Renzo Introduces pzETH Liquid Staking Token On Symbiotic In Collaboration With Mellow Protocol
In Brief
Renzo protocol introduced pzETH liquid restaking token deployed on Symbiotic and issued in collaboration with Mellow Protocol.
Ethereum liquid restaking protocol Renzo introduced its liquid staking token (LRT), pzETH. This token is deployed on the shared security protocol Symbiotic and issued in collaboration with liquid staking infrastructure provider Mellow Protocol.
pzETH facilitates staking with stETH, wstETH, wETH, and ETH. Additionally, it provides users with risk-adjusted restaking rewards through Symbiotic. Moreover, pzETH stacks with Symbiotic, Mellow protocol, and ezPoints. According to the announcement on social media platform X, the initial phase 1 deposits are capped at a maximum of $25,000.
Renzo protocol functions as an LRT and Strategy Manager for EigenLayer, serving as the gateway to the EigenLayer ecosystem by securing Actively Validated Services (AVSs) and providing higher yields in comparison to ETH staking. It facilitates streamlined cooperation between its users and EigenLayer node operators.
The protocol launched its beta mainnet publicly in December 2023. It allows individuals to deposit native ETH, wBETH, or stETH to access EigenLayer Restaked points.
Apart from pzETH, the Renzo protocol provides another liquid restaking token, ezETH, which represents a user’s restaked position. Individuals can deposit ETH or LSTs to receive ezETH. This token is reward-bearing, with the underlying restaking positions capable of generating incentives that affect the value of ezETH. Consequently, the ezETH value rises in correlation with the underlying LSTs as it gains more rewards in AVS tokens.
Renzo Protocol: $17M Collected To Expand Its Restaking Services
Recently, Renzo protocol raised $17 million in a funding round led by Galaxy Ventures, alongside another round led by Brevan Howard Digital Nova Fund, following its initial $3.2 million seed raise in January, led by Maven11, among other investors.
As of the latest update, Renzo has accumulated approximately $3.1 billion in total value locked (TVL) and holds a market capitalization of $111.51 million, based on data from the cryptocurrency tracker DeFiLlama.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
