YieldNest, a Singapore-based company providing a liquid restaking protocol, raised $5.2M in funding.
Backers included Faculty Group, Backed VC, Michael Egorov, Loi Luu, Proof Capital, LVT Capital, Contango, Mozaik Capital, Kahuna, Rana Capital, Insignius Capital, CKC, and angel investors.
The company intends to use the funds to expand operations and development efforts.
Led by CEO Amadeo Brands, YieldNest is building a suite of innovative products in the liquid staking landscape centered around EigenLayer’s $11 billion shared security and decentralized trust markets. Its 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.
Commenting on the news, Amadeo Brands said: “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.”
FinSMEs
17/04/2024