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Renzo: Ethereum's new staking star TVL jumps to second place in the industry
Renzo: A New Star in the Ethereum Re-staking Protocol
Renzo is an Ethereum re-staking protocol based on Eigenlayer, designed to simplify the complexity of re-staking and provide users with a more convenient and liquid way to participate. Users can deposit Ether and liquid staking token (LST) in exchange for ezETH, a liquid staking token that can be used in DeFi applications, (LRT).
In short, users stake ETH or LST tokens to Renzo, which will place these assets into Eigenlayer. Due to the numerous and complex combinations of active validation services (AVS) on Eigenlayer, Renzo selects AVS on behalf of the users to delegate, reducing the operational threshold, while providing users with annualized returns on ETH staking, Eigenlayer points rewards, and Renzo points rewards.
ezETH
ezETH is a liquidity re-staking token that represents the user's re-staked position in Renzo. Users can obtain an equivalent amount of ezETH after depositing native Ether or LST.
reward
ezETH is a reward token similar to cTokens. Rewards are expected to be distributed in the form of ETH, USDC, and AVS tokens. This means that the value of ezETH will increase relative to the underlying LSTs, as it earns more rewards in AVS tokens.
Withdrawal and Transfer
Unstaking requires a minimum of 7 days, mainly influenced by EigenLayer and various AVS requirements. Currently, ezETH cannot be directly withdrawn; users can provide liquidity or sell ezETH on a certain trading platform.
fee
The protocol will allocate 100% of the EigenLayer rewards to users. The fees will be distributed between the protocol reserves and Renzo node operators.
Renzo Points
Users can earn Renzo points through the following methods:
Mint ezETH: For each ezETH held, you can earn 1 Renzo ezPoint per hour. Early participants will also receive additional rewards.
Referral System: Earn an additional 10% referral user points by inviting others to deposit Ether.
The earnings available to Renzo users include: ETH stake rewards, EigenLayer re-staking points, and Renzo points.
Project Progress
Relevant Data
According to the data platform, the total TVL of the liquidity re-staking track is 10.07b, with Renzo's TVL reaching $3.231b, distributed across multiple chains, second only to Ethfi's $3.835b, ranking second. The three projects, Renzo, Ethfi, and Puffer, account for 70% of the TVL in this category.
Financing Status
Renzo announced a financing of $3.2 million. In January 2024, it completed a seed round financing with a valuation of $25 million, led by Maven11 Capital, with participation from multiple investment institutions. In February 2024, a trading platform's laboratory announced an investment in Renzo, with an investment structure similar to the seed round.
Airdrop Details
The first season airdrop ends on April 26, and user eligibility is based on the ezPoints balance at the time of the snapshot. REZ can be claimed starting from April 30, 2024, and large holders will have their rewards unlocked in two phases. The second season rewards will begin distribution on April 26, 2024, with a total of 700 million REZ tokens being distributed, accounting for 7% of the total supply.
Token Economics
$REZ is the native utility and governance token of the Renzo protocol, with a total supply of 10 billion, and an initial circulation of approximately 11.50% after listing. The allocation includes:
Launch Status
$REZ will be listed for spot trading on a certain exchange platform at 12:00 (UTC) on April 30, 2024. Currently, mining is taking place in the launchpool of that platform, allocating 2.5% of the total token supply.
Summary
As an emerging project in the re-staking space, Renzo has gained considerable TVL and investor attention. Its advantage lies in simplifying the Eigenlayer operation process, but it also faces some risks, such as the potential decoupling risk of ezETH and dependence on the development of the Eigenlayer and AVS ecosystems. Investors should weigh potential returns against risks and make decisions based on their individual risk preferences.