DeFi
YieldNest and Origin Announce Merger of PrimeETH with ynLSD
London, UK, July 4, 2024, Chainwire
In a revolutionary gesture, YieldNest announced the merger of PrimeStakedprimeETH, YieldNest’s liquid restaking token (LRT), into YieldNest’s highly anticipated ynLSD offering. This collaboration marks a significant step forward in the DeFi landscape by providing primeStaked users with YieldNest’s advanced technology to deliver unmatched benefits. This aligns with YieldNest’s vision to become the premier liquid management and programmatic yield layer for restored DeFi assets.
To celebrate, YieldNest is offering exclusive benefits to primeETH users and additional access to YieldNest’s community incentives, which are expected to exceed 60%.
PrimeStaked: a journey of innovation and commitment
PrimeStaked, an initiative of Original protocolalways strives to stay at the forefront of the evolving DeFi industry. Since its inception, PrimeStaked has been dedicated to providing benefits to users, constantly innovating to improve the user experience. This merger with YieldNest ensures that PrimeStaked users remain at the forefront of the industry, benefiting from enhanced opportunities.
YieldNest: Shaping the Future of Restaking
YieldNest is renowned for its innovative approach and cutting-edge technology, setting new standards in the industry with the backing of notable angel investors including the founders of Curve (Michael Egorov), Convex (Winthorpe & C2TP), Frax (Sam Kazemian), Kyber (Loi Luu), Algorand (Steve Kokinos), Yearn (Wavey), Moralis (Ivan on Tech) and others.
Committed to creating a sustainable product designed for long-term success, YieldNest offers unique solutions such as controlled AVS exposure with YieldNest/external curated LRTs and isolated LRTs that are built around multiple re-staking protocols. YieldNest’s products aim to provide real, safe, and maximum risk-adjusted returns.
YieldNest pioneers ynLSD (ynLSDe, ynLSDs) and ynUSDs
As part of the primeETH merger, YieldNest will launch its new products:
LSD is YieldNest’s innovative Liquid Restaking Derivative (LSD) that aims to maximize user yields by leveraging other DeFi tokens, such as OETH. LSDs allow users to stake their assets while retaining liquidity, meaning they can still use their staked assets in other DeFi activities. YieldNest’s first ynLSD offering will be:
- ynLSDe – the liquid re-staking solution on EigenLayer, designed to unlock the next generation of ETH yields and EigenLayer rewards. Leveraging EigenLayer’s infrastructure to provide users with yield opportunities through custom re-staking strategies.
- ynLSD – an innovative approach to resttaking within the Symbiotic ecosystem. The ynLSDs token leverages Symbiotic’s infrastructure to provide users with access to Symbiotic yield and reward opportunities.
ynUSD – is designed to deliver competitive yields and symbiotic rewards on USD-denominated assets with risk-adjusted returns through innovative strategies tailored to the unique characteristics of stablecoins.
YieldNest aims to fully transition to a DAO and sub-DAO structure for community decision-making. The goal is to create a decentralized, autonomous protocol that can operate independently of the core team. The governance structure includes chambers, each run by elected leaders based on staked YND tokens, with each chamber voting on specific categories of issues. This transition emphasizes the importance of a community-aligned token distribution, gradually shifting power to the community, making YieldNest a fully decentralized liquid re-staking protocol that can operate, maintain, and grow from within.
YieldNest’s vision is vast and aims to shape the future of resttaking by providing comprehensive information on all associated risks. With its independent risk team and audits for top-tier auditors, it offers more security and stability to its users. This merger will introduce primeETH users to a new network of opportunities, improving their ecosystem and offering additional yields and rewards through protocols like EigenLayer and future partners like Symbiotic.
Joining forces for a promising future
This merger is more than a strategic alliance; it is a logical step in the journey of YieldNest and PrimeStaked.
PrimeStaked users will now have access to YieldNest’s superior technology and innovative products, allowing them to stay at the forefront of the DeFi industry. This collaboration aims to create a more robust, secure, and rewarding environment for all users, paving the way for a brighter future.
To celebrate and reward all loyal primeETH users migrating to YieldNest, primeETH users are enjoying exclusive benefits, available for a limited time only:
- Airdrop PrimeStaked YieldNest
- YieldNest Seeds Bonus (+5% bonus for primeETH users)
- Receive Pioneer NFT + 15% permanent boost (Migrated 5 OETH or more)
- Receive AVS/Network returns and Airdrops
- And many more
For all migrated primeETH users and YieldNest native users, YieldNest plans for the total airdrop allocation to be no less than 15% of the total YND supply and aims to increase the amount allocated to airdrops based on the increase in TVL over time with the goal of being one of the most generous airdrops to hit the market in the resttaking vertical with community incentives planned at over 60%.
About YieldNest
Led by industry veterans, YieldNest aims to be the superior liquid transplanting solutionunlocking next-generation strategies and establishing itself as the leading protocol for redistributed liquid assets.
About PrimeStaked, an Origin initiative:
Prime Staked ETH (primeETH) is a re-staked liquidity token (LRT) from Origin, which provides liquidity for assets that have been deposited into EigenLayer.
For press inquiries regarding YieldNest, users may contact media@yieldnest.finance.
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