Bitcoin

Ethereum

<p>After extensive tests and checks, The <a href="https://yieldnest.finance/" rel="noopener noreferrer nofollow">YieldNest protocol</a> has launched its mainnet, allowing Ethereum holders to create double (or more!) streams of income through liquid restaking. Thanks to its ynETH, users can generate rewards, and still enjoy the liquidity of their staked ETH.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/115d9b50088e41ff8d422fea6cf97c10.jpeg" /></p><h2 id="header-0">But What Is Liquid Restaking?</h2><p>If you hold a savings account in a bank, you know you have to keep a minimum balance in it. That balance is untouchable (unless you want to be fined by the bank). That money, though technically yours, is not usable - ergo illiquid.</p><p>For staking in cryptocurrencies, this holds true too. Once tokens or coins are staked, the owners have that wealth, but cannot use it. This is where liquid restaking redefines staking. Depositors receive new tokens that have the staked ones as underlying value. Usable on different DeFi and other protocols, the liquid restaking tokens (LRTs) basically provide the usability of the original staked tokens.</p><h2 id="header-1">ynETH: YieldNest’s LRT Powered By EigenLayer</h2><p>YieldNest protocol, a cutting-edge staking platform that strives for extreme liquidity, has launched ynETH. The native LRT offers several benefits to Ethereum holders.</p><p>First, staking ETH gives users the ability to passively earn staking rewards. Simply put, they earn interest on deposits. In return, YieldNest provides ynETH, the LRT that is proof of deposit. With ynETH in their hands, the depositors are free to use these in other protocols on EigenLayer such as further staking and even trading.</p><p>This way, they can still utilize the wealth of their initially deposited ETH, which would otherwise be locked away! For YieldNest, they use the deposited ETH to secure the Ethereum network, boosting the network’s reliability and security.</p><h2 id="header-2">$5.2 Million Secured By YieldNest</h2><p>YieldNest recently launched its mainnet, thanks to a <a href="https://twitter.com/YieldNestFi/status/1779906869429232031" rel="noopener noreferrer nofollow">whopping $5.2 million</a> secured through their Initial Contribution Round. The massive backing helped YieldNest to kick off its mainnet, an event that has concluded without a hitch or any hiccup.</p><p>Speaking on the successful launch, CEO YieldNest Amadeo Brands said, <strong>“We are thrilled to announce the launch of YieldNest on Mainnet. This milestone represents our dedication and vision to revolutionize the liquid restaking landscape. With YieldNest, we are not just providing a solution; we are shaping the future of decentralized finance.”</strong></p><p>During the Contribution Round, several VCs and others took part, with Faculty Group leading the charge. Other names included Backed VC, Sam Kazemian (Frax Founder), Proof Capital, and individuals such as Steve Kokinos (From Algorand) and Allen Day (Google).</p><h2 id="header-3">YieldNest Announces Kick Off Campaigns</h2><p>Celebrating the mainnnet launch, YieldNest has launched two programs that incentivize firms and individuals to stake their ETH using the protocol.</p><p>The <a href="https://app.yieldnest.finance/" rel="noopener noreferrer nofollow">Seeds Program</a> sees users gaining a massive 5x multiplier on their yields for the first week. The exclusive campaign runs for a limited time only, ending on 28th May at midnight (UTC). The second campaign called the <a href="https://yieldnest.finance/pioneer" rel="noopener noreferrer nofollow">Pioneer Program</a> builds on top of the Seeds Program, allowing players who stake more than 5 ETH with an additional 15% boost.</p><p>This will remain in effect as long as the initial deposit remains. The Pioneer Program will also offer an exclusive NFT. To take advantage of the permanent 15% boost, stakers will need to deposit 5 ETH or more before midnight May 28 (UTC).</p><h2 id="header-4">Why YieldNest For Liquid Restaking?</h2><p>Leading the restaking charge with a battle-tested team, YieldNest provides more than just liquidity for staked ETH.</p><p>Using risk management through its dedicated <a href="https://docs.yieldnest.finance/security/yieldnest-risk-team" rel="noopener noreferrer nofollow">YieldNest Risk Team</a>, the protocol selects operators and AVSs that provide the best risk-to-reward ratio, enabling better yields. <a href="https://docs.yieldnest.finance/security/audits" rel="noopener noreferrer nofollow">Audited by ChainSecurity and Zokyo</a>, YieldNest leaves no stone unturned to provide the best liquid restaking ever.</p>

Looking for The Most Prominent Liquid Restaking Option? ynETH is live on YieldNest Mainnet

Table of Contents

BTC Peers

Other articles published on May 21, 2024

SEC's Regulatory Actions Impact Crypto Market: Key Developments and Consequences

Bitcoin Retraces, Ethereum, Dogecoin Continue Their Rallies: BTC 'Needs Some Time To Rest Before ...

Next Cryptocurrency To Explode Tuesday, May 21 — Arbitrum, Aragon, Injective, Skale

PEPE Vs GME: Which Meme Coin is Close to $1?

Top 3 Best Altcoins for Long-Term Investment PAW, ETH, ADA

Spot Ethereum ETF: When Is Launch Timeline If SEC Gives Approval?

Join our free newsletter for daily crypto updates!