Binance Labs Invests in Renzo, EigenLayer’s Restaking Hub
Binance Labs has made a strategic investment in Renzo, a platform designed to enhance EigenLayer’s adoption through its Liquid Restaking Token (LRT) and Strategy Manager. This move aims to bolster shared security on EigenLayer and redefine restaking risk management.
Renzo, the restaking hub for EigenLayer, utilizes Ethereum smart contracts to enable seamless cooperation among stakers, node operators, and Actively Validated Services (AVSs), simplifying user interaction with the EigenLayer ecosystem. It prioritizes securing AVSs while offering yields surpassing traditional Ethereum staking.
“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.
The platform introduces ezETH, a liquid restaking token that consolidates yields and incentives, against ETH or LST tokens like stETH and wBETH deposited by users. Renzo is also expanding its services to include cross-chain ETH bridging from various Layer 1 and Layer 2 networks to EigenLayer, streamlining the process for users across different blockchain environments.
With a focus on risk and portfolio management, Renzo partners with top-tier node operators and DeFi experts. The founding team, seasoned in DeFi and Web3 ventures, is dedicated to delivering innovative LRT products and enhancing security and risk management practices within the EigenLayer framework.
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.”
Binance Labs, valued at over $10 billion, has backed 250 projects globally, achieving significant returns on investment. It supports startups through its incubation programs, with 50 projects already benefitting from its extensive network and resources.
