#短的投研 | #Restaking | $REZ Liquidity Re-Pledge Center

Overview: Renzo is a liquid derivatives platform based on EigenLayer. It acts as an interface to the EigenLayer ecosystem by securing the Active Verification Service (AVS) and providing higher returns than ETH staking.

Features: It abstracts the complex process of end-user re-staking, so that stakers do not have to worry about the active selection and management of operators and reward strategies, and enables collaboration with EigenLayer node operators and active verification services (AVSs). Already launched on Binance #Launchpool

Tokens: $REZ can be used to vote on governance proposals, and $ezETH is Renzo’s liquidity re-staking token, whose holders can re-stake while having liquidity.

Financing: Public information shows that Renzo raised $3.2 million in seed round financing, led by Maven11, with participation from Binance Labs, OKX Ventures, Robot Ventures, SevenX Ventures, and others.

🧵 👇 Investment Research Report:

0/ Prerequisites:

EigenLayer: Introducing a new DeFi primitive, Restaking, which allows Ethereum users to stake $ETH and secure Active Validation Services (AVS) that generate rewards in addition to staking rewards.

👉 Official documentation: https://docs.eigenlayer.xyz/eigenlayer/overview

AVS: Active Verification Service is a decentralized service of Eigenlayer that will inherit the security of Ethereum through EigenLayer. These services can support various networks such as sidechains, data layers, etc. Eigenlayer enhances security by using Ethereum's pooled resources for activities such as middleware services, block construction, and transaction ordering.

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Click on the tweet below to view the tutorial 👇

https://x.com/BitHaHa/status/1782300524299362801

1/ EigenLayer/Restaking Track Analysis:

Staking to obtain airdrops has become a recognized wealth code in the industry. With the increasing demand for Ethereum liquidity staking and capital efficiency, EigenLayer's coin issuance is expected, AltLayer's airdrop ETHFI and Renzo have been launched on #Binance, and the battle in the Restaking track has reignited. In addition, Sreeram Kannan, the founder of Eigenlayer, proposed that ETH that has been staked on Ethereum can be staked again on other consensus protocols to share the economic security of Ethereum and ensure its own safe startup and operation.

Because Renzo was designed from scratch, it does not have the historical baggage brought by the LST token. While ensuring its scalability, it can also provide native ETH returns.

2/ Why Renzo was born:

Although EigenLayer uses LST as collateral to provide protection for AVS, the number of nodes and the amount of stake provided by the AVSs purchased by users from EigenLayer may not necessarily reach the same level as Ethereum. To build a robust Restaking system, restakers must be able to quantify the risk of penalties and choose to protect certain more favorable AVS while reducing participation in other less attractive AVS. Choosing strategies and combining them together is a mathematical problem. For example, there are 1023 different strategy combinations for 10 AVSs. In different combinations, in addition to fund security, there are also differences in returns.

Renzo proactively selects and manages the portfolio of AVSs to reduce the risk of penalties by calculating whether those AVSs will trigger new risks, etc. It also estimates the return and risk of the investment by calculating the staking rewards, basic costs and maximum losses to evaluate the performance of the investment, thereby maximizing the risk-adjusted incentive ratio (RAR) of the investment portfolio and allocating more funds to AVSs with high returns and low risks.

3/ Renzo Points:

Renzo Points are designed to reward users who contribute to the success of the protocol (in exchange for airdrops). Every participant in the Renzo ecosystem will receive points, and the amount of points will vary depending on the duration and nature of participation.

There are 4 ways to earn points:

1. Hold $ezETH. For every ezETH held, you can get 1 Renzo ezPoint every hour.

2. Invite a new user and the referrer will receive 10% of the referred user’s points. Example: If you refer a user who has earned 1,000 ezPoints, you will receive 10% or 100 ezPoints for referring that user.

3. Participate in the official incentive activities. Currently, the three phases of activities have ended and are waiting for follow-up.

4. Participate in the DeFi protocol that Renzo cooperates with to earn points. For details, please visit: https://docs.renzoprotocol.com/docs/integrations/defi

4/ $ezETH Token:

ezETH is a liquidity staking token that represents the user's re-staking position in Renzo. Users can deposit native ETH or LST and obtain ezETH. It is also an important means of obtaining Renzo points.

ezETH is the most liquid asset in the Restaking track. Although many projects are rolling points, ezETH has been integrated into many DeFi protocols. With the crazy growth of L2 on Ethereum, more and more DeFi protocols will integrate $ezETH.

5/ Price prediction:

According to the current point price, total point volume and airdrop ratio, the price is estimated to be around 0.25U, corresponding to a full circulation market value of 2.5 billion, which is slightly lower than the $ETHFI project in the same track.

According to Binance’s past Launchpool interest rates, the opening price is around 0.5U - 0.6U.

Combined with the current market analysis, after the token stabilizes, the price may be between 0.3U - 0.4U.

🧵 Summary:

Renzo aims to be the main on-ramp and off-ramp for Ethereum, using a combination of smart contracts and operator nodes to ensure the best risk/reward staking strategy. We are currently in the first of three phases of Renzo's plan: increasing and distributing liquidity!

The three stages are: 1. Improving and allocating liquidity; 2. Improving efficiency; 3. Portfolio construction and risk management.

According to the founder's estimate, the three stages will take about one to one and a half years, just in time for the end of this round of bull market! 🤣

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