This article briefly introduces the projects launched in Binance Launchpool Phase 53#Renzo

Project Description:

Renzo is an Ethereum re-staking protocol based on Eigenlayer. It simplifies the complexity of re-staking on EigenLayer and provides users with a more convenient and liquid way to participate.

Renzo allows users to deposit Ethereum and in the future can use Liquidity Restaking Tokens (LST) to exchange for ezETH, a Liquidity Restaking Token (LRT) that can be used in DeFi applications. In short, Renzo is like a convenient bridge that allows users to interact with the EigenLayer ecosystem more easily.

What is re-pledge?

Re-staking is the process of re-staking already pledged assets on a different platform or protocol.

For example, you might stake Ethereum (ETH) on a platform, such as Lido, to get stETH certificates. Then, you can take these stETH to another platform, such as EigenLayer, and stake them again to get new asset certificates.

In this process, ETH is exchanged for Liquid Stake Token (LST) through liquidity staking. LST is a certificate that proves that you have staked ETH. Then, you can stake LST again to obtain Liquid Restake Token (LRT). LRT is a new certificate that proves that you have staked LST again. It should be noted that although the certificate flows between different platforms, the original asset is always ETH itself.

In short, by continuously re-staking, you can increase the layers of your assets and provide yourself with more financial operation options, such as re-staking and lending, thereby increasing your chances of earning income.

Financing background:

In January 2024, it announced the completion of a US$3 million seed round of financing, led by Maven11, with participation from OKX Ventures, IOSG Ventures, Figment Capital, SevenX Ventures and others.

Token Allocation:

The total supply of $REZ is 10 billion, and the circulating supply after listing will be 1.05 billion, of which 31.56% is allocated to investors;

30% is allocated to the community (of which 5% is allocated to ezPoints in the first season, and the remaining allocation will be used for various community activities such as Season 2); 20% is allocated to core contributors and advisors; 13.44% is allocated to the foundation; 2.5% is allocated to Binance Launchpool; and 2.5% is used for liquidity.

Considering the mining income of similar projects in Binance Luanchpool, as well as the initial circulation and market value of ETHFI, I personally guess that the launch price of Renzo may be between 0.35-0.5. Looking forward to the opening performance.

About Megadrop

BiAnXin has launched a new token platform Megadrop. The first project is BounceBit. Users can participate in the BounceBit Megadrop from 08:00:00 (ET on April 26, 2024) to 07:59:59 (ET on May 13, 2024). You can pay attention to it.