Geode Partners with Yield Yak & Eden Network
- Geode Finance is partnering with Yield Yak and Eden Network to release a new yield bearing asset on Avalanche
- Yield Yak will be the Planet in Geode’s Universe offering yyAVAX, a yield-bearing liquid staked version of AVAX
- Eden Network, MEV specialists on the Ethereum network, will run the yyAVAX validator networks on the P-Chain. In exchange, Eden Network will reward yyAVAX holders with additional yield generated from their operations, further boosting the yyAVAX value compared to AVAX.
Geode Finance has the mission to bring yield to all base assets on all Proof of Stake (PoS) chains. In our journey across the liquid staking universe, we discovered Avalanche as one network in particular need of our white label staking solution. After deciding Avalanche would be the first Galaxy in our universe, we began looking at different projects to serve as our first Planets. What we discovered in the journey was a unique partnership that would create a new yield bearing asset.
Geode, in collaboration with Yield Yak and Eden Network, proudly presents yyAVAX… coming soon!
How yyAVAX Works
Users will be able to deposit AVAX on Geode or Yield Yak to receive yyAVAX, a yield bearing version of AVAX. Earn yield simply by holding yyAVAX, or use it within DeFi with various partnerships which will be announced in due course!
Eden Network, MEV specialists on the Ethereum network, also offers a particular benefit for yyAVAX as the node operator. Eden will run the yyAVAX validator networks on the P-Chain and reward yyAVAX holders with additional yield generated from their operations. This further boosts the yyAVAX value compared to AVAX.
In the future, yyAVAX will have much utility in DeFi. Future partnership announcements are coming and will be adding more value to using this token.
Geode Withdrawal Pools
Withdrawal pools, run by Geode Finance have the sole goal of ensuring the peg between yyAVAX and AVAX is kept at a 1-to-1 ratio. We do this through a process called “Dynamic Withdrawals”.
Our withdrawal pools have been designed to give users easy exit liquidity to regular AVAX, providing the final piece to our liquid staking solution. Easy, reliable and stable exit liquidity is a key feature of any liquid staking solution, which should provide additional confidence and support to users of our solution.
About Yield Yak
Yield Yak makes numbers go up. Ape into new autocompounder farms with quick releases and high yields. Swap on Yak for the best prices on trades with zero aggregator fees. Sit back and just earn, including big APYs on stablecoin farms.
Eden is a priority transaction network that protects traders from frontrunning, aligns incentives for block producers, and redistributes miner extractable value.
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 we are able to open up the opportunity for vastly improved yields and capital efficiency for users across the whole of Defi.