Support ynETH as collateral on Ethereum

Summary: Yieldnest is seeking community support to list its restaking token, ynETH, on Venus Protocol for Ethereum. Depositors of ynETH on Venus will earn both Eigenlayer and Yieldnest Seeds that will be used for future incentives.

YieldNest is a next-generation restaking yield optimizer that offers users controlled, liquid, and risk-adjusted exposure to curated AVS categories. It works by delivering nLRTs and LRTs that wrap around pre-selected Isolated and Basket AVS categories. The Isolated AVS categories contain AVS within a single industry vertical, whereas the Basket AVS categories contain AVS across multiple verticals, including AI, rollups, oracles, and DA layers.

Initial Pool Bootstrap: The Yieldnest team will contribute $10,000 worth of ynETH to bootstrap the Venus market. This early liquidity will help accelerate market activity and user participation.

Motivation: By supporting ynETH, Venus Protocol can diversify its restaking options and capture a growing share of the restaking market. The integration will allow users to increase their exposure to ETH-based restaking opportunities, which are gaining demand. Additionally, Venus users will have access to additional incentives and rewards on top of standard lending APYs.

Conclusion: Incorporating ynETH into Venus Protocol is a strategic move to drive liquidity, diversity, and security for the Ethereum ecosystem. By doing so, Venus positions itself as a leader in the restaking market, providing users with a wider range of staking and lending opportunities.