In a significant move, YieldNest, a promising new player in the booming liquid restaking (LRTFi) market, has announced the successful closure of its contribution round, raising $5.2 million. The round was led by Faculty Group, with participation from a host of prominent venture capitalists, including Backed VC, Curve founder Michael Egorov, Kyber founder Loi Luu, Convex co-founders Winthorpe & C2TP, Proof Capital, LVT Capital, Contango, Mozaik Capital, Kahuna, Rana Capital, Insignius Capital, and CKC, as well as angel investors and advisors from blue-chip DeFi teams.
Amadeo Brands, the CEO and Co-Founder of YieldNest, expressed his gratitude for the early support, stating, ‘We are proud and happy to have the early support of our contributors, angels, and advisors who share our vision for the future of restaking and LRTs. The oversubscribed round is a testament to the confidence in our approach. We see restaking as more than just a way to earn extra yield on ETH. It’s the solution to Ethereum’s modular roadmap, with applications traversing even beyond the blockchain stack. We are thrilled to contribute to this long-term vision.’
The funds raised will be used to develop a suite of innovative products in the growing and fast-evolving liquid staking landscape, centered around EigenLayer’s $11 billion shared security and decentralized trust markets. The first upcoming product, ynETH, represents a liquid restaking token that boosts and auto-compounds ETH yields via a curated AVS basket consisting of isolated AVS categories.
According to Phil Zimmerer from Faculty Group, ‘The LRT market is currently a points farming economy with no real way to get ahead through fundamental work. With the mainnet launch Eigenlayer and AVS’ becoming intrinsically productive for restakers, the deck will be reshuffled. We believe that Amadeo and his team of veterans who had various leading roles at current DeFi juggernauts can leverage their experience to lead the charge on ETH restaking products as well.’
YieldNest is also building an independent risk research and R&D team operated by LlamaRisk that will monitor and analyze AVS and Operators, demonstrating a serious long-term commitment to security. Shawn Fladager, the Co-Founder of YieldNest, commented, ‘Closure of our contribution round is not just a milestone but a catalyst that propels us towards realizing the vision we have crafted to push restaking to new levels. We’re grateful and energized to pursue this transformative journey with our investors and partners.’
With its veteran-packed team and innovative approach, YieldNest is poised to play a crucial role in the growing liquid restaking market, offering a unique solution that aims to simplify and optimize the process for Ethereum users.
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