According to CoinDesk, YieldNest has announced the launch of ynBNB, the first liquid-restaking token on the BNB Chain. This new token allows users to earn additional returns on top of those from staking the native BNB token. YieldNest aggregates various sources of potential yield and provides access to restaking platforms such as Kernel Protocol, Karak, and Binominal. Restakers will accrue yield and reward points from these selected protocols.
Restaking protocols are designed to maximize yield on top of native staking. Since its emergence on the Ethereum blockchain in June 2023, the restaking sector has accumulated over $25 billion in total value locked (TVL). These protocols have also been implemented on other layer-1 blockchains like Solana, which has secured more than $4 billion in TVL. Protocols often reward stakers with points that can eventually be converted into tokens through airdrops. YieldNest's Seeds program allows users to accumulate Seeds, which can be used to earn a stake in future rewards and gain eligibility for upcoming airdrops.
Amadeo Brands, YieldNest's CEO and co-founder, stated in a press release, "The launch of ynBNB marks the beginning of our journey to develop the restaking landscape on the BNB Chain. Our new token, ynBNB, enhances returns, facilitates participation in Kernel, Karak, and Binominal's ecosystems, and earns additional incentives." The protocol aims to balance risk by tailoring its restaking strategies to align with each user's risk tolerance and investment goals, employing an in-house independent risk team to manage these strategies.
