DeFi
Lido and Paradigm co-founders secretly back new rival EigenLayer amid DeFi tensions
Lido co-founders and venture capital firm Paradigm are secretly funding Symbiotic, a new competitor to EigenLayer in the booming “takeover” space. Symbiotic, backed by Lido’s Konstantin Lomashuk, Vasiliy Shapovalov and Paradigm, currently aims to leverage Lido’s staked ether (stETH) for reinvestment. Additionally, studies reveal Symbiotic’s strategy to create a permissionless protocol for decentralized networks. The move sets the stage for a significant showdown with DeFi, potentially reshaping the crypto space. However, representatives for Paradigm, Symbiotic and Cyber Fund declined to comment.