Symbiotic raises $29M for staking-based universal coordination layer
Symbiotic closed a $29 million Series A funding round led by Pantera Capital and Coinbase Ventures, involving over 100 angel investors and major players like Aave, Polygon, and StarkWare. The funding supports the launch of Symbiotic’s Universal Staking Framework, designed to enhance blockchain security through staking. This framework allows various cryptocurrencies to secure networks, including both layer-1 and layer-2 blockchains. It enables protocols to evolve their security models without rebuilding infrastructure. Fourteen networks have adopted this new layer, with twenty more anticipated. Charles Hoskinson, founder of Cardano, highlighted the need for collaborative economics in crypto to combat competition from traditional tech firms, criticizing the current adversarial market structure and advocating for cooperative tokenomics to foster industry growth.
