Restaking your osETH with Symbiotic is now live, offering you the opportunity to do even more with your staked assets!
With Symbiotic protocol, you can take your osETH — which is already earning rewards from staking — and stake it again across multiple networks to earn some bonuses in return.
This means that, instead of being limited to earning rewards from just one network, your osETH can now secure several networks at once to maximize your rewards.
Time is of the essence — over 1,000 osETH has already been restaked out of the 3,683 osETH cap. So, don’t miss your chance to maximize the potential of your osETH!
In this post, we’ll walk you through everything you need to know about restaking osETH with Symbiotic.
Let’s dive in! 👇
How to deposit osETH and restake on Symbiotic?
📺 Navigate to the Symbiotic’s osETH restaking page: https://app.symbiotic.fi/restake/oseth, and simply click ‘Connect Wallet’ in the upper-right corner of your screen.
🔢 On the right-hand side, choose the amount of osETH you’d like to deposit into the Symbiotic restaking protocol, then click ‘Deposit’.
▶️A pop-up will appear displaying a preview of your deposit (see below). If everything looks correct, first authorize Symbiotic to stake your osETH, then confirm the final restaking transaction through your wallet. PS: you continue earning your staking rewards while osETH is supplied to Symbiotic! 📈
Click on the Dashboard in the top menu bar to get an overview of your deposits, points, and collaterals.
If you’ve followed these steps, you’ve successfully restaked your osETH with Symbiotic! Congratulations! 🎉
Once you’re ready to withdraw, just click ‘Withdraw,’ confirm the transaction through your wallet, and you’re all set!
What is Symbiotic?
Symbiotic, launched in June 2024, is a decentralized shared security protocol designed to help networks bootstrap cryptoeconomic security to become and / or remain decentralized.
In a world where several restaking protocols exist, Symbiotic stands out thanks to its support for a variety of assets (LSTs, DeFi, governance tokens, real-world assets, and more) and operators (validators, node operators, delegators), all existing in a flexible, modular framework. The protocol allows networks and participants to manage their staking and restaking strategies in a customizable, permissionless environment, supporting a wide range of use cases, from simple restaking to complex decentralized security arrangements.
Symbiotic competes with EigenLayer by offering greater flexibility in collateral types and permissionless network customization, promoting decentralization. With its full, immutable protocol set to launch in Q3 2024, Symbiotic is currently running in boostrap mode where capital is not at risk of slashing, and has already achieved a Total Value Locked (TVL) of over $1 billion.
How does Symbiotic generate yield for users?
Symbiotic allows users to earn yield by restaking their assets, which helps secure multiple networks or services at once. However, while the protocol is preparing to go fully live there are no tangible assets that restakers are earning by depositing into Symbiotic.
Instead, Symbiotic is awarding Points to users who deposit assets on its platform, which are rumored to be used as basis for calculating the share of an upcoming airdrop for all participants.
How to earn points on Symbiotic for a potential airdrop?
To earn points on Symbiotic, which could potentially be valuable if an airdrop occurs, you can start by staking osETH through the Symbiotic protocol. While there’s no official confirmation of an airdrop, the crypto community speculates that accumulating Symbiotic Points will eventually be worth something — only time will tell 🤷♂.
What are the main risks of using Symbiotic restaking protocol?
When the protocol is fully live, stakers on the Symbiotic protocol will face several key risks, primarily related to slashing, operator reliability, and the inherent complexities of the protocol’s modular design.
However, while the protocol is in bootstrap mode, the deposited assets are not actually used as cryptoeconomic security for any third-party network, and hence operator reliability and slashing risks are non-existent.
To stay updated on the latest osETH utilization opportunities, follow us on X and visit our Ecosystem page for the newest updates!
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