Binance Labs invests in EigenLayer restaking protocol Renzo

  • Binance Labs, the mission capital arm of Binance, has invested in Renzo.
  • Renzo is a Liquid Restaking Token (LRT) and Approach Manager for Ethereum restaking protocol EigenLayer.

Binance’s mission capital arm has launched it invested in Renzo, a Liquid Restaking Token (LRT) and Approach Manager for EigenLayer.

Binance Labs’ announcement that it invested in Renzo comes on the same day as recordsdata of mission capital agency a16z’ $100 million funding in EigenLayer. EigenLayer is an Ethereum restaking protocol with a TVL of of $7.8 billion as of February 22, 2024.

Read extra: a16z invests $100 million in Ethereum restaking protocol EigenLayer.

Binance Labs seeks to grab Liquid Restaking hiss

Renzo Protocol is the liquid restaking hub for EigenLayer, with its abilities key to the trustless collaboration between numerous ecosystem gamers on EigenLayer. Binance Labs seeks to abet stakers, node operators and Actively Validated Products and companies (AVS) on Renzo collaborate better inner an environment of shared safety and typical probability management.

“Renzo’s abilities addresses the complexities of Liquid Restaking, enabling extra customers to participate in Liquid Restaking. At Binance Labs, we’re continuously in search of innovative DeFi initiatives that introduce recent utilize cases, and we mediate forward to witnessing Renzo’s enhance in the Liquid Restaking sector,” Yi He, co-founder of Binance and head of Binance Labs, said in an announcement.

Renzo offers native ETH restaking, with increase for ETH deposits moreover LST tokens equivalent to staked ETH (stETH) and wrapped Beacon ETH (wBETH).

When a user deposits an LST token or Ether on Renzo, they receive ezETH. That is a liquid restaking token that represents the user’s restaked blueprint. The LRT encapsulates all possible yields and incentives.

Fragment this article



Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button