Restaking · $0.27B TVL. Screen grades as of November 12, 2026: Solvency B, Legitimacy BBB, Growth CCC. Restaking challenger; pre-revenue, emissions-funded.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $0.27B |
| 12-month TVL change | -30% | -69% |
| Worst 90-day drawdown | 45% | 44% |
| Drawdown scored | 45% (90-day only, v1.0) | 69% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | B · 37 | B · 39.8 |
| Growth | B · 34.8 | CCC · 29.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates. Since then, some of those inputs have been checked against public data (November 13, 2026); see Input Sources. Where that changed a scored value, the grades in the right-hand column include it.
Solvency screens at B (39.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 44% and 12-month TVL change is -69%. TVL stability is scored on the 12-month decline of 69%, because it is worse than the latest 90 days. Sustainability ratio (0.3x) and risk quality (6 / 10) are carried over from July 27, 2026. Unlock pressure (0%) was taken from public data on November 13, 2026 (see Input Sources).
Legitimacy screens at BBB (61.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026. All four inputs are analyst judgment; the evidence behind each is linked under Input Sources.
Growth screens at CCC (29.5 / 100), previously B in the July 27, 2026 screen. TVL is $0.27B, -69% over twelve months (it was -30% at the previous screen). Category share (12%) and momentum (4 / 10) are carried over from July 27, 2026.
Of the 11 scored inputs, 3 are taken from public data, 6 are analyst estimates with the evidence linked, and 2 are under review because the public data disagrees with the estimate or the definition is not settled. An input under review keeps its previous scored value until the review is published.
| Input | Scored Value | Status | Source Or Evidence |
|---|---|---|---|
| Sustainability ratio Solvency | 0.3x | Under review | DefiLlama: protocol revenue $0 over 12m, because Symbiotic keeps no share of rewards; total fees $1.27M. Symbiotic has no token, so there are no emissions and the ratio is undefined. How the methodology scores a protocol with no revenue and no token has not been settled, so the July estimate is still the scored value. |
| TVL stability Solvency | 44% / -69% | Sourced | Worst 90-day drawdown and 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Unlock pressure (next 12 months) Solvency | 0% | Sourced | Symbiotic has no listed token, so there is nothing to unlock: 0%. The July estimate of 18% had no public basis. This input will be re-scored if a token launches. |
| Risk quality Solvency | 6 / 10 | Estimate | Analyst judgment. DefiLlama's hacks database lists no incident for Symbiotic. |
| Audit coverage Legitimacy | 7 / 10 | Estimate | Analyst judgment. Audit reports are public, including Statemind and Bailsec reviews of Core V2. |
| Team & transparency Legitimacy | 8 / 10 | Estimate | Analyst judgment. |
| Delivery vs stated roadmap Legitimacy | 6 / 10 | Estimate | Analyst judgment. |
| Governance & decentralization Legitimacy | 4 / 10 | Estimate | Analyst judgment. DefiLlama lists no governance space for this protocol; no forum or voting record has been linked yet. |
| TVL 12-month trend Growth | -69% | Sourced | 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Category market share Growth | 12% | Under review | DefiLlama now lists Symbiotic alone in a Collateral Markets category, at $257M. Against the $8.02B Restaking category that would be about 3%, below the 12% estimate. The peer set has not been settled, so the July estimate is still the scored value. |
| Momentum & users Growth | 4 / 10 | Estimate | Analyst judgment. Evidence: fees in the last 30 days were $0.09M, an annual run rate about 14% below the 12m total of $1.27M. |
"12m" is the twelve months to November 13, 2026. Token amounts are valued at DefiLlama prices on that date. Found an error? Tell us; corrections are published with a date.
The credit grade is Solvency B. Legitimacy is BBB and the Growth outlook is CCC; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Symbiotic survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Symbiotic (this page) | B | BBB | CCC |
| EigenLayer | B | A | BB |
Symbiotic is the permissionless challenger to EigenLayer's restaking monopoly — a deliberately minimal, asset-agnostic shared-security marketplace backed by prominent venture capital. The screen catches it pre-revenue: an architecture bet still funded by emissions and expectation.
Solvency screens at B, the weakest in the universe alongside Babylon's cohort. A 0.3x sustainability ratio means the protocol spends multiples of what it earns, ~18% of supply unlocks within the year, and TVL is down 30% from its points-era peak. The contracts are lean; the economics are not yet an economy.
Legitimacy screens at BBB: a strong technical team and reasonable audit posture, with delivery (6/10) trailing the original roadmap and governance (4/10) still effectively teamside. The flexibility-first design is intellectually credible but young.
Growth screens at B. Twelve percent category share is meaningful as a challenger, but the tide that lifted restaking has ebbed, and momentum without a fee market is just emissions in motion.
Composite B. A well-built option on the same unproven thesis as its rival, minus the first-mover cushion. The screen's watch item is identical to EigenLayer's — real security-budget revenue — with less runway for it to arrive.
