Ethereum restaging protocol Renzo raised $3.2 million at a valuation of $25 million
EigenLayer-based re-staking protocol Renzo has raised $3.2 million in seed funding.
The round was led by Maven11 Capital. Other participants include Figment Capital, SevenX Ventures and IOSG Ventures. Investors valued the project, founded in August last year, at $25 million.
Renzo helps users re-stake ETH through interaction with EigenLayer. The beta version of the protocol's mainnet has been running since last month. The developers will add support for liquid staking tokens (LST) in future platform releases.
To get started with Renzo, users need to deposit ETH or LST (in the future). In return, the platform issues liquid re-staking tokens ezETH, which can then be used in DeFi applications to generate additional income.
“Renzo is a third-generation protocol that supports both native ETH and LST,” said project co-founder Lukas Kozinski.
