Earlier today, YieldNest submitted a proposal to OGN governance seeking to merge primeETH with ynLSD. ynLSD is YieldNest’s upcoming LST-backed liquid restaking token, which innovates on liquid restaking with curated baskets of AVS exposure across multiple restaking platforms. The proposal aligns incentives across the Origin community and YieldNest, offering substantial incentives for both primeETH and xOGN holders.
The proposal aims to build a long-term partnership between Origin and YieldNest, leveraging each team’s strengths to further develop our restaking products and better reward our communities. If the proposal passes, YieldNest will promote OETH as the primary collateral asset of ynLSD and allocate a substantial percentage of its upcoming airdrop to the Origin community.
The YieldNest team is building new primitives in liquid restaking, enabling LRT holders to gain isolated exposure to actively validated services (AVSs). YieldNest users can select exposure from specific AVS categories, such as coprocessors, data availability, rollups, and oracles. The team recently launched its ETH-backed LRT, ynETH, which earns yield from Ethereum validators and a curated basket of AVSs. YieldNest plans to expand its product suite with ynLSD, the protocol’s upcoming LST-backed LRT slated to launch in Q3 2024.
YieldNest aims to build the most community-centric LRT platform by committing over 60% of its token supply to the community. Multiple seasons of airdrops will be conducted, distributing no less than 15% of the max YND supply to LRT holders that use the protocol.
The founding team has multiple years of experience in DeFi with a focus on Ethereum’s ecosystem. YieldNest is backed by industry leaders, including the founders of Curve, Convex, Frax, Kyber, and others. The future looks promising for YieldNest's anticipated ynLSD; its curated AVS exposure carves out a new primitive that we believe will be superior to existing LRT players.
The proposal to merge primeETH and ynLSD underscores our commitment to provide more user rewards and constant innovation in liquid restaking. YieldNest’s approach to restaking is well aligned with PrimeStaked’s goals, positioning our community to receive heightened rewards and to stay up-to-date with the latest LRT innovations.
If the proposal passes, YieldNest will allocate a portion of its YND token supply to primeETH and xOGN holders. The governance proposal details these incentives, including token rewards for primeETH XP, OGN stakers, and further incentives for users who migrate their primeETH to ynLSD.
If OGN stakers vote in favor of the proposal, YieldNest will take over as the primary technology choice for our LRT products, ensuring PrimeStaked users stay at the forefront of the restaking industry. We appreciate our community’s commitment to PrimeStaked, and we feel that this merger will position our LRT users for long-term success.
YieldNest’s curated AVS baskets and isolated AVS exposure focus on providing tangible yield for users, rather than focusing solely on points distribution. YieldNest will provide Origin with a network of new restaking opportunities with support from multiple restaking platforms, including EigenLayer and Symbiotic. We believe this will help boost Origin Ether’s utility within the broader restaking industry.
OGN stakers can vote for or against YieldNest’s proposal until July 1st, 10 pm ET. While the proposal is open for voting, YieldNest will be joining Origin’s Community Call on July 1st at 12 pm ET to brief our communities on the proposal. The Community Call will highlight YieldNest’s ynLSD launch plans and incentives proposed for the Origin community.
Origin’s core team supports YieldNest’s merger proposal, as we believe this long-term collaboration will benefit the PrimeStaked community, OGN stakers, and our broader goals for Origin Ether. If the proposal passes, the Origin and YieldNest teams will launch migration contracts to migrate primeETH to ynLSD. PrimeStaked users that migrate their positions will be eligible to claim future YND airdrops and additional incentives detailed in the proposal. All wallets with primeETH XP will be eligible for the retroactive airdrop when YND launches.
As always, users who have specific feedback are encouraged to message the core teams in Discord. Further details on the proposal will be shared in our communities as voting closes and incentives are finalized.
