ETH Liquid Restaking Protocol YieldNest Raises $5.2M in Contribution Round
London, United Kingdom, April 17, 2024 (GLOBE NEWSWIRE) — Industry veterans-led liquid restaking protocol YieldNest is gearing up for its first product release, ynETH, later this month. This liquid restaking token boosts and auto-compounds ETH yields from a custom-curated AVS basket.
YieldNest Successfully Closes $5.2M Contribution Round
YieldNest, a promising new player in the booming liquid restaking (LRTFi) market, is excited to announce the successful closure of its contribution round, raising $5.2 million.
Contributors include round leader Faculty Group, along with venture capitalists Backed VC, Curve founder Michael Egorov, Kyber founder Loi Luu, Convex co-founders Winthorpe & C2TP, Proof Capital, LVT Capital, Contango, Mozaik Capital, Kahuna, Rana Capital, Insignius Capital, CKC, and angel investors & advisors from blue-chip DeFi teams at Algorand (Steve Kokinos), Curve (Martin Krung & Nagaking), Moralis (Ivan on Tech), Yearn (Wavey), Google (Allen Day) & others.
A word from our CEO and our lead contributors:
“We are proud and happy to have the early support of our contributors, angels, and advisors who share our vision for the future of restaking and LRTs. The oversubscribed round is a testament to the confidence in our approach. We see restaking as more than just a way to earn extra yield on ETH. It’s the solution to Ethereum’s modular roadmap, with applications traversing even beyond the blockchain stack. We are thrilled to contribute to this long-term vision.” – Amadeo Brands CEO & Co-Founder YieldNest
“The LRT market is currently a points farming economy with no real way to get ahead through fundamental work. With the mainnet launch Eigenlayer and AVS’ becoming intrinsically productive for restakers, the deck will be reshuffled. We believe that Amadeo and his team of veterans who had various leading roles at current DeFi juggernauts can leverage their experience to lead the charge on ETH restaking products as well.” – Phil Zimmerer, Faculty Group
“We are excited to support YieldNest in the fast growing restaking sector. Amadeo’s background and approach towards risk management is a huge draw for us, and we believe they will play a crucial role in bringing sustainable growth to the nascent EigenLayer ecosystem.” – Henry Ang, Backed VC
Building Cutting-Edge LRT Products
YieldNest is building a suite of innovative products in the growing and fast-evolving liquid staking landscape centered around EigenLayer’s $11 billion shared security and decentralized trust markets. Its first upcoming product, ynETH, represents a liquid restaking token that boosts and auto-compounds ETH yields via a curated AVS basket consisting of isolated AVS categories.
Chain Security, a top-tier smart contract auditing firm, is currently auditing the protocol. YieldNest is also building an independent risk research and R&D team operated by LlamaRisk that will monitor and analyze AVS and Operators, which shows a serious long-term commitment to security.
Liquid restaking has emerged as a pivotal trend in the decentralized finance space, with YieldNest’s veteran-packed team poised to break new grounds and set new standards in the growing niche. YieldNest sees a future with countless AVSs spread across numerous verticals, making it difficult for individual restakers to gauge each prospect’s risk/reward profile.
For this reason, YieldNest is building a basket of set-and-forget restaking products (Curated AVS Baskets) that abstract away operational complexities by packaging Isolated AVS Categories. These products allow restakers to select from AVS baskets or isolated AVS categories and earn yields across specific industry verticals, including Artificial Intelligence, Data Availability, Rollups, Oracles, and many more.
Commenting on the round:
“Closure of our contribution round is not just a milestone but a catalyst that propels us towards realizing the vision we have crafted to push restaking to new levels. We’re grateful and energized to pursue this transformative journey with our investors and partners.” – Shawn Fladager, Co-Founder YieldNest
“When we spoke with Amadeo, we knew Yieldnest was offering something unique. The curated AVS basket pool and the option to select specific AVS categories are huge differentiators compared to other LRT protocols. We are very excited and look forward to working with Amadeo and the Yieldnest team.” – Jonathan Chee, Co-Founder Mozaik Capital
For press inquiries concerning YieldNest, please contact media@yieldnest.finance.
About YieldNest:
Led by a team of industry veterans, YieldNest aims to become EigenLayer’s top liquid restaking solution, unlocking the next generation of ETH yields through custom-tailored restaking strategies.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
CONTACT: Media Team media at yieldnest.finance
