Restaking Evolves: Symbiotic Raises $29M, EigenLayer Activates Slashing
2min read Restaking, a concept that originated within the Ethereum ecosystem as a means to enhance capital efficiency, is now evolving into a broader, cross-chain economic coordination layer. This transformation is evident in the recent developments of several key players in the field.
Symbiotic, a prominent entity in this space, has announced a $29 million Series A funding round led by Pantera Capital. This investment is aimed at launching Symbiotic's universal Staking Framework, which supports the staking of any asset on any network, whether it be Layer 1 (L1) or Layer 2 (L2), modular or integrated. Symbiotic is currently active on 14 networks, with plans to more than double this number in the coming months. The framework offers features such as programmable slashing, cross-chain collateral composition, and innovative financial primitives like staking-backed insurance and structured risk products.
Misha Putiatin, co-founder of Symbiotic, emphasized that this expansion is a natural progression of their original vision. The company has always focused on building a flexible coordination layer that supports a wide range of use cases. This approach contrasts with EigenLayer, which remains primarily Ethereum-centric, utilizing ETH-native validators and liquid staking tokens (LSTs). Symbiotic's model, however, extends across various networks and collateral types, enabling non-EVM assets and modular AVSs to coordinate security under a unified staking framework.
EigenLayer, while maintaining its Ethereum focus, has made significant strides. Last week, Eigen Labs activated slashing on the mainnet, completing its original roadmap. This development allows for the enforcement of performance guarantees backed by economic penalties. EigenLayer founder Sreeram Kannan described this as "the next phase in our mission to transform Ethereum’s trust into a programmable primitive." With over 190 AVSs (actively validated services) building on EigenLayer, including notable entities like LayerZero and Infura, the platform is solidifying its role as Ethereum’s trust marketplace.
Other players are also innovating within the restaking model. Puffer Finance, for instance, has introduced staking and restaking vaults designed for institutions. These vaults combine ETH staking with EigenLayer AVS restaking within a compliance-ready framework, offering features like validator permissioning, withdrawal policies, and modular configuration of restaking exposure. This development is aimed at asset managers, daos, and custodians, providing a structured and compliant approach to restaking.
MoreMarkets, formerly known as Nuffle Labs, is leveraging restaking infrastructure to unlock utility for previously siloed assets such as XRP, ADA, and DOGE. By integrating with Wormhole and AVS-layer attestations, MoreMarkets allows users to stake or provide liquidity directly from their origin chain, eliminating the need for complex bridging processes. Altan Tutar, CEO of MoreMarkets, highlighted the simplicity of this approach, stating that users should be able to start earning with just a single click, regardless of their starting point.
These advancements signify a shift in how staking is perceived and implemented. It is no longer merely a consensus mechanism but a programmable economic substrate. EigenLayer demonstrated that trust could be abstracted, while Symbiotic is showing that it can be recomposed. Protocols like Puffer and MoreMarkets are developing interfaces to bring these capabilities to institutions and a broader range of assets, marking a significant evolution in the restaking landscape.
Ask Aime: What is Symbiotic's Universal Staking Framework and how does it impact the Ethereum ecosystem?
