Opening up a new front: Lido co-founder and Paradigm’s covert support for Symbiotic, EigenLayer’s competitor

The emergence of Symbiotic signifies the beginning of a new round of competition. According to internal documents and insiders, Symbiotic will provide a method for decentralized applications, also known as “Active Validation Services” (AVS), to mutually guarantee each other’s security. Users will be able to collateralize their deposits in other cryptographic protocols to help secure these AVSs in exchange for rewards. One major 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.