Chainwire
Binance Labs Invests in Renzo to Support Liquid Restaking on the EigenLayer Ecosystem
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
Denver, USA, February 22nd, 2024, Chainwire – Binance Labs, the venture capital and incubation arm of Binance, has invested in Renzo, a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer, built to promote the widespread adoption of EigenLayer. The protocol’s mission is to develop shared security on EigenLayer and set the standard for risk management in restaking.
Renzo Protocol, EigenLayer’s Restaking Hub, consists of Ethereum smart contracts that facilitate trustless collaboration between stakers, node operators, and Actively Validated Services (AVSs). These contracts allow users to restake their assets, delegate them to node operators, and interact with on-chain service modules, abstracting away complexities and enabling easy collaboration between end-users, as well as EigenLayer node operators. It serves as the interface to the EigenLayer ecosystem by securing AVSs and offering higher yield than Ethereum (ETH) staking.
Yi He, Co-Founder of Binance and Head of Binance Labs commented: “Renzo’s technology addresses the complexities of Liquid Restaking, enabling more users to participate in Liquid Restaking. At Binance Labs, we are always seeking innovative DeFi projects that introduce novel use cases, and we look forward to witnessing Renzo’s growth in the Liquid Restaking sector.”
Renzo works with institutional grade node operators to offer native ETH restaking. Currently the protocol supports both native ETH deposits and LST tokens, such as stETH and wBETH. For every LST or ETH deposited on Renzo, users receive an equivalent amount of ezETH, the liquid restaking token representing a user’s restaked position at Renzo that encapsulates all the yields and incentives in a single LRT token. In addition, Renzo is working with bridging partners to enable cross-chain bridging of ETH from other Layer 1s (L1s) and Layer 2s (L2s) directly onto the Eigen layer and abstract away all complexities for users from different chains.
The protocol leads in restaking risk and portfolio management, partnering with institutional grade node operators and collaborating closely with DeFi researchers. Renzo’s team consists of DeFi-native founders with years of experience in building and scaling Web3 startups. The team is committed to driving new value and primitives to users through the innovation of LRT products, while also prioritizing risk management and security by applying current best practices in DeFi to EigenLayer.
“The team and I are humbled to have the support of the entire Binance community by bringing thought leadership and DeFi’s best practices to restaking on EigenLayer.” commented Lucas Kozinski, Founding Contributor of Renzo.
About Renzo
Renzo is a liquid restaking platform built on EigenLayer that enables users to earn compounding rewards from ETH restaking. Through automated liquid yield strategies, Renzo functions as the perfect on/off ramp for restaking, utilizing a combination of smart contracts and operator nodes to secure optimal risk/reward strategies.
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X
Contact
Itai Elizur
MarketAcros
[email protected]
Share
Press Release Syndication
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
