再）質押資產來確保安全，並針對需要不同安全參數、效能和可用性權衡的應用進行客製化。

• Aori 計劃將 Symbiotic 再質押與穩定幣資產結合起來，使做市商和解決者在與其高頻訂單協議交互時承擔責任。

• Drosera 正與 Symbiotic 團隊合作，研究以太坊 Layer2 解決方案的再質押應用安全。

• Ojo 是一個跨鏈預言機網絡，將透過 Symbiotic 來提高其經濟安全性。

• Blockless 透過將Symbiotic 可自訂的安全性與其可自訂的運算基礎設施集成， 使建置者能夠創建安全、網路中立的應用，並在共享安全性方面擁有完全的自主權和靈活性。

• Rollkit 正在探索將Symbiotic 再質押整合到其模組化堆疊中，以促進在Celestia 上啟動主權Rollup；Symbiotic 最初將幫助為Rollup 排序器提供問責制，整合的長期目標是排序器的去中心化。

• Cycle Network 是一個旨在實現區塊鏈無感化的統一流動性網絡，將使用 Symbiotic 為其共享排序器提供動力。

• Stork 希望整合 Symbiotic 再質押，以增強鏈上資料利用的去信任化。

• Aizel 正在建立一個可驗證的人工智慧網絡，研究如何利用 Symbiotic 對不同節點角色進行重構，以確保從推理到執行的可驗證性。

• Mind Network 將利用 Symbiotic 再質押與 FHE 結合，以增強去中心化網路中的經濟和共識安全性。

• DOPP 正在建立完全鏈上的選擇權協議，該協議正在研究 Symbiotic 再質押，以幫助其預言機網路實現去中心化，從而獲得特定選擇權的價格回饋。

如 Cyber​​ Fund 所指出的，可組合資本效率一直是 DeFi 協議的核心價值主張。 EigenLayer 在以太坊之外為需要安全保障的協議帶來了高效的資本再部署，儘管在早期階段受到詬病，但在激發創新方面功不可沒。如今，Symbiotic 帶著雄厚資本進入再質押賽道，雙方的博弈在所難免。至於 Symbiotic 是否會像Paradigm所期待的那樣“成為啟動去中心化網絡的默認選擇”，答案尚未可知，但其與 EigenLayer 的競爭無疑將為當前低迷的 DeFi 賽道注入新的活力。

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