Renzo became the second-largest liquid restaking protocol by making EigenLayer restaking as simple as depositing ETH — handling all AVS selection and operator management on the user’s behalf. EigenLayer’s native interface requires understanding which Actively Validated Services to restake into, evaluating operator quality, and actively managing a restaking portfolio. Renzo abstracts all of this: deposit ETH or LSTs (stETH, cbETH, wBETH), receive ezETH, and automatically earn yield from Renzo’s curated AVS operator set. The protocol manages AVS selection, operator delegation, and reward claiming — delivering restaking yield as ezETH appreciation, just like a liquid staking token. This simplicity created rapid TVL growth, making Renzo one of the first EigenLayer-native protocols to reach billions in restaked value. The REZ token launched via Binance Launchpool, one of the most-anticipated token launches of Q2 2024, though its immediate post-launch price action disappointed many points farmers.
| Stat | Value |
|---|---|
| Ticker | REZ |
| Price | $0.00 |
| Market Cap | $32.07M |
| 24h Change | +7.0% |
| Circulating Supply | 8.20B REZ |
| Max Supply | 10.00B REZ |
| All-Time High | $0.28 |
| Contract (Ethereum) | 0x3b50...a6f9 |
| Contract (Base) | 0xf757...7252 |
| Contract (Solana) | 3DK98M...4Zw5 |
How It Works
ezETH (liquid restaking token):
Depositing ETH or eligible LSTs generates ezETH — a non-rebasing LRT that appreciates vs. ETH as staking + restaking rewards accumulate. ezETH integrates with Aave, Curve, and other DeFi protocols as collateral.
AVS strategy selection:
Renzo’s operator network manages AVS restaking across EigenLayer’s growing ecosystem — EigenDA, Lagrange, AltLayer, and others. Renzo’s strategy adjusts as new AVS go live, maximizing restaking yield for ezETH holders.
Multi-asset deposits:
Renzo accepts not just ETH but also LSTs like stETH (Lido) and cbETH (Coinbase) as restaking collateral — broadening the accessible capital pool for EigenLayer restaking.
REZ points to airdrop:
Before token launch, Renzo ran an “ezPoints” program rewarding ezETH holders and DeFi participants. Points were converted to REZ at TGE (Token Generation Event), creating substantial pre-launch community participation.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 10,000,000,000 REZ |
| Circulating at launch | ~1.05B REZ (10.5%) |
| Launch mechanism | Binance Launchpool |
| Use case | Governance, protocol fee sharing |
Use Cases
- Liquid restaking — Single-deposit access to EigenLayer restaking yields via ezETH
- Multi-AVS exposure — ezETH earns rewards across multiple AVS without active management
- Governance — REZ holders vote on AVS selection strategy, fee rates, and protocol parameters
- DeFi collateral — ezETH used in lending, AMM pools, and structured yield products
History
- 2023 — Renzo Protocol founded; EigenLayer points farming era begins
- Q1 2024 — Renzo mainnet launches; TVL rapidly grows to $3B+ during EigenLayer points campaign
- Apr 2024 — ezETH de-pegs sharply (-30% in hours) due to ezPoints distribution confusion during token launch announcement; peg restores after clarification
- Apr 30, 2024 — REZ token launches via Binance Launchpool; significant selling pressure from points farmers
- 2024–2025 — Maintains position as top-3 liquid restaking protocol; ecosystem matures
Common Misconceptions
“ezETH is always 1:1 with ETH.” ezETH is not fixed-peg — it’s a yield-accumulating token that should trade at a premium to ETH as rewards compound. It can de-peg below ETH in liquidity crises, as seen in April 2024.
“Restaking doubles your yield risk-free.” Restaking adds layers of risk: AVS slashing, LRT smart contract risk, liquidity risk. The additional yield compensates for accepting these additional risks.