What is Renzo Protocol? Renzo Protocol is a Liquid Restaking Token (LRT) platform that helps users easily earn more profits through staking on EigenLayer and use capital more optimally. So retaking on Renzo Protocol is different from retaking directly on EigenLayer, let’s find out through the article below.
Renzo Protocol Overview
What is Renzo Protocol?
Renzo Protocol is a Liquid Restaking Token platform built on EigenLayer. Renzo helps simplify operations for users who need to Restake on EigenLayer. When users staking directly on EigenLayer, they will not receive any LRT to continue participating in DeFi. But when doing this through Renzo, users will receive ezETH back to optimize the ability to use their capital.
What is Renzo Protocol?
Currently on EigenLayer, Eigen Points are being calculated – this promises to be the criteria used to distribute Airdrops to users. When using Renzo, users will completely receive 100% of that score and also receive additional Renzo Points from the project itself.
With ezETH, users also have more options for finding profits.
Mechanism of action
Renzo is a layer built on top of EigenLayer so users can eliminate complexity when interacting with the protocol. Smart contracts are designed to allow delegation to multiple Operator nodes on EigenLayer and users basically only need to stake stETH, rETH, cbETH, ETH into Renzo and mint out ezETH. ezETH is a Reward-bearing Token.
Renzo serves as an interface layer to the EigenLayer ecosystem by securing AVSs on the network.
Renzo Protocol Working Mechanism
Renzo makes profits by taking fees based on Restaking rewards. Half of the fee will be sent to the project’s Treasury, the other half will pay the Node Operators.
Development Roadmap
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Investor
- January 16, 2024: At the Seed round, Renzo Finance successfully raised $3.2M led by Maven 11 Capital in addition to the participation of Figment Capital, IOSG Capital, OKX Ventures, SevenX Ventures,…
Core Team
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Tokenomcis
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Exchanges
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Project Information Channel
- Twitter: https://twitter.com/RenzoProtocol
- Website: https://www.renzoprotocol.com/
- Telegram:
Summary
If EigenLayer is successful with their product and vision, they will become a force in the Crypto market with huge revenue coming from security rental, turning it into an essential need of the market like this. ChainLink did with Oracles.
Renzo will also benefit greatly from standing on the shoulders of giant EigenLayer. Hopefully through the article, everyone has an overview of what Renzo Protocol is.
