• In just four hours, it was able to reach a total value locked (TVL) pre-deposit amount of $25M, and it has since reached the maximum amount of deposits.
  • In spite of the enormous demand from investors, HyveDA was forced to limit the amount of pre-deposits to $50 million dollars.
  • Despite the fact that HyveDA has not yet launched its testnet, the record pre-deposits represent a major milestone.

Hyve , a high-throughput middleware data availability protocol that is safeguarded by Symbiotic is ecstatic to announce that it has secured pre-deposits totaling $50 million dollars from early contributors (restakers) in only two weeks. The introduction of the Symbiotic mainnet on Tuesday, January 28th, marked the beginning of pre-deposits for HyveDA’s high-performance Data Availability solution. The cumulative deposits cap for all participating vaults was set at $50 million. In just four hours, it was able to reach a total value locked (TVL) pre-deposit amount of $25 million, and it has since reached the maximum amount of deposits, despite the fact that the cryptocurrency market experienced a crash as a result of President Donald Trump’s new tariff policy.

In spite of the enormous demand from investors, HyveDA was forced to limit the amount of pre-deposits to $50 million dollars in order to guarantee a controlled and secure onboarding procedure. This enabled the protocol to expand responsibly while still preserving significant levels of security and performance. The funds that have been deposited will not be subject to slashing or operations risk. This means that early donors will have the chance to participate in the foundational phase of the protocol without putting their assets at danger.

Despite the fact that HyveDA has not yet launched its testnet, the record pre-deposits represent a major milestone. HyveDA’s successful pre-deposit phase guarantees the essential cryptoeconomic security to make the data availability protocol a leading network inside the Symbiotic ecosystem. This is made possible by the fact that Symbiotic is now live on the mainnet. In order for HyveDA to become the first ever data availability solution with a speed of 1 GB/s, the pre-deposits are absolutely necessary.

Douwe Faasen, the Founder and CEO of HyveDA, commented:

“This milestone is a testament to how hard the HyveDA team has been working to build valuable connections and working with the best in the industry. The trust and demand that people have put into our high throughput DA is exciting. We’re ready for the next phase with technical releases, network growth, and further solidifying HyveDA as a cornerstone in the Symbiotic ecosystem.”

Rather than coming from a small number of institutions, the pre-deposits were contributed by a community of investors that was rather decentralized. There were two different kinds of vaults that the restakers interacted with: the native Committee-X Vault of HyveDA, and the Partner Vaults of HyveDA, which included vaults from EtherFi, Renzo, MEV Capital, Re7, Steakhouse, Gautlet, and P2P. They made a deposit of wstETH into vaults that met the requirements, which made them eligible to begin collecting Hyve Points in addition to extra reward structures.

In order to meet the needs of data-intensive blockchains and decentralized applications, HyveDA is in the process of developing a modular data availability protocol that is especially designed for high-throughput protocols. Through a fully decentralized Delegated Proof-of-Stake network that is powered by Symbiotic’s fully permissionless and modular restaking protocol, it ensures that security is maintained. There are approximately $2 billion dollars worth of multi-asset restaking TVL that Symbiotic has, and it is distributed across eighteen different liquid restaking tokens (LRTs).

Pre-Deposits are a unique opportunity for early contributors to begin generating Hyve Points and engaging in a more in-depth interaction with the platform. For the purpose of ensuring that Hyve Points are distributed fairly, they will be calculated retroactively, and all of the points that were earned during the pre-deposit phase will be carried over to the subsequent phases. Further information on the usefulness of these points will be disclosed at a later date. These points will play an important part in the ecosystem that HyveDA has created.

Restakers in the HyveDA Committee-X Vault will have the option to build their own vault(s) after the pre-deposit phase is complete. Alternatively, they will be able to join other vaults that have been built by Hyve, Mellow, or other external parties, providing that these vaults are linked to the HyveDA protocol.

Permissionless participation through the Data Availability Committees (DACs) in HyveDA is the fundamental principle that underpins the organization. Traditional DACs typically rely on permissioned networks and centralized batch proposers. HyveDA, on the other hand, utilizes a permissionless DAC to ensure that anyone can contribute to the maintenance of data availability. Permissionless DACs eliminate the need for nodes to reach a consensus in order to participate. This makes scaling significantly simpler and enables significantly higher data throughputs at significantly lower costs.

Hyve is a cutting-edge data availability solution that focuses on high-throughput, low-latency, and cost-effective DA. By demonstrating that Hyve is committed to and capable of resolving scalability issues related to DA, HyveDA is paving the way for the next generation of blockchain ecosystems and applications using blockchain technology. In order to cater to the requirements of applications that have exceptionally high data demands, such as DePIN, AI applications and rollups, parallel execution environments, and L2s, HyveDA was developed specifically to meet those requirements.