YieldNest Launches ynBNB: First Liquid Restaking Token on BNB Chain

YieldNest Launches ynBNB: A New Era for Liquid Restaking on the BNB Chain

YieldNest, an innovative restaking protocol, has proudly unveiled ynBNB, heralded as the first liquid-restaking token on the BNB Chain. This groundbreaking development allows users to not only stake their native BNB tokens but also to earn additional returns, enhancing their overall yield.

The YieldNest platform aggregates various sources of potential yield and provides users with access to a diverse range of restaking platforms, including Kernel Protocol, Karak, and Binomial. By utilizing these platforms, restakers can accumulate yield as well as reward points based on their selections from these protocols.

Restaking protocols are specifically designed to empower investors to maximize their yields on top of native staking rewards. Since the inception of restaking on the Ethereum blockchain in June 2023, this sector has witnessed an impressive surge, amassing over $25 billion in total value locked (TVL). Furthermore, restaking protocols have started to gain traction on other layer-1 blockchains, such as Solana, which has secured more than $4 billion in TVL.

Typically, these protocols incentivize stakers with points, which can eventually be converted into tokens during an airdrop event. YieldNest is implementing this strategy through its Seeds program, where users who accumulate Seeds can earn a share of future rewards and qualify for upcoming airdrops.

Amadeo Brands, the CEO and co-founder of YieldNest, expressed his enthusiasm in a recent press release, stating, “The launch of ynBNB signifies the beginning of our journey to cultivate and expand the restaking landscape on the BNB Chain. Our new token, ynBNB, not only enhances returns but also facilitates deeper participation in the ecosystems of Kernel, Karak, and Binomial, all while providing additional incentives.”

The protocol is committed to balancing risk by customizing its restaking strategies to align with each user’s risk tolerance and investment objectives. To ensure this, YieldNest has established an independent in-house risk management team dedicated to monitoring and managing risk effectively.