This opportunity works well for investors who want long exposure to ETH, while diversifying risk across several variations of liquid staked ETH.
Risks include YO's smart contract risk and the quality of the collateral backing yoETH. The process for whitelisting new protocols and assets for yield generation are controlled by a team multisig.
Yield comes from several sources including the underlying staking rewards from liquid staked ETH, interest from lending ETH to borrowers, and trading fees earned for facilitating liquidity for ETH derivatives.