May 15, 2024: Asymmetric Yield 🚀📈

YieldNest $ynETH and Asymmetry Finance's $afCVX enjoy a successful launch

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One reason we never tire of covering the DeFi ecosystem is the relentless innovation.

The “down-only” price action we’ve suffered isn’t even all that frustrating as long as innovation continues apace. The only thing that occasionally gets us demoralized is the hacks. Sadly, our beat for the past year has turned from fun launches to ugly hacks and the battle for recovery… Conic, Zunami, Prisma, Curve.

So yesterday was such an invigorating day. Instead of watching hacks, we got to get back to our element, in the form of watching two new projects launch.

YieldNest

YieldNest is no stranger to anybody who’s been avidly watching the Leviathan News livestream. YieldNest self-describes as a “next-generation liquid restaking” protocol that is “abstracting away the complexities of restaking.”

They’re built atop Eigenlayer. We recommend reading their launch thread for the full details:

Why is YieldNest generating buzz within the broader Llama ecosystem? In part the backing, which describes their fundraise from “DeFi Royalty.”

Perhaps too the forthcoming launch of ynLSD looks suspicious like the TryLSD pool?

Like all restaking programs, YieldNest has points programs, dubbed “Seeds” and “Pioneer.” If you’ve ever considered restaking, there’s a short window of time to make them happen:

Yesterday they went live, quickly jumping to $3.5MM restaked.

We plotted the trajectory of the launch, courtesy Ape Framework:

Houston, we have liftoff! Congrats to the team.

Asymmetry Finance

Also launching yesterday was $afCVX, the latest product from Asymmetry Finance.

Of course, we’ve covered the team a lot so we won’t bore you with the recap. For more on Asymmetry’s origin story:

Plus last week’s announcement of $afCVX:

The launch has been something to behold. As of publication, they were closing in on nearly $1MM in Convex, a memetically significant 420K $CVX :

For reference, here are the current top ten holders. If they keep up this trajectory, we may see Asymmetry cracking this list soon enough.

Here is the launch trajectory we scraped from onchain data.

While the mastery of $CVX supply is nothing to sneeze at, the more notable footprint is perhaps on the $CLEV ecosystem.

The team also quietly lifted the cap on $afETH, their initial product, at the same time. However, even though the market was voracious about this one initially, it doesn’t seem to have gotten much notice yesterday:

Congrats all! Let’s keep shipping faster than the bears can keep mauling!

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Disclaimers!

Author is long $CVX, $CLEV, an early investor in Asymmetry Finance, but sadly not part of YieldNest’s “DeFi Royalty.” Author has not taken part in $afCVX or $ynETH launches.