Take part in the new restaking opportunity called Symbiotic by depositing assets and get a chance for a potential Symbiotic airdrop!
Symbiotic
Infrastructure
Symbiotic
Progress mission: 0 of 1
Rewards
Rewards
TBA
Past rewards
$500 $24,500
Details
Minimal cost
~$20
Time required
30 min.
Category
Mainnet
Rating
7/10
Risk
Medium
Participating in the Symbiotic opportunity might be worth considering. They have backing from Paradigm, a major player in crypto. There's speculation that Lido, one of the main players from the LST (Liquid Staking Token) sector, also backs them. Symbiotic allows you to deposit various tokens, these are mainly LSTs. However, you can also deposit tokens from Ethena Labs. This lets you combine both opportunities.
To participate, you'll need to deposit about $500. The deposit period is unknown, but it will likely be at least 3 months. Don't worry though, you can withdraw your funds at all times.
Pros & Cons
Why is it worth it?
Earning Points
You can earn points by restaking your assets. This gives you an incentive to participate in the platform.
Liquidity Provision
By depositing liquidity in the Symbiotic pool through Pendle or Ether.fi, you can potentially farm additional points. Keep in mind, this also increases the risk.
Strong Backing
The platform has raised $5.8 million in a funding round led by Paradigm, with support from other notable partners like Lido. This indicates strong investor confidence and support.
Network Partners
Symbiotic has several initial network partners, including Ethena, LayerZero, and Hyperlane, which can give you a robust ecosystem.
Potential Future Benefits
There's a chance that the points you get might count towards future token airdrops. So you could end up scoring extra rewards down the line, but it's not set in stone yet.
Risks to consider
No Guaranteed Airdrop
Despite the potential, there is no guarantee that earning points will result in a future token airdrop. So it’s not ideal if you’re looking for definite rewards.
Risk of Asset Staking
Staking and providing liquidity inherently involve risks. This includes potential loss of assets due to market volatility or platform issues.
Dependence on Partner Protocols
You may need to interact with partner protocols (like Pendle and Ether.fi ) to maximize their points, adding complexity and reliance on multiple platforms.
How to participate?
Every opportunity has its own rules. Following these closely can significantly increase your chances of qualifying for rewards. Here’s a list of recommendations from our team to help maximize your chances of benefiting from this opportunity.
- Deposit Tokens: You'll need about $500 to deposit tokens on Symbiotic. This amount should let you achieve a average result for depositors.
- Restake Assets: Choose one of the the available pools on Symbiotic to join. Symbiotic plans to increase caps and add more assets as they grow. Check back often for updates on available pools.
- Check Other Options: If pools are full, you can try Pendle or Ether.fi. These pools also have limits. You can choose different ways to deposit. Consider all your options and select the one that best suits your goals. Each platform has its own set of benefits and limitations.
- Deposit on Ether.fi: Go to Ether.fi Liquid Symbiotic. Deposit weETH for a 3X Ether.fi multiplier. You also get a 1X Symbiotic multiplier and 3X Veda multiplier. This platform offers additional opportunities to grow your investment.