Liquid restaking platform Mellow launches with Symbiotic

Liquid restaking project Mellow launched today for restaking protocol Symbiotic.

Mellow will be a part of Lido Alliance, as previously discussed on Lido's governance forum. 

Mellow describes itself as a “modular infrastructure for creating LRTs” offering a variety of permissionless vault smart contracts that grants depositors a degree of choice when restaking. 

“Mellow enables depositors more flexibility regarding their desired level of exposure to risk, while still benefiting from the liquidity of staked assets. This is achieved by dynamically adjusting strategies within each vault based on real-time risk assessments and market conditions,” the team claims, according to their documentation .

Risk management is an important topic for those seeking to restake, as further exposure to AVS carries additional slashing risks with it. Mellow seeks to address this by decentralizing LRT creation and having “curators” create differing risk profiles, and allowing depositors to choose which risk profile suits them better. 

Mellow will be the “first and flagship LRT for Symbiotic,” which also launched today and seeks to compete with Eigenlayer in the liquid restaking arena, which has grown rapidly over the last year. EigenLayer currently boasts around $20 billion in total value locked.

The platform will operate within Symbiotic's actively validated services ecosystem.

Mellow was formed in 2020 and was backed by Cypher.fund and Lido core members. Their initial fundraiser was held in 2021 and was led by Arrington Capital, ParaFi and Robot VC (with participation of Lemniscap, Primitive and other VCs and OG angels).