Within two weeks, HyveDA, a Symbiotic-supported high-throughput data availability protocol, was able to raise $50 million in pre-deposits from early contributors. Notwithstanding general market volatility, the milestone was attained Jan. 28, 2025, the day the Symbiotic mainnet went live. A $50 million cap was placed on the pre-deposits to guarantee a controlled onboarding process, even though they reached $25 million in total value locked (TVL) in the first four hours.
This step was taken to allow for gradual scaling without compromising the security and functionality of the protocol. Interestingly, there are no operational or slashing risks associated with the deposited funds, giving early participants a chance to participate without risking their assets.
Securing HyveDA's base
This is a significant advancement for HyveDA, which has not yet launched its testnet. These deposits contribute to securing the financial base required to establish HyveDA as a major participant in the Symbiotic ecosystem now that the Symbiotic mainnet is operational. With a throughput of 1GB/s, the protocol seeks to become the first and most effective data availability solution on the market.
Douwe Faasen, the founder and CEO of HyveDA, says the quick adoption shows that the industry is very interested in and confident in the protocol's methodology. The team is currently getting ready for the next stage, which entails more technological advancements, network growth and increased integration within the Symbiotic ecosystem, Faasen underlined. Instead of a concentrated group of institutional backers, a wide variety of investors made contributions to the pre-deposits.
Scalable and permissionless data
HyveDA's native Committee-X Vault and Partner Vaults from platforms like EtherFi Renzo, MEV Capital and Steakhouse were the two vault types that participants interacted with. Hyve Points, which will be carried over into later stages of the project, were earned by depositors using wstETH. DePIN AI-based apps and Layer-2 rollups are among the high-throughput blockchain applications that HyveDA is made to support.
The protocol, which is based on Symbiotic's delegated proof-of-stake framework, attempts to offer a scalable and permissionless solution for data availability. In order to provide ongoing engagement opportunities, restakers will have the choice to create or join additional vaults after the pre-deposit phase.
The Data Availability Committees (DACs) of the protocol will operate without permission, guaranteeing decentralized participation without requiring nodes to come to an agreement. This will enable more cost-effective scaling. As HyveDA approaches the launch of its testnet, the initial traction indicates that there is a significant market need for its high-throughput data availability solutions.
Dan Burgin
Vladislav Sopov