Symbiotic Launches 'Relay' to Bring Secure Staking Across Chains

1 week ago

Symbiotic, a cosmopolitan staking protocol and EigenLayer rival, has launched Relay, a bundle improvement kit (SDK) that allows protocols to involvement assets connected Ethereum and verify that involvement crossed immoderate blockchain.

Staking is simply a strategy for securing blockchains successful speech for rewards. In staking systems, alleged validators perpetrate callateral — called "stake" — for a relation successful processing transactions. "Restaking" protocols similar Symbiotic fto users reuse involvement crossed aggregate blockchains astatine once, offering investors the accidental to gain other yield.

Relay is, successful essence, a generalized mentation of Symbiotic's restaking tech — a toolkit that tin bring Symbiotic-style restaking to virtually immoderate crypto ecosystem. According to the Symbiotic team, the tech lets developers physique verifiable, unafraid coordination layers for decentralized applications (dApps) crossed aggregate chains.

Under the hood, the SDK plugs developers into the Symbiotic network. From there, developers whitethorn configure networks to usage involvement connected 1 blockchain to verify enactment connected another.

“This makes it casual to physique bridges, oracles, rollups, oregon hazard protocols that are secured by existent involvement and verifiable anyplace their users are, without having to bootstrap a validator set, spot a multisig, oregon sacrifice decentralization,” the squad wrote successful a property release. “For users, this means multichain applications which were antecedently bespoke designs, fragmented, oregon complex, tin present beryllium easy built with verifiable information from time one.”

The rollout of Relay was a cardinal portion of Symbiotic’s recent $29 cardinal Series A backing circular led by Pantera Capital. The circular included information from Coinbase Ventures and a cohort of implicit 100 angel investors.

“Until now, gathering a unafraid multichain protocol meant choosing betwixt trusted relayers oregon expensive, bespoke infrastructure,” said Algys Ievlev, co-founder of Symbiotic. “Relay solves that. It gives builders a mode to usage existent involvement to verify existent outcomes crossed chains without making tradeoffs connected cost, security, oregon developer experience. We judge this volition go the default mode protocols coordinate crossed chains.”

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