coindesk.com
YnBNB becomes the first liquid-restaking token on the BNB Chain.
Restakers will accrue additional yield and "Seeds" rewards points, which qualify holders to receive token airdrops.
YieldNest will work with existing restaking protocols Kernel, Karak and Binominal.
Restaking protocol YieldNest announced the introduction of ynBNB, the first liquid-restaking token on the BNB Chain, giving users the opportunity to earn returns on top of those from staking the native BNB token.
YieldNest said it aggregates all sources of potential yield and offers access to restaking platforms including Kernel Protocol, Karak and Binominal. Restakers will then accrue yield and reward points from the selected protocols.
Restaking protocols are designed to give investors a way of maximizing yield on top of native staking. As a sector, restaking has garnered more than $25 billion in total value locked (TVL) since it emerged on the Ethereum blockchain in June 2023. Since then, restaking protocols have gone live on other layer-1 blockchains, like Solana, which has secured more than $4 billion in TVL.
Protocols often reward stakers with points, which are designed to eventually be converted into tokens at an airdrop. YieldNest is doing this through its Seeds program. Users who accumulate Seeds can earn a stake in future rewards and gain eligibility for forthcoming airdrops.
"The launch of ynBNB marks the beginning of our journey to develop the restaking landscape on the BNB Chain," Amadeo Brands, YieldNest's CEO & co-founder, said in a press release "Our new token, ynBNB, enhances returns, facilitates participation in Kernel, Karak, and Binomial's ecosystems, and earns additional incentives."
The protocol will balance risk by tailoring its restaking strategies to align with each user's risk tolerance and investment goals, and has employed in-house independent risk team.