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Renzo: The rising star leading the new staking track has reached a TVL of $3.231 billion.
Renzo: The Newcomer in the Re-staking Track
Renzo is an Ethereum re-staking protocol based on Eigenlayer, aimed at simplifying the complexity of re-staking on Eigenlayer. Users can deposit ETH or liquid staking token (LST) into Renzo in exchange for ezETH tokens. ezETH is a liquid staking token that can be used in DeFi applications, representing the user's re-staking position in Renzo.
In short, users stake ETH or LST tokens to Renzo, and Renzo then puts them into Eigenlayer. Renzo selects suitable active validation services (AVS) for users to delegate, lowering the operational threshold, while providing users with ETH staking rewards, Eigenlayer point rewards, and Renzo point rewards.
ezETH
ezETH is Renzo's liquidity re-staking token. For every 1 LST or ETH deposited by users, an equivalent amount of ezETH is minted. ezETH is similar to cToken, and its value increases with the AVS token rewards earned.
Rewards are expected to be distributed in the form of ETH, USDC, and AVS tokens. Unstaking requires a minimum of 7 days, but it may vary due to AVS. Currently, direct withdrawal of ezETH is not supported; users can provide liquidity on Balancer or sell ezETH.
Renzo allocates 100% of EigenLayer rewards to users. Protocol fees are distributed between reserves and node operators.
Renzo Points
Users can earn Renzo points through the following methods:
Renzo users can earn benefits including: ETH stake rewards, EigenLayer re-staking points, and Renzo points.
Project Progress
Related Data
According to data platforms, the total TVL of the liquidity re-staking sector is $1.007 billion. Renzo's TVL is $3.231 billion, distributed across 7 chains, ranking second. The three projects Renzo, Ethfi, and Puffer account for 70% of the TVL in this category.
Financing Situation
The financing announced by Renzo is $3.2 million.
In January 2024, Renzo completed a seed round financing with a valuation of 25 million USD, led by Maven11 Capital.
In February 2024, the investment department of a well-known trading platform announced its investment in Renzo, with the investment structure being the same as in the seed round.
Airdrop Details
The first season airdrop ended on April 26, and the second season starts on April 26.
User eligibility depends on the ezPoints balance at the time of the snapshot. Wallets holding more than 500,000 ezPoints will have 50% unlocked at TGE, with the remaining 50% unlocking linearly over 3 months. The minimum eligibility is 360 ezPoints per wallet.
Renzo's ezPoints will be used to distribute 700 million REZ tokens, accounting for 7% of the total supply. Users can claim REZ tokens on the official website on April 30.
Token Economics
REZ is the native utility and governance token of the Renzo protocol, with a total supply of 10 billion. The initial circulating supply is 1.15 billion (, accounting for approximately 11.50% of the total supply ).
The distribution is as follows:
Launch Status
A well-known trading platform will launch REZ spot trading on April 30, 2024, at 12:00 UTC (.
REZ is currently mining on the launchpool of this platform, allocating 2.5% of the total token supply, with a mining period of 6 days. 85% of REZ is allocated in the BNB pool, and 15% is allocated in the FDUSD pool.
![Renzo Explained: The Rising Star of the Re-Staking Track])https://img-cdn.gateio.im/webp-social/moments-75ea513bbe0415963e634f552fdfb2d6.webp(
Summary
Renzo, as an emerging project in the re-staking sector, has achieved a considerable TVL. The main risks faced by the project include systemic risks from Eigenlayer, reduction risks related to AVS, and potential de-pegging risks of ezETH. The application scenarios of the REZ token are expected to be primarily for governance and stake.
When participating in projects, investors need to weigh potential returns and risks, making choices based on their individual risk preferences. With the development of Eigenlayer and AVS, Renzo is expected to gain more sources of income.
![Renzo Analysis: The Rising Star of the Re-Staking Track])https://img-cdn.gateio.im/webp-social/moments-9b7aa42ac45dbe2739c4b6163199855f.webp(