# Renzo Restaked ETH (ezETH) > Renzo Restaked ETH (ezETH) is a reward-bearing restaking token in the Renzo Protocol, which users acquire by staking native ETH or liquid staking tokens. - Canonical URL: https://iq.wiki/wiki/renzo-restaked-eth-ezeth - Categories: Cryptoassets - Tags: Infrastructure - Created: 2024-05-01T18:15:36.239Z - Last updated: 2025-06-17T21:11:31.947Z - Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki) --- **Renzo Restaked ETH (EZETH)** functions as the [Liquid](https://iq.wiki/wiki/liquid) Restaking Token (LRT) within the [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol), symbolizing the user's restaked position. Participants can [stake](https://iq.wiki/wiki/staking) native [ETH](https://iq.wiki/wiki/ethereum) or [liquid staking](https://iq.wiki/wiki/liquid-staking) tokens (LSTs), like [wBETH](https://iq.wiki/wiki/wbeth) and [stETH](https://iq.wiki/wiki/lido-staked-ethereum-steth), and in return, acquire ezETH. ezETH 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). [\[1\]](#cite-id-fAPwSkhKkt) [\[2\]](#cite-id-OYL2zmGHP8) ## Overview ezETH functions as a reward-bearing token akin to cTokens. The rewards are generated from the underlying restaking positions and are reflected in the value of ezETH. These rewards are anticipated to be [ETH](https://iq.wiki/wiki/ethereum), [USDC](https://iq.wiki/wiki/usdc), and Actively Validated Services (AVSs) reward tokens. Consequently, ezETH's value is expected to appreciate relative to the underlying [Liquid Staking](https://iq.wiki/wiki/liquid-staking) Tokens (LSTs) as it accumulates more rewards in AVS tokens. [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol) serves as an interface and strategy manager for [EigenLayer](https://iq.wiki/wiki/eigenlayer). It uses a combination of operator nodes and smart contracts to optimize restaking strategies for users, aiming for the best risk/reward ratio [across](https://iq.wiki/wiki/across) various AVSs. Renzo has delegated a high percentage of its Total Value Locked (TVL) [across](https://iq.wiki/wiki/across) a curated list of AVSs, which contributes to its reward structure. As of June 2025, [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol) has a TVL of over $976 million. The TVL is primarily composed of [Ethereum](https://iq.wiki/wiki/ethereum) ($919 million) and [Solana](https://iq.wiki/wiki/solana) ($57 million) restaked assets. ezETH specifically has a TVL of $851 million and an APY of 3.05%. ezETH secures several AVSs, including EigenDA, eoracle, Witness Chain, OpenLayer, and Cyber via [AltLayer](https://iq.wiki/wiki/altlayer). ezETH is available on multiple chains beyond [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet), including Linea, [Unichain](https://iq.wiki/wiki/unichain), [Arbitrum](https://iq.wiki/wiki/arbitrum) One, [Blast](https://iq.wiki/wiki/blast), [Base](https://iq.wiki/wiki/base), Mode, and BNB Smart Chain. The increasing number of blockchains and Layer 2 networks contributes to liquidity fragmentation, making cross-chain solutions like ezETH valuable. [\[1\]](#cite-id-fAPwSkhKkt) [\[2\]](#cite-id-OYL2zmGHP8) [\[3\]](#cite-id-HOvH0WkimW) [\[4\]](#cite-id-NcJTiVafno) [\[5\]](#cite-id-JDjFCt0y57) [\[6\]](#cite-id-isotwWDTgX) ### ezETH Depeg [Renzo Protocol’s](https://iq.wiki/wiki/renzo-protocol) restaked [Ether](https://iq.wiki/wiki/ether-eth) token (ezETH) experienced a price depeg on April 24th, 2024. The token's price briefly dropped to $688 on [Uniswap](https://iq.wiki/wiki/uniswap) decentralized exchange before recovering its price parity with [Ether (ETH)](https://iq.wiki/wiki/ether-eth). The incident was likely triggered by a broader sell-off following the conclusion of [Renzo