YieldNest

YieldNest issues ynETH and other 'MAX' liquid restaking tokens that bundle curated AVS and strategy exposure into risk-managed baskets.

Opinionated, curated LRT baskets ('MAX' tokens) that package AVS selection and risk management for users.

- MAX LRTs (MAX Vaults): YieldNest's core product: curated liquid restaking baskets that bundle multiple restaking and DeFi strategies into a single liquid token. Four asset-specific vaults exist: ynETH MAX (ynETHx) for ETH strategies, ynBTC MAX (ynBTCx) for BTC, ynUSD MAX (ynUSDx) for stablecoins, and ynBNB MAX (ynBNBx) for BNB. Each MAX LRT targets optimized risk-adjusted returns. - ynETH: YieldNest's native liquid restaking token for Ethereum. Users deposit ETH and receive ynETH, natively restaking into EigenLayer to earn base-layer staking rewards plus restaking rewards while retaining liquidity. Launched on Ethereum mainnet on May 16, 2024. - ynBNB: The first BNB liquid restaking token on BNB Chain, launched September 12, 2024. Built on top of Lista DAO's slisBNB and aggregates yield across BNB-chain restaking protocols including Kernel, Karak, and Binomial. - NEST AI: AI-driven strategy engine that dynamically rebalances allocations between restaking and DeFi protocols, optimizes collateral allocation for capital efficiency, executes cross-protocol arbitrage across MAX LRTs, and monitors systemic risk to adjust risk parameters. - YND / veYND governance: YND is the governance token (TGE June 3, 2025). Users lock YND to obtain vote-escrowed veYND (minimum 42 YND, 30-day exit queue). veYND holders direct gauge incentives, vote on fees and integrations, and receive protocol revenue via a buyback-and-distribute model.

- Smart Contract: MAX LRT vaults and LRT contracts carry share-issuance inflation-attack and reentrancy risk from external protocol interactions. An early Zokyo audit found (and resolved) a high-severity inflationary/share-allocation attack in ynETH, and upgradeable beacon-pattern contracts add upgrade-vulnerability surface despite timelocks. - Governance: Access controls, parameters, upgrades, and emergency pause are managed by core-team multisigs (Security Council), creating centralization risk. The planned transition from Security Council to veYND DAO governance introduces additional uncertainty (per LlamaRisk). - Oracle: The LSDRateProvider relies on a single price feed for LST rate accuracy; LlamaRisk notes additional price sources would reduce reliance and that this dependency is vulnerable to mispricing and depeg events. - Reserve / Depeg: MAX LRTs and native LRTs hold liquid staking token collateral (e.g., slisBNB, various LSDs) that carries inherent depeg exposure; a depeg of underlying collateral or the LRT itself on secondary AMMs could impair redemptions at par. - Counterparty: Heavy dependence on third-party protocols (EigenLayer, Kernel, Karak, Binomial, Lista DAO, Curve, etc.) and on selected operators. Operator performance and third-party protocol failures directly affect yield and principal safety. - Network: As a restaking protocol on EigenLayer (and Kernel/Karak on BNB Chain), restaked assets are subject to slashing penalties for operator/AVS misbehavior; EigenLayer's slashing (ELIP-002) makes slashing outcomes more probable, and withdrawal buffers may be insufficient under stress, forcing queues or reliance on secondary-market liquidity.

- Actively managed multi-strategy yield fund / fund-of-funds: similar — A MAX LRT resembles a professionally managed fund-of-funds: user capital is pooled and allocated across many underlying yield strategies, and holders receive a single liquid share token representing diversified exposure with dynamic rebalancing.; differs — Rebalancing is executed on-chain by NEST AI and smart contracts rather than a human fund manager; shares are permissionlessly redeemable via an on-chain withdrawal buffer; there is no custodian or transfer agent, but there is smart-contract, slashing, and depeg risk absent from traditional funds.