With less than a month since its official launch, our B2B liquid staking infrastructure has experienced great success with its first round of partnerships.
- Alexander Chambers (Geode Finance)
Geode Finance is on a mission to transform all Proof of Stake chains’ native tokens into yield-bearing assets. Our long journey took us places we never thought possible when we first set out on our expedition. And if you don’t mind us saying so, it’s been a mental and emotional solar-coaster. However, after careful coordination, plotting our flight path, and navigating the ever-expanding blockchain universe, we set our sights on a newly-visible star system shining brightly in the distance - a galaxy known as Avalanche
We set out with the goal in mind to make first contact wherever we were needed most. Upon discovery of the Avalanche Network, our preliminary reconnaissance proved its community would benefit greatly from our liquid staking solution. With Avalanche’s liquid staking ecosystem still in its infancy, Geode is perfectly positioned to set a precedent for how liquid staking should work. Therefore, we’re delighted to announce that not only has Geode Officially Launched on Avalanche, but that in less than a month of officially launching, our product has allowed our partner to successfully implement their new personally branded liquid staking product. In fact, even in a bear market, they currently sitting at nearly 84% of their opening ceremony cap!
Making a Deep Impact
From the date of Geode’s inception, we sought to partner with other quality projects and teams, as one can't create a whole new universe of liquid staking alone. Geode is a long-term project and with that in mind, we were only interested in working with other highly reputable organizations and founders. After all, we're on a mission to make a deep impact on the way proof-of-stake chains currently operate. We have no token of our own and we spent months of our own time and resources dedicated ourselves to this project because we truly believed in what we were aiming to accomplish. Our goal is to increase the safety and security of PoS ecosystems and to increase yield wherever possible. And we're doing it one planet at a time.
We previously announced a partnership with two other trailblazing DeFi projects: Eden Network! Combining Geode's innovative DAO-focused liquid staking toolkit with the power of our partners’ platforms enabled the creation of a yield-bearing version of the $AVAX token. With the integration of Yield Yak as our first planet, we dubbed this yield-bearing token
Not only is $yyAVAX a groundbreaking opportunity for individual investors on Avalanche, but it is the first proof of concept of our end-to-end liquid staking toolset tailor-made for DAOs. Upon observation of the impact $yyAVAX makes on investors and partnered protocols like Yield Yak & Eden Network, other DAOs will realize the value-adding benefits that creating their own liquid staking solution can bring to their products as well.
By integrating with Geode and forming their own liquid staking products (whether for public accessibility or private use), DAOs can easily engage in an income-generating activity that may not have been easily accessible to them in the past without taking on unnecessary risk. And finally, by diversifying the number of staking nodes on the Avalanche chain (and others in the future), we can ensure that the ethos of Decentralized Fiance remains safe and intact.
Basically, our goal is to make our product so valuable and easy to use that it would be illogical not to integrate. Oh, and did we mention we don't charge for the service? Well, now we have!
1st Planet Discovered
Yield Yak is now the first planet discovered in the Avalanche Galaxy and the first in the Geode Universe itself. Users are able to stake their $AVAX tokens with Yield Yak to create $yyAVAX, a yield-bearing asset that represents $AVAX staked in validators securing the Avalanche chain. In other words, any $AVAX you’re holding in your wallet that has, thus far, provided no passive income, now has the ability to generate additional returns on your investment. This is a great opportunity to put your investment to work and earn a yield on your $AVAX, especially while we're in the midst of a bear market. If you're interested in staking your $AVAX, you can do so with Yield Yak ! Need to swap your $AVAX into $yyAVAX? No problem! Visit Yak Swap and put your $AVAX to work!
Already, Yield Yak is seeing great success. At the time of writing this, simply swapping $AVAX for $yyAVAX is offering a 6.58% return (today) with an average APR of 8% or more. Their supply cap of 100,000 has almost been reached, boasting 83,710 $yyAVAX minted with a current market cap of nearly $1,500,000. This new product offering has allowed them to not only earn yield for the DAO but to offer a new service to their dedicated user base, and because of their partnerships with Trader Joe and Platypus, just to name a few, savvy investors are seeing much higher returns than simply those who hold $yyAVAX. Either way, it's a win-win for everyone and we're very excited to see how well things have played out thus far.
1st Node Operator
Eden Network has become the first node operator in the Geode Universe. Eden runs the $yyAVAX validators on the Avalanche P-Chain aiming to generate an additional yield from their operations. There will thus be multiple layers of APR earning a return for $yyAVAX token holders, including fixed from staking rewards, variable based on subnet incentives, and variable based on DeFi integrations. The purpose of all this is to supercharge the value of $yyAVAX vs the standard $AVAX token.
Eden acting as a node operator is also beneficial for Yield Yak. By choosing Eden as their node operator, Yield Yak doesn’t need to spend valuable time and resources managing validators. There is essentially no maintenance for their staking solution. Any DAOs wanting a similar benefit could offer their own staking solution with Geode on Avalanche (or other PoS chains in the future) and choose Eden as their node operator. If a DAO does not want to issue trust to Eden, they may forgo the “no maintenance” benefit in favor of acting as their own node operator. The point is that Geode gives DAOs a choice in their approach to liquid staking and puts the power back in their hands
Introducing Dynamic Withdrawals
Withdrawal pools, run by Geode Finance, have the sole goal of ensuring the peg between $yyAVAX and $AVAX is kept at a healthy 1-to-1 ratio. We do this through an innovative new process called “Dynamic Withdrawals”.
Dynamic Withdrawals can be summarized as a decentralized stable-price lending pool designed to allocate any amount of requests instantly. There is no need to keep a surplus of $AVAX on the C-Chain or deal with a waiting period for withdrawals, creating a streamlined user experience.
Our withdrawal pools have been designed to provide investors with instantaneous exit liquidity to retrieve their native AVAX. The process of dynamic withdrawals is the final element of 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.
Integrating with Geode is easy! With only two transactions, any project can open the gates to the untouched opportunities that Liquid Staking Derivatives offer. First, simply select your node operator. Next, set your fee.
- Simon Furlong (Geode Finance)
Buckle Up…
This historic launch provides our partners with a great opportunity to see how Geode can alter the liquid staking paradigm and reshape the multichain staking experience in the future. Furthermore, it allows Geode community members to use our smart contracts for earning yield on $AVAX with Yield Yak.
Geode already has big plans in mind for securing other Avalanche-based partnerships and is well on its way to launching on Ethereum, now that the chain has moved from Proof of Work to Proof of Stake. When withdrawals are finally enabled on Ethereum, we'll be there to help every DAO we can to transform their idle assets into income-generating assets and ensure that chains remain as decentralized as possible.
We hope you'll join us on this journey. It's going to be an exciting ride! And if you're a developer or DAO contributor who's looking to take advantage of Geode's liquid staking infrastructure, you can do so easily by reaching out to Business Development Manager Simon Furlongcontacting him in Geode's Discord