Protocol’s](https://iq.wiki/wiki/renzo-protocol) season 1 [airdrop](https://iq.wiki/wiki/airdrop), as users sought to convert ezETH back to ETH to farm other protocols. According to analysts, similar depegging incidents are a risk for all LRTs. The depeg led to mass liquidations on leveraged protocols like Gearbox and [Morpho Labs](https://iq.wiki/wiki/morpho-labs), with loopers (users using LRTs as [collateral](https://iq.wiki/wiki/collateral) to borrow ETH) suffering significant losses. One trader reportedly profited nearly $400,000 in two hours by buying ezETH during the depeg and selling after it recovered. [\[7\]](#cite-id-lXYgrIBV73) [\[6\]](#cite-id-isotwWDTgX) [\[8\]](#cite-id-i7X01c1Kbf) ## Rewards and Fees ezETH is a reward-bearing token where [staking](https://iq.wiki/wiki/staking) and restaking rewards are auto-compounded. This auto-compounding mechanism means the value of ezETH increases relative to the underlying assets as it earns more rewards. Renzo passes 100% of any [EigenLayer](https://iq.wiki/wiki/eigenlayer) rewards to users. Renzo charges a 10% fee on the rewards generated via restaking. This fee is split equally (50/50) between the protocol reserves (treasury) and Renzo [node](https://iq.wiki/wiki/node) operators [\[1\]](#cite-id-fAPwSkhKkt) ## ezPoints Renzo’s points system, known as ezPoints, is designed to incentivize and reward users for their active participation and contributions to the protocol's growth. Holding ezETH is a primary way to earn ezPoints, with users receiving 1 Renzo ezPoint per hour for every 1 ezETH held. Early participation and holding larger amounts of ezETH can also lead to earning additional points through various boosts. ezPoints play a crucial role in determining the allocation of REZ tokens a user receives during [airdrop](https://iq.wiki/wiki/airdrop) events. [\[2\]](#cite-id-OYL2zmGHP8) ## Team The founding contributors of [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol) include [Lucas Kozinski](https://iq.wiki/wiki/lucas-kozinski), James Coole, and Kratik Lodha. [Lucas Kozinski](https://iq.wiki/wiki/lucas-kozinski) has a background in the [crypto](https://iq.wiki/wiki/cryptocurrency) industry, having worked at [Moonwell](https://iq.wiki/wiki/moonwell-finance), TokenSoft, and the [Tezos](https://iq.wiki/wiki/tezos) Foundation. James Coole is a co-founder of TokenSoft, where he served as CTO. Kratik Lodha has experience in analytical roles at various funds. [\[2\]](#cite-id-OYL2zmGHP8) ## Investors [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol) is backed by several prominent investors in the [blockchain](https://iq.wiki/wiki/blockchain) space. In January 2024, the protocol announced a $3.2 million seed funding round led by Maven11. Other participants in this round included IOSG Ventures, Figment Capital, and SevenX Ventures. Additional investors listed by Renzo include [Binance Labs](https://iq.wiki/wiki/binance-labs), [OKX](https://iq.wiki/wiki/okx) Ventures, [Mantle](https://iq.wiki/wiki/mantle-network), Edessa Capital, BODHI Ventures, [Robot Ventures](https://iq.wiki/wiki/robot-ventures), and Re7Capital. [\[3\]](#cite-id-HOvH0WkimW) [\[2\]](#cite-id-OYL2zmGHP8) ## DeFi Integrations [Renzo Protocol](https://iq.wiki/wiki/renzo-protocol)'s ezETH is integrated across various [Decentralized Finance](https://iq.wiki/wiki/defi) (DeFi) platforms, allowing users to earn additional yield on their restaked positions. Notable integrations include [Aave](https://iq.wiki/wiki/aave), Spark, and Kamino. Renzo has also integrated with [Pendle Finance](https://iq.wiki/wiki/pendle-finance), enabling the tokenization of ezETH into principal and yield tokens. [\[2\]](#cite-id-OYL2zmGHP8) [\[3\]](#cite-id-HOvH0WkimW)