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About Symbiotic
Symbiotic is a restaking protocol on Ethereum built by the team behind audit firm Statemind, allowing any ERC-20 token as collateral with immutable, permissionless core contracts so anyone can deploy a vault, register a network or become an operator, renting Ethereum-grade economic security to middleware and AVSs. Its slashing logic penalizes negligent operators without trust, and security scales with collateral size. Collateral providers take on the operational duties of the corresponding network, and failures get their collateral slashed, renting Ethereum's security to middleware and data services that need economic guarantees.
In July 2026, Symbiotic shipped Core V2, reframing itself from restaking into a general collateral market that also underwrites insurance, credit and tokenized-asset settlement with the same machinery. The trade-off is that permitting arbitrary token collateral amplifies collateral-quality and correlation risk, slashing parameters are set per network so guarantees are not uniform, and integrators must assess underlying collateral health themselves.
Symbiotic was built by the team behind audit firm Statemind, with co-founders Misha Putiatin and Algys Ievlev, formerly CEO and CTO of MixBytes, bringing security-engineering discipline directly into protocol design.
In June 2024, Symbiotic raised a $5.8 million seed from Paradigm and cyber.Fund and opened collateral deposits, reaching roughly $1.4 billion in TVL within weeks.
Unlike restaking designs limited to ETH derivatives, Symbiotic lets any ERC-20 serve as collateral, with immutable core contracts and no permissioning — anyone can deploy a vault, register a network or become an operator.
On January 28, 2025, Symbiotic launched its full permissionless mainnet with slashing, onboarding a dozen-plus networks including Bolt, Router and Ethena components; in April it raised a $29 million Series A led by Pantera Capital with Coinbase Ventures participating.
By September 2025, Symbiotic was the third-largest restaking platform at about $1.28 billion TVL; in November Nexus Mutual began underwriting DeFi insurance on its collateral, alongside Chainlink and Lombard cross-chain bitcoin staking.
On July 1, 2026, Symbiotic shipped Core V2, reframing itself from restaking into a general collateral market that also underwrites insurance, credit and tokenized-asset settlement, with over 80 vaults, about 74,000 stakers and 111 operators.
On July 1, 2026, Symbiotic launched Core V2, pivoting from restaking to shared collateral markets with a Capital Facilities framework that keeps vault capital enforceable while routing it into whitelisted lending venues such as Aave and Morpho, claiming roughly 70% better capital efficiency. Fasanara Capital became the first named vault curator, channelling assets through its mGLOBAL tokenized credit fund; Chainlink, Nexus Mutual and Cap Labs were live at launch, with more than 80 vaults, 74,000 active stakers and 111 operators.
On June 2, Liquid Lane went live on the network, offering instant stablecoin redemptions for tokenized funds and private credit whose underlying redemptions can take up to 180 days. Symbiotic says its infrastructure secures over $550 million. As of mid-2026 there is still no native token, only a points programme, with allocation and conversion ratios undisclosed; it has raised $34.8 million across a seed round co-led by Paradigm and Cyber Fund and a $29 million Series A led by Pantera.
Symbiotic's shift is from shared security to collateral markets, where the rival is no longer restaking but the single-purpose capital parked in $7 trillion of US money market funds. Core V2 makes a quantified promise of about 70% better capital efficiency: one deposit backs several obligations, routes to Aave and Morpho for base yield when idle, and is recalled automatically when an obligation triggers. Demand is verifiable: Cap took over $200 million in roughly nine months, backing a $100 million revolving facility for Susquehanna Crypto, while Nexus Mutual targets $100 million of underwriting capacity. Whether this holds depends on curators rather than code: if institutions will not write underwriting rules into onchain contracts, it is another yield aggregator.
Misha Putiatin, Co-Founder and CEO. He began his career in audit and investment banking at KPMG and VTB Capital, then served as CEO of the smart contract audit firm MixBytes. He founded Symbiotic in 2024 and leads overall strategy and external communication as the team's main representative. Algys Ievlev, Co-Founder and CTO. A former technology lead at Mail.Ru and CTO of MixBytes, he also co-founded the audit firm Statemind; he leads the design of the core architecture and the verifiable slashing mechanism and is the principal author of the protocol's core contracts. Jillian Friedman, Chief Operating Officer. A McGill University law graduate who has practiced crypto law since 2014, she was an executive at Ether Capital responsible for staking and capital matters; she joined in 2024 and oversees operations, legal and compliance. The three founders met through years in audit and infrastructure; the core engineering team is led by Algys, operations and legal are run by Friedman.