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Renzo Protocol

The Renzo Protocol is a Liquid Restaking Token (LRT) and Strategy Manager for , providing access to the ecosystem. It secures Actively Validated Services (AVSs) and simplifies collaboration between users and operators. , , and Kratik Lodha are the founders of Renzo. [1]

Overview

Launched in December 2023, Renzo, a Liquid Restaking Token (LRT) and Strategy Manager operates within the ecosystem. It simplifies user interactions and fosters seamless collaboration with node operators. It aligns with mission of enabling permissionless innovation on and establishing trust within the ecosystem. Renzo is the go-to platform for restaking, offering a higher yield than and promoting the adoption of . It achieves this by an equivalent amount of for every LST or deposited. It uses smart contracts and operator to secure an optimal risk/reward restaking strategy. [1]

REZ

Launched on April 30th, 2024, REZ serves as the native within the protocol, allowing holders to vote on governance proposals encompassing diverse matters. These proposals may cover operator whitelisting, Actively Validated Services whitelisting, frameworks for overall risk management, community and treasury grants, and specifications regarding concentration amounts, collateral assets, and deposits. [1][2]

REZ Airdrops

The Season 1 followed a linear distribution based on a user's ezPoints balance. Renzo collaborated with a third-party data analytics company to identify sybil wallets and established a minimum ezPoints threshold per wallet as of the snapshot date for token distribution eligibility. Wallets with over 500k ezPoints were subject to a 50% unlock at the token generation event (TGE) and 50% linear vesting over three months. Season 1 concluded on April 26th. User eligibility was based on the ezPoints balance in their wallet at the time of the snapshot, regardless of their current balance. [4]

The Season 2 campaign, starting on April 26th, aimed to support ongoing growth, reward early users, and enhance the utility and distribution of across all supported networks. Season 2 featured boosted points for holders in user wallets and supported integrations, distributing 5% of the total supply (500M $REZ) to the community over three months until July 26th. All Season 1 users received a 10% additional boost on their total ezPoint balance at the end of Season 2. [5]

Tokenomics

wiki
The maximum supply of REZ tokens is limited to 10,000,000,000 and has the following allocation: [1][2]

  • Fundraising: 31.56%
    • Intended for the project’s early investors.
  • Community: 32%
    • 7% allocated for Season 1 rewards based on earned ezPoints.
    • Allocated for various community campaigns.
    • 5% designated for the second season of incentives.
  • Core Contributors: 20%
    • Distribution to Renzo Labs’ team and advisors.
  • Foundation: 12.44%
  • Launchpool: 2.5%
  • Liquidity: 1.5%

ezETH

functions as the Liquid Restaking Token (LRT) within the Renzo Protocol, symbolizing the user's restaked position. Participants can stake native or tokens (LSTs), like and , and in return, acquire . Notably, is a reward-bearing token, implying that its value has the potential to surpass that of the underlying tokens due to its yield enhancement within Actively Validated Services (AVSs). [2]

ezPoints

Renzo's ezPoints system aims to incentivize active participation and contribution to the protocol's success. Participants are rewarded with points based on their involvement, with the quantity varying according to the duration and nature of their engagement. Holding is one way to earn ezPoints, with holders receiving 1 Renzo ezPoint per hour for each held. Early participants and those with larger holdings receive additional points. [1]wiki

Partnerships

Connext Network

Renzo Protocol has partnered with Connext Network to introduce cross-chain Native Restaking to networks. This collaboration enables / holders to restake on prominent chains supported by Renzo, offering increased and accessibility while simplifying the complexities of conventional restaking processes. Additionally, Renzo plans to extend support for LST restaking on Layer 2 networks. Integrating Renzo with Connext and Cross-Chain Interoperability Protocol (CCIP) ensures a smooth and seamless cross-chain Native Restaking experience for users. [1]

Pendle

On January 31st, 2024, Renzo unveiled its integration with DeFi yield protocol . This integration operated through a single contract, the EIP5115 SY token, representing at a 1:1 ratio. The SY tokens could be tokenized into principal tokens (PT) and yield tokens (YT). [3]

On March 20th, 2024, Renzo announced its integration with on , , and Linea. This integration allowed Renzo’s to access reliable and tamper-proof price feeds, facilitating secure and expanded access to advanced liquid restaking strategies and providing users with industry-standard price data for Renzo integrations. [6]

Investors

Seed Funding Round

On January 15th, 2024, Renzo raised $3.2 million in seed funding. Maven11 Capital led the round, which also included participation from Figment Capital, SevenX Ventures, IOSG Ventures, and other investors. [7]

June Funding Round

On June 18, 2024, Renzo announced it had raised $17 million in a funding round, according to a press release shared with CoinDesk. The funding, conducted over two rounds, was led by Galaxy Ventures in the first round and Brevan Howard Digital Nova Fund in the second. The capital will be used to expand the project's restaking services, including adding support for tokens. [8]

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Renzo Protocol

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July 2, 2024

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