The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement stated.“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph.“This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”Related: Ethereum L2 development is ‘double-edged sword’ for ETH valueThe “next step” in blockchain infrastructureThe new staking layer is the “next step in blockchain infrastructure” due to unlocking “economic coordination between assets and networks that were previously impossible,” according to Paul Veradittakit, managing partner at Pantera Capital.“As the number and variety of onchain assets continue to increase, Symbiotic allows them to easily serve as economic security while enabling entirely new use cases across DeFi,” he added.
The staking layer enables “any protocol, including L1s, bridges, oracles, and even emerging verticals like artificial intelligence or zero-knowledge systems, to configure their own validator sets, incentive mechanisms and slashing conditions without having to rebuild core infrastructure,” Putiatin said.
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.
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Author / Journalist: Cointelegraph by Zoltan Vardai
The story "Symbiotic raises $29M for staking-based universal coordination layer" has 500 words across 14 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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