Symbiotic, a common staking protocol and EigenLayer competitor, has launched Exterior Rewards, a function designed to let networks provide their very own token-based incentives to stakers and node operators.
The brand new function, launched on Wednesday, marks a step in Symbiotic’s push to make shared safety a default function throughout modular blockchain ecosystems.
Exterior Rewards provides protocols a strategy to distribute native tokens or factors immediately via the Symbiotic platform, layering these incentives alongside Symbiotic Factors — the protocol’s financial coordination mechanism. The objective is to assist networks bootstrap safety, entice capital and evolve incentive fashions with out rebuilding core infrastructure. All rewards seem in a single interface, giving stakers and contributors a complete view of their financial participation throughout networks.
“This launch is a pivotal second for Symbiotic and the broader shared safety ecosystem,” mentioned Misha Putiatin, the co-founder of Symbiotic, in a press launch shared with CoinDesk. “Shared safety is one thing we’ve been steadily constructing towards, and exterior rewards are proof of that work compounding. Every new primitive or function we ship strengthens the inspiration for others to construct on.”
A number of protocols are already utilizing Exterior Rewards. Hyperlane, the interoperability protocol, is rewarding stakers securing its cross-chain Warp Routes with $HYPER tokens.
Symbiotic’s common staking framework at present helps every little thing from liquid restaked property like ETH to hybrid and native staking fashions. By unifying rewards and safety incentives underneath one platform, Symbiotic needs to change into a cryptoeconomic coordination layer for a modular ecosystem.
“The launch of exterior rewards builds on Symbiotic’s mission to make Common Staking the cryptoeconomic coordination layer for modular, multichain infrastructure,” the workforce wrote in a press launch.
Learn extra: Symbiotic Launches ‘Relay’ to Convey Safe Staking Throughout Chains
