Symbiotic, a revamped protocol on Ethereum, has announced that its devnet is now live as it gets closer to mainnet launch.
The platform’s devnet comes just months after the decentralized finance platform on Ethereum (ETH) was secretly launched and is a significant step towards the mainnet implementation expected in the third quarter of 2024.
“With this devnet release, Symbiotic is one step closer to full immutable mainnet deployment in Q3 2024, pending five independent full audits from leading security companies (Statemind, ChainSecurity, Zellic, OtterSec and Certora)” the Symbiotic- team said in an announcement on August 12.
Paradigm- and cyber-funded Symbiotic emerged from stealth in June, introducing a protocol that acts as a coordination layer for developers to build and customize their own recovery implementations.
You might also like: Crypto VC firm Paradigm taps Facebook, Instagram vet David Swain
In its latest announcement, Symbiotic revealed that the rollout on Ethereum’s Holesky testnet will allow developers and companies to create protocols that leverage renewed integrations and shared security.
As a key protocol, Symbiotic provides a trust-minimized network that projects can use to launch on day one. Features include a vault and a collateral system that major projects such as LayerZero, Ethena and Bolt already use.
You might also like: Ethena pricing forms are reverse H&S amid USDe integrations
Symbiotic eyes are penetrating the DeFi market, where protocols like EigenLayer are emerging as major players. The platform raised $5.8 million in its Seed funding round in June, with backing from crypto venture capital firms Paradigm and cyber.Fund.
