Renzo the Liquid Restaking Protocol Valued at 4 Billion Secures 17 Million in Funding to Enhance Restaking Offerings
Denver, USA, June 18th, 2024, Chainwire – Renzo, the innovative Liquid Restaking Protocol, has recently secured $17 million in funding. To date, Renzo has facilitated the restaking of nearly $4 billion. The funding rounds were led by Galaxy Ventures and the Nova Fund – BH Digital from Abu Dhabi. This funding follows a previous investment of $3.2 million from Maven11, Figment Capital, and Binance Labs.
Restaking is quickly becoming a crucial element in enhancing security on Ethereum. However, the process is complex, risky, and costly, which has limited user adoption. Renzo, utilizing the EigenLayer technology, aims to simplify and make restaking more accessible. The latest funding will further expand Renzo’s restaking services.
Renzo serves as a secure and user-friendly gateway to the EigenLayer ecosystem, ensuring the security of Actively Validated Services (AVS) and optimizing restaking rewards. It streamlines the process and enables secure integrations with node operators.
Lucas Kozinski, Founding Contributor, stated, “Renzo’s restaking services will encompass all assets, including ETH and ERC-20’s, as the adoption of dual staking increases. Renzo is laying the foundation for restaking.”
Renzo allows users to deposit native ETH, stETH, and wBETH (LSTs) to access EigenLayer. Renzo operates a decentralized Ethereum validator infrastructure in collaboration with Figment, P2P.org, and Hashkey Cloud, allowing unrestricted participation on Eigenlayer. It is compatible with Arbitrum, Base, Blast, Linea, Mode, and BNB Chain, with over 100 DeFi integrations.
Will Nuelle, General Partner of Galaxy Ventures, emphasized, “Renzo stands out by designing its system with restaking as a core feature, unlike traditional staking protocols that are adapting to restaking. Renzo’s ability to accept both native ETH and Liquid Staking Tokens (LSTs) sets it apart, fostering collaboration with existing market players and ensuring a seamless user experience.”
Renzo is the premier restaking platform within EigenLayer, created to simplify and broaden access to advanced Liquid Restaking strategies. Powered by reputable node operators, Renzo simplifies the process of securing Actively Validated Services (AVS) while offering a robust interface for managing risks and tracking rewards on EigenLayer. With Renzo’s ezETH, the most comprehensive Liquid Restaking Token (LRT), users can gain exposure to the EigenLayer and Ethereum ecosystems with increased reward opportunities. Visit https://www.renzoprotocol.com/ for more information.
Contact:
Lukasz Kozinski
Renzo Labs
[email protected]