Support ynBNBx as collateral on BNB Chain

Summary:

Yieldnest is seeking community support to list its restaking token, ynBNBx, on Venus Protocol for BNB Chain. Depositors of ynBNBx on Venus will earn Kernel Points, Astherus 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 $100,000 worth of ynBNBx to bootstrap the Venus market, as well as $50K of it’s countertrading asset in the pool (wBNB). This early liquidity will help accelerate market activity and user participation.

Motivation:

By supporting ynBNBx, Venus Protocol can diversify its restaking options and capture a growing share of the restaking market. 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.

ynBNBx Description:

ynBNBx is a MAX LRT defining a new LRT class designed to optimize yield from BNB restaking and DeFi strategies all under 1 product. MAX LRTs rebalance assets across multiple tokenized strategies with the goal of achieving a consistent high risk adjusted APY. ynBNBx generates yield from BNB staking, Kernel restaking, and DeFi strategies. Strategies are modular and enable the ability to add and remove strategies allowing ynBNBx to adapt to an evolving market to maintain the highest-yielding restaking opportunities, while always keeping security and safety in mind. Strategies are managed by the YieldNest DAO.**

ynBNBx Architecture:

  • Value Accrual: ynBNBx auto-compounds rewards, enhancing token value over time. As rewards are distributed and compounded, the value of ynBNBx grows.

  • ERC-4626 compliant

Risk Report and Technical Details:

Risk Report β†’ Asset Risk Assessment: YieldNest ynBNBx - Llama Risk

ynBNBx Contract Address β†’ 0x32C830f5c34122C6afB8aE87ABA541B7900a2C5F

ynBNBx Full Product scope β†’ docs.yieldnest.finance/protocol-design/max-lrts/ynbnbx

Markets

Thena β†’ Pools | THENA

Conclusion:

Incorporating ynBNBx 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.

2 Likes

This is a good proposal. I hope the team can consider it.

1 Like