Renzo Protocol - Liquid Restaking Hub [Plus Launchpool Info]

Renzo Protocol has just become the 53rd project on Binance Launchpool. Farming its token (REZ) started today (24th April at 00:00 UTC) and will run for 6 days. As usual, eligible users can stake BNB or FDUSD to get their share of the allotted Launchpool rewards, and here are the brief details about it:

• Farming Period: 24 April 2024 (00:00 UTC) to 29 April at 23:59 UTC.
• Eligibility: KYC required
• Total Rewards: 250 million REZ
• Token Listing: REZ will be listed under the Seed Tag on the Binance Spot market on the 30th April 2024 at 12:00 UTC with the trading pairs REZ/BTC, REZ/USDT, REZ/BNB, REZ/FDUSD, and REZ/TRY.

Supported Pools

➡️ BNB

• This includes BNB on the BNB Vault and BNB Locked Products.
• 85% of the total Launchpool rewards are allocated for this pool or 212.5 million REZ (daily allocation of 35,416,666.67 REZ).
• Hourly max reward per user is capped at 147,569.44 REZ.
• Go to this page to manually stake your BNB.

➡️ FDUSD

• 37.5 million REZ in rewards or 15% of the Launchpool allocation, daily allocation of 6.25 million REZ.
• The maximum hourly reward per user is capped at 26,041.67 REZ.
• Visit this page if you want to stake your FDUSD.
  

Source

What is Renzo

Renzo Protocol is a liquid restaking hub and strategy manager for EigenLayer. It "abstracts all complexity from the end-user and enables easy collaboration between them and EigenLayer node operators. It aims to secure Actively Validated Services (AVSs) and offer a higher yield than traditional ETH staking."¹

Renzo acts as a bridge into the EigenLayer protocol to engage in secure ETH re-staking, simplifying liquid restaking by allowing users to stake their Ethereum (ETH) or Liquid Staking Tokens (LSTs) and receive ezETH in return.²

In simple terms, Renzo is the main interface for users to interact with the EigenLayer ecosystem. Users can native ETH or LSTs and receive ezETH, Renzo's liquid restaking token representing a user’s restaked position.

Accordingly, Renzo is "the most liquid and widely distributed liquid restaking protocol. It allows native restaking on 7 networks (Ethereum, Arbitrum, Blast, Linea, Mode, Base, and BNB Smart Chain). In addition, Renzo is the first restaking protocol to introduce both native ETH and LST deposits."

Renzo Tokenomics⁴

Renzo (REZ) is the native utility and governance token for the Renzo Protocol. REZ holders have voting rights on governance proposals on matters regarding the Renzo protocol.

• Ticker: $REZ
• Token Type: ERC-20
• Total Max Supply: 10 billion REZ
• Initial Circ. Supply: 1.050 billion REZ or 10.50% of total supply

• Token Allocation

Token vesting will last until January 2027.

The project has raised $3.2 million in a seed funding round led by Maven11 Capital, with Figment Capital, SevenX Ventures, IOSG Ventures, and other investors.⁵

Summing Up

Renzo Protocol launched its token on Binance Launchpool and allocated 2.5% of the total supply to reward eligible users staking in its supported pools (BNB and FDUSD). Binance will then list the token on its Spot market at the end of this month.

Meanwhile, users who restake on Renzo can earn EigenLayer Points and Renzo Points which may qualify them for airdrops. Season 1 of the campaign will end on April 26 and claiming of rewards will be on the 2nd of May 2024. More details here.

For tutorials on how to restake ETH or LSTs on Renzo, you can check out this guide.

_{Info sources: Renzo / Whitepaper / Research / Restaking Hub / Block / Mirror}