Symbiotic, a restaking protocol on Ethereum, has announced the launch of its devnet, marking a significant milestone as it progresses towards its mainnet launch. This development follows a few months after the decentralized finance platform on Ethereum launched in stealth mode. The mainnet deployment is anticipated in the third quarter of 2024.

“With this devnet release, Symbiotic is one step closer to its full immutable mainnet deployment in Q3 2024, pending five independent full-scope audits from industry-leading security firms (Statemind, ChainSecurity, Zellic, OtterSec, and Certora),” the Symbiotic team stated in an announcement on August 12.

Backed by Paradigm and cyber-fund, Symbiotic emerged from stealth in June. The protocol acts as a coordination layer for developers to build and adapt their own restaking implementations.

In the latest announcement, Symbiotic revealed that the rollout on Ethereum’s Holesky testnet will enable developers and businesses to create protocols that leverage restaking integrations and shared security.

Symbiotic offers a trust-minimized network that projects can utilize from day one. Key features include a vault and a collateral system that major projects such as LayerZero, Ethena, and Bolt already leverage.

Symbiotic aims to penetrate the DeFi market, where protocols such as EigenLayer are emerging as significant players. In June, the platform raised $5.8 million in its Seed funding round, supported by crypto venture capital firms Paradigm and cyber.Fund.

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