Curated News
By: NewsRamp Editorial Staff
August 21, 2024
YieldNest Launches ynLSDe Token for Liquid Staking Derivatives
TLDR
- Restaking with YieldNest's ynLSDe token allows holders to earn additional yield from AVS, providing a competitive advantage in DeFi.
- YieldNest's ynLSDe token enables restaking of staked assets from other platforms, earning additional rewards while maintaining liquidity.
- YieldNest's ynLSDe token makes the world a better place by broadening the audience for decentralized financial systems and fostering the development of a decentralized financial system.
- Restaking on the rise! Liquid Staking Tokens (LST) accepted by YieldNest exceeds $25 billion, showcasing the existing demand for Liquid Staking Derivatives.
Impact - Why it Matters
This news matters because ynLSDe offers unique features that differentiate it from competitors, such as native restaking, dynamic allocation for higher yield outcomes, and a lower attack surface due to cleaner implementation. It impacts users by providing an opportunity to earn yield from AVS through restaking without selling off their tokens, broadening the audience for complex financial products in DeFi, and fostering the development of a decentralized financial system.
Summary
YieldNest, an asset management layer for restaking, has announced the launch of ynLSDe token, allowing holders of Ether staked with Lido, FRAX, Origin Protocol, or Mantle to earn additional yield from AVS through restaking. The LSDs offer users the ability to restake their assets while retaining liquidity, enabling them to use staked assets in other DeFi activities. Users get ynLSDe by putting stETH, sfrxETH, or mETH into YieldNest's restaking pool, and it acts as a tradable and liquid receipt token representing the underlying yield-generating restaked token.
Source Statement
This curated news summary relied on this press release disributed by BlockchainWire. Read the source press release here, YieldNest Launches ynLSDe Token for Liquid Staking Derivatives
