Yieldnest is seeking community support to list its restaking token, ynBNB, on Venus Protocol for BNB Chain. Depositors of ynBNB on Venus will earn both Lista points and Yieldnest Seeds that will be used for future incentives.
YieldNest is a next-generation restaking yield optimizer that offers users controlled, liquid, and risk-adjusted exposure to curated AVS categories. It works by delivering nLRTs and LRTs that wrap around pre-selected Isolated and Basket AVS categories. The Isolated AVS categories contain AVS within a single industry vertical, whereas the Basket AVS categories contain AVS across multiple verticals, including AI, rollups, oracles, and DA layers.
Initial Pool Bootstrap:
The Yieldnest team will contribute $10,000 worth of ynBNB to bootstrap the Venus market. This early liquidity will help accelerate market activity and user participation, positioning Venus as a first-mover in restaking on the BNB Chain.
Motivation:
By supporting ynBNB, Venus Protocol can diversify its restaking options and capture a growing share of the restaking market beyond the Ethereum ecosystem. The integration will allow users to increase their exposure to BNB-based restaking opportunities, which are gaining demand. Additionally, Venus users will have access to additional incentives and rewards on top of standard lending APYs.
Conclusion:
Incorporating ynBNB into Venus Protocol is a strategic move to drive liquidity, diversity, and security for the BNB Chain ecosystem. By doing so, Venus positions itself as a leader in the restaking market, providing users with a wider range of staking and lending opportunities.
Exactly. Venus can support ynBNB on Liquid Staked BNB pool. I hope Yieldnest can have in-depth cooperation with Venus protocol and integrate the supply function into your official website.
Chaos Labs does not support listing ynBNB on Venus’ BNB deployment at this time.
Technical Overview
ynBNB is a LRT developed by YieldNest to maximize yields from BNB LSTs. It enables users to restake BNB LSTs to earn rewards through restaking protocols like Kernel, Karak, and Binomial. Currently, ynBNB exclusively supports slisBNB. In addition, like ynETH, ynBNB is not a rebasing token, meaning it appreciates in value over time as it accrues rewards.
According to BscScan, ynBNB currently has 171 holders and a total supply of 899, which translates to a $624K market cap. In addition, Despite an increase in ynBNB’s liquidity since our last review, it remains low, with only two liquidity pools available at the time of writing, holding TVLs of $859K and $44K, respectively.
Considering the small market cap and limited liquidity, we do not recommend listing ynBNB on Venus at this time. Should liquidity improve, Chaos Labs will revisit this recommendation.
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this recommendation.
