YieldNest, a liquid restaking protocol, has recently launched ynETH on mainnet after a successful initial round. This release entails that users can conveniently restake ETH to receive a corresponding amount of ynETH. YieldNest seeks to deliver a sustainable yet incredibly seamless solution for restaking on the Ethereum network while simultaneously earning rewards without compromising liquidity.
Restaking on EigenLayer—a protocol that leverages staked ETH to secure third-party protocols—introduces a few new obstacles for the industry. Not properly vetted operators, Actively Validated Services (AVS), and security have proven to be fundamental sticking points. The YieldNest team is aware of the challenges and provides more insights in the best risk-adjusted returns. Users can have more insights into what has a higher risk and what is considered safe.
Firstly, YieldNest has been audited by Zokyo and ChainSecurity, two prominent crypto security firms. According to the audit reports, which have been made public, the YieldNest protocol meets and exceeds industry-standard security. Secondly, the protocol integrates an independent risk research group, YieldNest Risk Team. They are tasked with carefully selecting and vetting AVSs with the highest possible risks. This offers a comprehensive understanding of AVS-associated risks as well as completely enhances systematic resilience to threats.
How to Restake ETH on YieldNest
Restaking ETH on YieldNest involves a simple process. Here is a step-by-step guide to restaking and receiving ynETH.
- Step 1: Go to the web app. Connect your Web3 wallet to the Ethereum mainnet.
- Step 2: Select ynETH. Click “Restake” and continue.
- Step 3: Select the amount of ETH you wish to stake. Immediately, the corresponding amount of ynETH you will receive will appear. Confirm the amount and click on the “Restake” button.
- Step 4: Review the transaction information, click on “Restake,” then confirm the transaction via your Web3 wallet.
- Step 5: You have successfully restaked ETH and received the proportional amount of ynETH. You can view your balance and continue accumulating Seeds.
YieldNest Seeds and Pioneer Programs
The YieldNest Seeds Program is designed to reward active community members. The team understands the impact of early adopters on the success of a project and has created this scheme to recognize their commitment and trust. Users can receive a 5x boost multiplier on the Seeds for 7 days. This campaign will end on Tuesday, May 28, 2024, at 11:59 PM (UTC).
To earn Seeds, users must restake ETH on YieldNest. However, the team is working to incorporate more ways to accumulate Seeds. The Pioneer Program, on the other hand, will reward users who stake 5 ETH or more with eligibility to mint exclusive NFTs that will offer 15% permanent Seed boosts. This campaign will end on Tuesday, May 28, 2024, at 11:59 PM (UTC).
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“… Shaping the future of decentralized finance”
The YieldNest team hopes to provide a secure and low-risk restaking experience for users, enhance Ethereum’s ecosystem, and deliver consistent yields now and in the future. Speaking about this remarkable launch and the possibilities it opens the liquid restaking market to, the CEO of YieldNest, Amadeo Brands revealed that this project is poised to shape the future of decentralized finance (DeFi).
“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.”
Conclusion
YieldNest has recently launched, so you are still early. This is your chance to become one of the first people to use a secure, low-risk, user-friendly, and rewarding restaking solution. Get started immediately.
