Ethena + Symbiotic
Ethena Restaking Pools Now Live on Symbiotic
Today, we're excited to announce a significant milestone: Ethena restaking pools are now live on Symbiotic. Ethena’s vision showcases how protocols can tailor Symbiotic's flexible shared security layer to their specific needs at any stage of development.
Symbiotic restaking pools for Ethena's $ENA and $sUSDe tokens are now open for deposit. These pools are fundamental in bootstrapping the economic security underpinning Ethena's cross-chain operations and decentralized infrastructure.
The Future of DeFi
As DeFi continues to mature and decentralize, its mechanisms are becoming increasingly complex. We envision a future where DeFi ecosystems consist of numerous interconnected and supporting services, both onchain and offchain, such as MakerDAO’s Endgame proposal. This rapidly evolving landscape demands flexible, efficient, and secure coordination mechanisms to efficiently align all layers of the stack.
Leveraging Symbiotic
Ethena's integration with Symbiotic demonstrates how protocols can benefit from permissionless shared security:
- Enhancing Cross-Chain Security:
- Ethena is using Symbiotic's restaking framework with LayerZero's Decentralized Verifier Network (DVN) to secure cross-chain transfers of assets like $USDe and $sUSDe.
- Restaked $ENA provides economic security for Ethena's cross-chain transfers via a LayerZero DVN.
- Flexibility and Future-Proofing:
- The DVN is just the first of several infrastructure components within Ethena's ecosystem that will utilize restaked $ENA.
- Future components can opt into the existing economic security provided by restaked $ENA and $sUSDe.
- Ethena maintains control over all aspects of their restaking implementation, including supported assets, ratios, caps, operator selection, rewards, and slashing mechanisms.
- Capital Efficiency through Permissionless Integration
- Symbiotic's design allows any protocol (even third parties completely separate from the Ethena ecosystem) to permissionlessly utilize $sUSDe and $ENA for shared security, increasing capital efficiency.
- Risk Minimization:
- Symbiotic's non-upgradeable core contracts on Ethereum remove external governance risks and single points of failure.
Join the Symbiotic Ecosystem
As decentralized networks continue to evolve, Symbiotic provides a flexible, efficient, and secure foundation for decentralization. Whether you're building a cross-chain DeFi protocol, a decentralized computing network, or any other system requiring economic security, Symbiotic offers the tools and flexibility to implement effective shared security in an entirely permissionless manner.
If you are interested in learning more or collaborating with Symbiotic, reach out to us here.