Lido Co-Founders, Paradigm Secretly Back EigenLayer Competitor as DeFi Battle Lines Form

The co-founders of Lido, the biggest liquid staking protocol on Ethereum, are secretly funding a competitor to EigenLayer, the buzzy "restaking" service that has emerged rapidly this year to become a powerful force in decentralized finance. According to several people with knowledge of the matter, the project is called Symbiotic and has drawn backing from not only the Lido co-founders, Konstantin Lomashuk and Vasiliy Shapovalov, through their venture firm Cyber Fund, but also Paradigm, the crypto venture capital firm that is one of Lido's lead investors. Lido was the breakout sensation in DeFi just a couple of years ago when it developed a protocol that allowed users to stake cryptocurrency on Ethereum.

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