Symbiotic Secures $29 Million for Universal Staking Framework
2min read Symbiotic, a cryptocurrency staking protocol, has successfully closed a $29 million Series A funding round. This round was led by several Web3-focused investment firms, including Pantera Capital and Coinbase Ventures. The funding is aimed at supporting the launch of a new economic coordination layer designed to enhance blockchain security through staking.
The funding round attracted over 100 angel investors and saw participation from prominent industry players such as Aave, Polygon, and StarkWare. The closure of this funding round also marks the launch of Symbiotic’s Universal Staking Framework. This framework is intended to serve as an economic coordination layer that strengthens blockchain security via staking.
The new staking layer introduced by Symbiotic allows for the use of any combination of cryptocurrencies to secure networks. This includes both monolithic and modular layer-1 and layer-2 blockchains. Misha Putiatin, co-founder of Symbiotic, highlighted the modular nature of the framework, stating that it enables protocols to evolve their security models over time while efficiently coordinating risk. This flexibility allows protocols at various stages of their lifecycle to seamlessly adapt their security models without the need to rebuild infrastructure.
Paul Veradittakit, managing partner at Pantera Capital, described the new staking layer as the “next step in blockchain infrastructure.” He noted that it unlocks economic coordination between assets and networks that were previously impossible. This advancement allows for entirely new use cases across decentralized finance (DeFi) as the number and variety of onchain assets continue to increase.
Blockchain networks seeking to enhance their security can adopt Symbiotic’s network of decentralized validators. This network brings “programmable security” without the need to modify existing infrastructure. According to Symbiotic, 14 networks, including Hyperlane, Spark, and Avail, have already adopted the new coordination layer, with an additional 20 networks expected to follow.
The staking layer enables any protocol, including layer-1 blockchains, bridges, oracles, and emerging verticals like artificial intelligence or zero-knowledge systems, to configure their own validator sets, incentive mechanisms, and slashing conditions. This is achieved without the need to rebuild core infrastructure, providing a flexible and efficient solution for enhancing security across various blockchain applications.
Cardano founder Charles Hoskinson, speaking at a recent event, emphasized the need for collaborative economics in the crypto industry. He noted that the current “circular economy” of the crypto space, where the rally of one cryptocurrency often comes at the expense of another, is limiting industry growth. Hoskinson argued that the tokenomics and market structure of the crypto industry are intrinsically adversarial, creating a zero-sum game that hinders the development of a global ecosystem. He suggested that finding tokenomics and market structures that allow for cooperative equilibrium is crucial for the industry to compete with traditional tech firms entering the blockchain space.
