Symbiotic, a universal staking protocol and Eigenlayer’s rival, launched a relay, a software development kit (SDK) that allows protocols to stand assets at Ethereum and prove stake in any blockchain.
Staking is a system for securing blockchains in exchange for rewards. In staking systems, so-called validators make a calllateral-called “stake”-for a role in processing transactions. “Restoration” protocols such as the symbiotic let users re -use stakes to many blockchains at the same time, offering investors the opportunity to earn excessive yield.
The relay is, in essence, a general version of the tech restoration of the symbolic tech-a toolkit that can bring symbol-style restoration to almost any crypto ecosystem. According to the symbiotic team, tech allows developers to develop proven, safe layers of coordination for decentralized applications (DAPP) in many chains.
Under the hood, the SDK plugs developers in the symbiotic network. From there, developers can configure networks to use the stake in one blockchain to verify the activity in another.
“It is easy to build bridges, oracles, rollups, or risk protocols that are secured by real stakes and proven everywhere their users, without having to bootstrap a set of validator, trust a multisig, or sacrifice decentralization,” the team wrote on a press release. “For users, it means multichein applications that have previously been bespoke designs, fragments, or complexity, can easily be developed with proven security from one day.”
Relay -to -Rellout is a central part of the symbiotic’s Recent $ 29 million series A The funding of the funds led by the Pantera Capital. Rotation includes participation from Coinbase Ventures and a cohort of over 100 angel investors.
“To date, developing a safe multichein protocol means choosing between trusted relayers or expensive, bespoke infrastructure,” said Algys Ievlev, symbiotic co-founder. “Resolves the relay. It provides builders a way to use the real stake to prove real outcomes throughout the chain without making tradeoffs on cost, security, or developer experience. We believe this will be the default method of protocols that coordinates throughout the chain.”
Read more: Pantera led the $ 29M fund for Eigenlayer rival symbol to expand staking playing
