Developed in partnership with Yield Yak and Eden Network, yyAVAX is a yield-bearing staking derivative that is awarded to AVAX token stakers, aligning incentives between blockchain protocols and users.
Liquid staking solves this incentive misalignment by issuing a derivative token to stakers (yyAVAX) that can be used in DeFi, allowing users to play an important role in network security, without sacrificing potential DeFi yield.
Users can stake their AVAX right now on Yield Yak and will automatically receive yyAVAX of equal value. The product has launched with a 100,000 AVAX deposit cap to ensure the liquid staking and yield-generating infrastructure works as intended.
Yield Yak liquid staking is Geode’s first live product following the announcement of their recent seed round investment, led by Multicoin Capital. Thanks to Geode’s infrastructure, Yield Yak users can now stake their idle AVAX tokens and generate yyAVAX, a yield-bearing asset that represents AVAX staked in validators securing the Avalanche chain.
Geode’s attention will soon shift to Ethereum 2.0, where, after successful completion of The Merge, they plan on launching multiple new liquid staking planets with Ethereum-based DAOs, ultimately creating the Geode liquid staking universe.
For now, users can participate in Geode’s new liquid staking product on Yield Yak by staking their AVAX here.
About Geode Finance
Geode Finance provides DAOs like Yield Yak with the ability to provide a liquid staking solution to their users. By providing DAOs with the infrastructure, their own staking token derivative, and exit liquidity, Geode is able to open up the opportunity for vastly improved yields and capital efficiency for users across the whole of DeFi.
All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.
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