YieldNest, a Singapore-based startup that offers a liquid restaking technology, has secured $5.2 million in funding.
Angel investors, Michael Egorov, Proof Capital, LVT Capital, Contango, Mozaik Capital, Rana Capital, Kahuna, Insignius Capital, CKC, and Faculty Group were among the backers.
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The money will be used by the business to increase operations and development initiatives.
Under the direction of CEO Amadeo Brands, YieldNest is developing a range of cutting-edge products for the liquid staking industry that are based on EigenLayer’s decentralized trust markets and $11 billion shared security.
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Its first planned product, ynETH, is a liquid restaking token that uses a curated AVS basket made up of distinct AVS categories to automatically compound and improve ETH yields.
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.”
About YieldNest
YieldNest, is a decentralized liquid restaking protocol. a protocol intended to create a mutually beneficial partnership between actively validated services, node operators, and stakeholders.
