Yearn's Staked Ether Token yETH Gets Mixed Results on Govenance Poll
It might not be time yet to launch yETH, Yearn.finance’s proposed token which tracks a basket of ETH Liquid Staking Tokens (LSDs). A poll on the Yearn.finance governance forum shows that members are pretty split about launching the token. The poll is non-binding and is meant to take a temperature check of the community’s interest in moving towards a binding vote via snapshot. So far, 20 people have cast their vote, with 11 taking the no side.
Yearn.finance is positioning yETH, which holds a basket of LSDs as a way to hedge against the different protocols, which all have their varying smart contract and liquidity risks. "yETH essentially spreads the risk across the various Ethereum LSDs while also earning additional yields through Yearn’s large veCRV position for Curve Pools," pseudonymous crypto investor DeFi Maestro told CoinDesk earlier in a Twitter message. In the thread discussing the proposals, some users questioned the need for exposure to multiple LSDs as after the Shanghai upgrade, the risk of de-pegging is low. yETH’s proposal is too similar to existing projects like unshETH.
Source
https://t.me/Blockchain_Explained
