Renzo the 4 billion Liquid Restaking Protocol Secures 17 Million in Funding to Enhance Restaking Offerings
Denver, United States, June 18th, 2024, Chainwire – Renzo, a Liquid Restaking Protocol, has announced a significant funding round of $17M. Currently, Renzo has already restaked nearly $4B. The funding came in two rounds, with Galaxy Ventures leading the first round and the Nova Fund – BH Digital (based in Abu Dhabi) leading the second round. This funding follows a previous round of $3.2M from Maven11, Figment Capital, and Binance Labs.
Restaking is increasingly important for enhancing security on Ethereum, but the process can be complex, risky, and costly, which hinders user adoption. Renzo, developed on EigenLayer, aims to simplify and make restaking more accessible. The new funding will help expand Renzo’s restaking services.
Renzo serves as a secure and user-friendly interface to the EigenLayer ecosystem, supporting Actively Validated Services (AVS) and providing access to restaking rewards. It simplifies the process and enables secure integrations with node operators.
Lucas Kozinski, Founding Contributor, stated, “As dual staking adoption grows, Renzo is paving the way for restaking by making it inclusive of all assets, including ETH and ERC-20 tokens.”
Users can deposit native ETH, stETH, and wBETH (LSTs) to access EigenLayer through Renzo. Renzo operates a distributed Ethereum validator infrastructure in collaboration with Figment, P2P.org, and Hashkey Cloud to facilitate unrestricted participation on EigenLayer. It is compatible with various platforms such as Arbitrum, Base, Blast, Linea, Mode, and BNB Chain, with over 100 DeFi integrations.
Will Nuelle, General Partner of Galaxy Ventures, noted, “Renzo stands out from other protocols by designing its system with restaking as a core feature, rather than just adapting to it like traditional staking protocols. Renzo’s ability to accept both native ETH and Liquid Staking Tokens (LSTs) sets it apart and ensures a user-friendly experience for participants.”
Renzo, the restaking hub of EigenLayer, aims to simplify access to Liquid Restaking strategies. Powered by institutional-grade node operators, Renzo simplifies the process of securing Actively Validated Services (AVS) and offers a robust interface for risk management and rewards tracking on EigenLayer. With Renzo’s ezETH being the most integrated Liquid Restaking Token (LRT), users can gain broad exposure to the EigenLayer and Ethereum ecosystems, with increased opportunities for generating rewards. Visit https://www.renzoprotocol.com/ for more information.
Contact:
Lukasz Kozinski
Renzo Labs
[email protected]
