The emergence of Symbiotic signifies the beginning of a new round of competition. According to internal documents and sources, Symbiotic will provide a method for decentralized applications, also known as Active Verification Services (AVS), to mutually guarantee each other’s security. Users will be able to pledge their deposits in other cryptographic protocols to help secure these AVSs in exchange for rewards. One notable feature of Symbiotic is that it allows users to directly deposit any assets based on the Ethereum ERC-20 standard, which is in stark contrast to EigenLayer, which only accepts ETH tokens.
An Unforeseen Alliance: Lido Co-founder and Paradigm Back EigenLayer's Rival, Symbiotic