The time has come to migrate primeETH to ynLSDe!
In accordance with the OGN governance proposal, PrimeStaked is merging with YieldNest’s ynLSDe. Both PrimeStaked users and OGN stakers will be eligible for YieldNest’s YND airdrop, which is explained in detail below.
YieldNest innovates on liquid restaking with ynLSD by providing curated exposure to actively validated services (AVSs). This design enables restakers to target certain AVS categories, optimizing restaking exposure for potential airdrops and higher yields.
ynLSD will have two tokens: ynLSDe (EigenLayer LRT) and ynLSDs (Symbiotic LRT). PrimeStaked users will be able to migrate to ynLSDe, maintaining exposure to EigenLayer’s restaking ecosystem.
YieldNest aims to be the most community-centric LRT platform, allocating at least 60% of the YND token supply to its users. Excitingly, both primeETH and xOGN holders will be eligible for a retroactive airdrop at TGE.
As part of the YieldNest and PrimeStaked merger, YieldNest has offered Origin’s community an airdrop allocation at TGE. PrimeStaked XP holders will receive a retroactive airdrop proportional to their XP balance (a snapshot of XP balances was taken when the migration portal opened). Users who migrate primeETH to YieldNest will be eligible for additional airdrop seasons and exclusive perks. PrimeStaked holders that migrate to YieldNest will earn a 5% points boost, and users that migrate 5+ primeETH are eligible to claim the Pioneer NFT for further rewards.
OGN stakers will be eligible for YND based on TVL migrated from primeETH to ynLSDe. As detailed in the governance proposal, OGN stakers will receive 0.25% of the total YND supply per 2,250 ETH of value migrated to ynLSDe. The YND airdrop allocation for OGN stakers is capped at 2.5% if 22.5K ETH is migrated to YieldNest’s LRT.
To qualify for upcoming YND airdrop seasons, primeETH holders must migrate their tokens to ynLSDe. Migrating primeETH is a fairly straightforward process and can be done through the PrimeStaked dapp. Here’s how to get started:
First, visit the PrimeStaked migration portal at: https://app.primestaked.com
To get started with your withdrawal, connect your wallet in the upper-right hand corner of the page. From there, you’ll be able choose the amount of primeETH to withdraw based on the primeETH balance in the wallet you’ve connected.
To begin the withdrawal process, click “get started” on the PrimeStaked migration portal. From there, you’ll be prompted to chose an amount of OETH you wish to withdraw. Each withdrawal can either be migrated to ynLSDe or claimed for Origin Ether, so if you plan to migrate a portion of your primeETH holdings, you must initiate two separate withdrawals.
The EigenLayer withdrawal period is 7 days, so you’ll need to wait one week before migrating your tokens. Users that claim OETH instead of migrating will still be eligible for retroactive YND rewards based on their XP balance, but they will not be eligible for YieldNest’s Season 1 airdrop.
You’ll be able to migrate to ynLSDe instantly following EigenLayer’s seven-day withdrawal queue. Users who migrate to ynLSDe receive exclusive perks, including a 5% Seeds Boost for Season 1 and a 15% Seeds Boost in perpetuity for those that claim YieldNest’s Pioneer NFT by migrating 5+ primeETH to ynLSDe.
Season 1 of YieldNest’s airdrop campaign is now active, with at least 4% of the YND token supply allocated to ynLSD holders in the first season. As YieldNest’s seasons progress, the team anticipates larger token allocations as TVL grows. In an effort to become the most community-centric liquid restaking platform, YieldNest plans to allocate over 60% of the total token supply to the community.
We’re excited to continue rewarding our community in unique ways, with the YND airdrop being among the first initiatives to bring new value to OGN stakers and the broader Origin community. With backers including the founders of Curve, Frax, Convex, Algorand, and Yearn, YieldNest is well-positioned to continue delivering innovative LRT products that maximize risk-adjusted returns.
Have further questions or want help migrating primeETH? Join the Origin Discord and become part of our growing community!
