Summary
This proposal seeks to add the yn-ETH/LSD pool to the Gauge Controller on Curve Finance. By doing so, we aim to incentivize liquidity, enhance the pool’s depth, and leverage the Curve Finance ecosystem to support YieldNest’s broader vision.
References/Useful Links:
- Website: YieldNest
- Documentation: YieldNest Docs
- Github: YieldNest GitHub
- Communities: Discord, Twitter
- Curve Finance Pool: yn-ETH/LSD Pool
- Curve Finance Pool Gauge: 0xc58faaf6eac90bbcad725d700eff613116393de9
- ynETH Token Contract Address: 0x09db87A538BD693E9d08544577d5cCfAA6373A48
- ynLSDe Token Contract Address: 0x35Ec69A77B79c255e5d47D5A3BdbEFEfE342630c
Protocol Description:
YieldNest is a liquid restaking protocol that provides streamlined access to high-yield, risk-adjusted DeFi strategies through permissionless, curated LRTs across multiple restaking and DeFi protocols.
Motivation
The yn-ETH/LSD pool requires incentivization to attract liquidity providers and deepen the pool’s liquidity. By adding this pool to the Curve Gauge Controller, liquidity providers will earn CRV rewards, creating an attractive incentive for participation. This will help establish a robust trading environment for the ynETH/ynLSDe pair and enhance Curve’s value proposition as a liquidity hub for restaking derivatives.
Specifications
- Governance: Decentralization and community governance are important for YieldNest starting as an open finance protocol and plan to become a fully decentralized protocol. We are currently investigating Aragon OSx (Aragon V2) and plan to implement this once the protocol is in a more hardened and stable position. The YieldNest contracts are currently upgradeable using standard TransparentUpgradeableProxy and BeaconProxy contracts from the OpenZeppelin libraries. This is necessary given the project’s current stage and its dependency on Eigenlayer, which still makes breaking changes to the core protocol requiring logic upgrades. Admin and multisig addresses, along with their roles, are documented here and will be hardened over time.
- Oracles: YieldNest ynETH & ynLSDe both use an internal rateprovider oracel
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Audits:
- Links to audits: Audits | YieldNest Docs.
- Full initial system audit was conducted by ChainSecurity, with an additional audit from Zokyo.
- Centralization vectors: YieldNest’s centralization vectors include reliance on a centralized Oracle. Additionally, staking rewards management and validator operations (spinning up and exiting validators) are centralized in the early stages to ensure flexibility and mobility.
- Market History: The pool is freshly deployed and has some initial deposits. After the gauge and incentive injection, we will expect more liquidity to move in.