Hyve, a middleware data availability protocol, has achieved a significant milestone by securing $50 million in pre-deposits from early contributors in just two weeks. This event coincided with the launch of the Symbiotic mainnet on January 28th, which initiated the pre-deposit phase for HyveDA’s data availability solution.
Within four hours, the total value locked reached $25 million, and it eventually hit the maximum deposit cap, despite a downturn in the cryptocurrency market due to new tariffs from President Trump.
To ensure a secure onboarding process, HyveDA limited pre-deposits to $50 million. This decision allowed the protocol to grow responsibly while maintaining high security and performance levels. The deposited funds are safe from slashing or operational risks, giving early contributors a chance to engage without risking their assets.
Although HyveDA has not launched its testnet yet, the pre-deposit success is a significant achievement. It provides the necessary cryptoeconomic security for HyveDA to become a leading network within the Symbiotic ecosystem. The pre-deposits are crucial for HyveDA to achieve a data availability speed of 1 GB/s.
Douwe Faasen, the CEO of HyveDA, expressed excitement about the trust and demand from the community. The pre-deposits came from a decentralized group of investors, not just a few institutions. Contributors interacted with two types of vaults: the native Committee-X Vault and Partner Vaults, which included various collaborators. They deposited wstETH into eligible vaults to earn Hyve Points and additional rewards.
HyveDA is developing a modular data availability protocol tailored for high-throughput blockchains and decentralized applications. It operates on a decentralized Delegated Proof-of-Stake network, ensuring security through Symbiotic’s permissionless restaking protocol. With around $2 billion in multi-asset restaking TVL, HyveDA aims to provide a unique opportunity for early contributors to earn Hyve Points.
After the pre-deposit phase, restakers can create their own vaults or join existing ones linked to HyveDA. The organization emphasizes permissionless participation through Data Availability Committees, allowing anyone to contribute to data availability without needing consensus
