- Summary:
- HyveDA clocked $25 million in TVL pre-deposits within just four hours and has since hit the deposits cap despite the crypto market crash.
Hyve, a high-throughput middleware data availability protocol secured by Symbiotic, is thrilled to announce that it has secured $50 million in pre-deposits from early contributors (restakers) in just two weeks. Pre-deposits for HyveDA’s high-performance Data Availability solution kicked off with the Symbiotic mainnet launch on Tuesday, January 28th, with a cumulative deposits cap of $50M across all participating vaults. It clocked $25 million in TVL (total value locked) pre-deposits within just four hours and has since hit the deposits cap despite the crypto market crash triggered by President Donald Trump’s new tariff policy.
Despite massive investor demand, HyveDA had to cap the pre-deposits at $50 million to ensure a controlled and secure onboarding process, allowing the protocol to scale responsibly while maintaining robust security and performance. The deposited funds will not be subject to slashing or operations risk, meaning that early contributors will have an opportunity to engage with the protocol’s foundational phase without putting their assets at risk.
The record pre-deposits mark a significant milestone for HyveDA, which is yet to launch its testnet. With Symbiotic live on the mainnet, HyveDA’s successful pre-deposit phase ensures the necessary cryptoeconomic security to make the data availability protocol a leading network within the Symbiotic ecosystem. The pre-deposits are crucial to helping HyveDA become the first ever 1GB/s data availability solution.
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.”
The pre-deposits came from a fairly decentralized pool of investors rather than just a handful of institutions. There were two types of vaults that the restakers interacted with: HyveDA’s native Committee-X Vault, and HyveDA’s Partner Vaults including from EtherFi, Renzo, MEV Capital, Re7, Steakhouse, Gautlet and P2P. They deposited wstETH into qualifying vaults, becoming eligible to start earning Hyve Points combined with additional reward structures..
HyveDA is building a modular data availability protocol designed for high-throughput protocols, catering to the data-intense blockchains and decentralized applications. It guarantees security through a fully decentralized Delegated Proof-of-Stake network powered by Symbiotic’s fully permissionless and modular restaking protocol. Symbiotic boasts approximately $2 billion of multi-asset restaking TVL, spread across 18 different liquid restaking tokens (LRTs).
Pre-Deposits represent an exclusive opportunity for early contributors to engage deeply with the platform and start generating Hyve Points. Hyve Points will be calculated retroactively to ensure fair distribution, and all the points earned during the pre-deposit phase will carry over to the following phases. These points will play a key role in HyveDA’s ecosystem, with details on their utility to be revealed at a later stage.
After the pre-deposit phase is over, restakers in the HyveDA Committee-X Vault will have the option to create their own vault(s), or join other vaults created by Hyve, Mellow, or other external parties, provided they are connected to the HyveDA protocol.
HyveDA’s core principle is permissionless participation through the Data Availability Committees (DACs). Unlike traditional DACs which often rely on permissioned networks and centralized batch proposers, HyveDA employs a permissionless DAC to ensure that anyone can help maintain data availability. In permissionless DACs, the nodes do not need to reach consensus to participate, making scaling much easier and allowing for much higher throughputs of data at dramatically lower costs.
About Hyve
Hyve is a cutting-edge data availability solution, focused on high-throughput, low-latency and cost effective DA. HyveDA is proof in practice that Hyve is committed to, and capable of, solving scalability issues related to DA, paving the way for the next generation of blockchain ecosystems and applications. HyveDA is specifically designed to meet the needs of applications where data demands are exceptionally high, such as DePIN, AI apps and rollups, parallel execution environments, and L2s.