• Thu. Nov 7th, 2024

Guide on Earning Points on Symbiotic for a Potential Airdrop

How to Earn Points on Symbiotic 

You can earn points on Symbiotic by restaking your assets. You can also go to Pendle or Ether.fi to deposit liquidity in the Symbiotic pool, and potentially farm additional points for Ether.fi and Veda. 


Key Takeaways

  • Symbiotic is a platform that enables decentralized networks to build ecosystems through a shared security system where they can adapt their own restaking implementation. 

  • The team has raised $5.8 million in a funding round led by Paradigm and cyber•Fund while also receiving support from Ethena, LayerZero, and more as initial network partners. 

  • Users are now able to earn points on Symbiotic when restaking assets on the platform.


Symbiotic is a platform that empowers network builders to control and adapt their own restaking implementation in a permissionless manner. This is made possible through its shared security protocol that serves as a coordination layer.  The protocol aims to create a robust and adaptable framework for decentralized networks to utilize. 

With Symbiotic’s modular architecture, networks are able to control all aspects of the process including collateral assets, node operator selection mechanics, rewards, slashing, and associated resolving mechanisms. 

On top of that, all networks can flexibly opt in and out of shared security arrangements from Symbiotic, allowing them to scale economic security efficiently. The platform also implements immutable core contracts to remove external governance risks and single points of failure to minimize execution layer risks. 

The Symbiotic protocol has five interconnected components which are collateral, vaults, operators, resolvers, and networks. Collateral is the security layer of Symbiotic and represents underlying on-chain assets. It can include ERC-20 tokens, withdrawal credentials of Ethereum validators, or liquidity provider (LP) positions. 

Vaults make up the restaking layer and work by delegating collateral to operators across networks either through a custom manner or delegations to operator-specific vaults. Meanwhile, operators help to run the infrastructure for networks where they can opt-in to networks and receive economic backing from restakers.

Resolvers are entities or contracts that pass or veto slashing penalties incurred by operators. They enable networks and restakers to share collateral by being a neutral third-party to arbitrate penalties. Lastly, networks are defined as protocols that require a distributed set of node operators to provide services including decentralized sequencing of transactions, automating specific protocol functions, and more. Network builders can define, control, and adapt their methodology for onboarding, incentivizing, and penalizing operators and delegators. 

Despite only being introduced to the blockchain space in June 2024, Symbiotic has already successfully raised $5.8 million in a funding round led by Paradigm and cyber•Fund. Symbiotic also has caught the interest of network partners that are exploring the platform’s restaking primitives. Initial network partners of Symbiotic’s ecosystem include Ethena, LayerZero, Hyperlane, and more. 

Right now, users can earn points for depositing assets and restaking on Symbiotic as well as partner protocols. However, do take note that no official announcement has been made by the Symbiotic team regarding the purpose of the points system and whether it will be taken into consideration for a future token airdrop. Therefore, following the steps below and earning points on Symbiotic does not guarantee any future token airdrop allocation. 

Step 1: Connect Wallet

First, head over to the Symbiotic application at https://app.symbiotic.fi and Connect your wallet. 

Choose from the list of available wallets. In this guide, we are using MetaMask.

Step 2: Restake Assets

Next, head to https://app.symbiotic.fi/restake or Restake in the top menu bar. Here you will see all the available pools you can participate in. At the time of writing, all the pools except cbETH have reached maximum capacity. However, Symbiotic has assured users that caps will be increased over time and more assets will be added as the protocol continues to scale. 

In this guide, we will be restaking cbETH. Click on the pool to be redirected to its restaking page.

Input the amount you want and select Deposit.

You will be prompted with a preview of your deposit and then asked to grant permission and finalize the deposit in your wallet pop-up window.

Step 3: Check your Dashboard

Head over to Dashboard in the top menu bar to get an overview of your deposits, points, and collaterals.

Sidenote

If the pools on Symbiotic are still full or you also happen to be farming Ether.fi and Veda points, you can go to Pendle or Ether.fi to deposit liquidity in the Symbiotic pool. However, do take note that these pools are also subject to a Symbiotic cap.

Head over to https://app.pendle.finance/trade/points and search for Symbiotic. 

You can choose to purchase YT weETHs, provide liquidity, or purchase PT weETHs. 

YT weETHs means that you will receive a 57X Symbiotic multiplier, 170X Ether.Fi multiplier, and 226X Veda multiplier. The multiplier will also increase as the pool moves closer to maturity. However, do note that upon maturity, your position will have 0 value. 

Meanwhile, LP weETHs lets you earn yield on your position while also earning points on Symbiotic, Ether.Fi, and Veda, though at a lower rate than YT. 

Lastly, PT weETHs means that you forgo earning any points, instead choosing to only earn yield at a fixed APY. 

Alternatively, you can go to https://app.ether.fi/liquid/symbiotic and Deposit your weETH to receive a 3X Ether.fi multiplier, 1X Symbiotic multiplier, and 3X Veda multiplier.

Conclusion

The Symbiotic platform aims to create an adaptable framework for network builders to control and adapt their own restaking implementation through a shared security protocol. Symbiotic is backed by Paradigm and cyber•Fund, and has announced network partners such as Ethena and LayerZero. Users can now earn Symbiotic points when restaking assets on the platform.