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Binance Labs has made a strategic investment in the decentralized finance (DeFi) project Renzo to grow its offerings in liquid restaking.

Renzo is a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer, seeking to foster the broader adoption of the EigenLayer ecosystem.

Binance Labs, the venture capital and incubation division of Binance, has invested to support Renzo’s mission of shared security on EigenLayer and manage the risks that come from restaking.

The Renzo protocol will use the Binance investment to make restaking on EigenLayer more accessible to the DeFi community.

The protocol runs as a Restaking Hub on EigenLayer comprising Ethereum smart contracts that promote trustless transactions between Actively Validated Services (AVSs), node operators, and stakers.

By using the Ethereum smart contracts, Renzo users can restake and delegate assets.

The smart contracts also support other processes like the facilitation of on-chain service modules, removing complexities and making it easier for end-users and node operators on EigenLayer to interact seamlessly.

The Renzo protocol is an interface to EigenLayer as it leverages AVSs to give users higher yields compared to activities like Ethereum staking.

While commenting on the investment, the head of Binance Labs, Yi He, opined that Renzo would bring more people to liquid restaking with its unique technological offering.

“At Binance Labs, we are always seeking innovative DeFi projects that introduce novel use cases, and we look forward to witnessing Renzo’s growth in the Liquid Restaking sector,” the executive said.

Renzo is now among the 250 projects that are under the Binance Labs $10 billion portfolio, pointing towards the project’s potential for growth in a highly competitive industry. 

Renzo offers native ETH restaking in partnership with institutional-grade node operators.

Users on the protocol can restake ETH and LST tokens like stETH and wBETH.

Whenever users restake ETH or LST tokens on Renzo, they receive an equal amount of ezETH.

ezETH plays a key role in the Renzo ecosystem as it is a liquid staking token used to show the user’s restaked position on the protocol.

Besides growing its offerings in DeFi restaking, Renzo is also pursuing partnerships in the industry to support seamless cross-chain interactions between the Eigen layer and other blockchains.

Renzo already has a solid presence in portfolio management and restaking risk having worked with major node operators and DeFi researchers.

The Renzo protocol has a strong team backing it, which comprises veteran DeFi founders with years of experience in the industry.

The team seeks to give DeFi users more value and benefits by innovating LRT products to meet their offerings.

The Renzo team is also working on other areas such as better security and risk management using the best practices in the DeFi industry. Renzo’s founding contributor, Lucas Kozinski, believes that the support from the Binance community will foster thought leadership and the industry’s best practices in restaking on EigenLayer.

The post Binance Labs invests in Renzo to support its liquid restaking offering appeared first on Invezz

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