Lido Co-Founders and Paradigm Secretly Support New EigenLayer Rival Amid DeFi Tensions

The post Lido Co-Founders and Paradigm Secretly Support New EigenLayer Rival Amid DeFi Tensions appeared first on Coinpedia Fintech News

Lido co-founders and the venture firm Paradigm are secretly funding Symbiotic, a new competitor to EigenLayer in the burgeoning “restaking” arena. Symbiotic, supported by Konstantin Lomashuk of Lido, Vasiliy Shapovalov, and Paradigm, currently aims to leverage Lido’s staked ether (stETH) for restaking. Additionally, studies reveal Symbiotic’s strategy to create a permissionless protocol for decentralized networks. This move sets the stage for a significant DeFi showdown, potentially reshaping the crypto space. However, representatives from Paradigm, Symbiotic, and Cyber Fund declined to comment.