Continuing with previous launchpools, is @RenzoProtocol worth farming/investing this time?
This article will provide detailed information about the project and help you make a decision
Before talking directly about Renzo, there is a pretty interesting piece of information that is that Renzo has a close relationship with EigenLayer.
📍1. A few words about EigenLayer and Renzo Protocol
EigenLayer is a Restaking project
Validators on Ethereum can bring staked $ETH over to the Eigen Layer stake again to:
- Make profit
- Provides services such as Data Availability Layer for Ethereum through a type of node called Actively Validated Service (AVS)
Renzo Protocol's mechanism of action:
And Renzo Protocol is a Liquid Derivatives platform on EigenLayer, the project secures the AVS node and brings higher profits than simple $ETH staking
To put it simply, $ETH or LST (Liquidity Staking Token) is staked into EigenLayer AVSs, which will be restaking in Renzo to receive ezETH
=> 2 stakes, 1 in EigenLayer and 1 in Renzo
📍2. Two types of Renzo Protocol tokens
$ezETH
- Liquid Restaking Token (LRT) represents the amount of LST or ETH deposited into Renzo
- This is a token that rewards users and increases in price over time compared to the original ETH or LST
Native token $EZ
- Used for voting
- Gas fee
There are currently no tokenomics announcements for $EZ
📍3. Outstanding numbers
Up to now, Renzo has achieved:
- Total Value Staked: 3.33B
- APR: 1,39%
- EigenLayer Points: 811.97M
- Renzo ezPoints: 1.88B
The project is ranked 2nd in terms of Total Value Staking in the Liquidity Staking niche after Ether.fi
=> The numbers clearly show the potential of the project
📍4. Backers of the project
- 1st time: Seed Round - January 2024 - Raised 3.2m$ - Led by MAVEN 11
- 2nd round: February 2024 - Funding amount not yet announced - Led by BinanceLabs
=> Although it did not raise too much capital, the project being listed on Binance Launchpool also somewhat shows its potential
📍5. Currently, you can farm $EZ through stake pool on Binance
- Stake $BNB: reward share 212,500,000 $EZ (85%)
- Stake FUSD: reward distribution 37,500,000 $EZ (25%)
📍6. Summarize some of the project's potential
- Bring more profits to long-term $ETH and LST holders
- Located in narrative LSDFi + can eat EigenLayer's waves
- Potential when combining with top L2s to compete for a piece of the liquidity pie
- The project achieved impressive numbers and clearly demonstrated its value
- There is launcher from BinanceLaunchpool
Hope you get a lot of information in the article and can make wise investment decisions
