Guide on Earning Points on Symbiotic for a Potential Airdrop
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.
Symbiotic is a platform that empowers network builders to manage and customize their restaking implementation in a permissionless way. This is facilitated by its shared security protocol, which acts as a coordination layer. The protocol aims to provide a robust and adaptable framework for decentralized networks.
With Symbiotic’s modular architecture, networks can control every aspect of the process, including collateral assets, node operator selection mechanics, rewards, slashing, and associated resolution mechanisms. The Symbiotic protocol comprises five interconnected components: collateral, vaults, operators, resolvers, and networks.
History and Development
Since its introduction to the blockchain space in June 2024, Symbiotic has raised $5.8 million in a funding round led by Paradigm and cyber•Fund. The platform has attracted interest from network partners exploring its restaking primitives, including Ethena, LayerZero, and Hyperlane.
All networks can flexibly opt in and out of shared security arrangements with Symbiotic, allowing them to scale economic security efficiently. The platform implements immutable core contracts to eliminate external governance risks and single points of failure, minimizing execution layer risks.
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 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.
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