- Binance Labs, the enterprise capital arm of Binance, has invested in Renzo.
- Renzo is a Liquid Restaking Token (LRT) and Technique Supervisor for Ethereum restaking protocol EigenLayer.
Binance’s enterprise capital arm has introduced it invested in Renzo, a Liquid Restaking Token (LRT) and Technique Supervisor for EigenLayer.
Binance Labs’ announcement that it invested in Renzo comes on the identical day as information of enterprise 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.
Learn extra: a16z invests $100 million in Ethereum restaking protocol EigenLayer.
Binance Labs seeks to spice up Liquid Restaking house
Renzo Protocol is the liquid restaking hub for EigenLayer, with its expertise key to the trustless collaboration between varied ecosystem gamers on EigenLayer. Binance Labs seeks to assist stakers, node operators and Actively Validated Providers (AVS) on Renzo collaborate higher inside an setting of shared safety and customary danger administration.
“Renzo’s expertise addresses the complexities of Liquid Restaking, enabling extra customers to take part in Liquid Restaking. At Binance Labs, we’re at all times searching for revolutionary DeFi initiatives that introduce novel use instances, and we look ahead to witnessing Renzo’s progress within the Liquid Restaking sector,” Yi He, co-founder of Binance and head of Binance Labs, stated in a press release.
Renzo gives native ETH restaking, with help for ETH deposits in addition to LST tokens equivalent to staked ETH (stETH) and wrapped Beacon ETH (wBETH).
When a person deposits an LST token or Ether on Renzo, they obtain ezETH. This can be a liquid restaking token that represents the person’s restaked place. The LRT encapsulates all potential yields and incentives.
