Curated News
By: NewsRamp Editorial Staff
April 17, 2024
YieldNest Set to Launch ynETH After $5.2M Contribution Round
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Discuss on SubstackTLDR
- YieldNest closes $5.2M contribution round, gaining advantage in the booming liquid restaking market.
- YieldNest's ynETH token auto-compounds ETH yields from a custom-curated AVS basket, revolutionizing the restaking process.
- YieldNest's innovative products contribute to the long-term vision of restaking, bringing sustainable growth to the decentralized trust markets.
- YieldNest's liquid restaking protocol, ynETH, represents a groundbreaking solution for boosting and auto-compounding ETH yields in the DeFi space.
Impact - Why it Matters
The news is significant as it highlights the growing interest in liquid restaking and the confidence of prominent investors in YieldNest's vision. The launch of ynETH and the company's commitment to security and risk management are set to impact the decentralized finance space by offering innovative solutions for restakers. This development also signifies the potential for sustainable growth in the nascent EigenLayer ecosystem.
Summary
YieldNest, a liquid restaking protocol, is set to release ynETH, a token that boosts and auto-compounds ETH yields. The company has successfully closed a $5.2 million contribution round, with key contributors including Faculty Group, Backed VC, and various prominent DeFi figures. YieldNest is building innovative products in the liquid staking landscape, with its first product, ynETH, aiming to enhance ETH yields via a curated AVS basket. The protocol is also undergoing auditing by Chain Security and is establishing a risk research and R&D team operated by LlamaRisk.
Source Statement
This curated news summary relied on this press release disributed by BlockchainWire. Read the source press release here, YieldNest Set to Launch ynETH After $5.2M Contribution Round
