Renzo protocol is a liquid staking platform and strategy manager built on EigenLayer. It allows users to stake their ETH in exchange for APR from native staking and restaking on EigenLayer, as well as the liquid staking of token from Renzo (ezETH), which can be utilized in various DeFi applications. The platform’s governance layer is powered by the native $REZ token, the primary role of which is granting users access to DAO votings within the platform.
Renzo restaking protocol aims to provide users with an interface for the EigenLayer ecosystem not only on Ethereum but also on Arbitrum, Linea, Mode, Base, BNB and OKX L2 chain networks.
As a liquid staking protocol, Renzo offers users a ezETH – Renzo liquid staking token in exchange for staking ETH on its platform. This token is equivalent in value to the amount of ETH contributed to Renzo. The APR for staking ETH can be tracked via the growth of ezETH. Initially, this ratio is 1:1, but over time, it increases in value according to the APR promised by the platform.
However, unlike the other protocols, the rise of value of the ezETH token backed up not only by rewards from the native staking on Ethereum but also by rewards from the restaking on EigenLayer, potentially leading to the higher returns for users. The token can be also used to earn additional APR by providing it into the DeFi LP and lending protocols, similarly to the other ETH staking protocols.
This innovative approach garnered the remarkable attention not only from top tier funds such as Binance Labs and OKX Ventures, but also the crypto community. Since its inception in 2023, the protocol has managed to grow its TVL (total value locked) to over $3.3B.
Renzo token: Recently, the platform announced the release of and IEO on Binance for its native $REZ token, which according to Binance research, will power the governance infrastructure within the Renzo protocol.
Additionally, the tokenomics of the project mention allocation for Renzo airdrop campaigns, likely intended for ETH stakers on Renzo, allocating 10% of the total token supply.
