How to view Renzo
1) It is difficult to evaluate Renzo's ezETH depegging, because this is a common problem of the entire industry of the Restaking track that continues to increase leverage. It should be said that the later the platform is deployed to do LRT, the greater the potential liquidity problem will be. The reason is simple, because the native ETH has been sucked away by the head capital darlings such as ETHFI and Renzo, and the stock of tradable ETH that latecomers can attract is getting less and less.
If you want to squeeze liquidity, you can only use big moves in operational incentives, and do multiple incentives such as points airdrops to attract attention. Anyway, they are all continuously stacking leverage through ETH native assets, LRT pledged assets, and re-pledged platform points. Therefore, the Restaking market will inevitably move towards chaos and disorder, and as the number of players increases, the potential exposure problems will increase. Therefore, thinking from another angle, during the Fomo period of the re-pledge track, some Depeg events have made everyone more aware of the potential risks of the re-pledge track, and let some users who lack the ability to bear security risks recognize the facts as soon as possible. It is also good to think positively.
2) How do you view the difference in Renzo's re-staking narrative? A horizontal comparison will make it clear. @eigenlayer essentially wants to improve Ethereum's data availability DA capabilities through re-staking. Staking LST platform certificates to AVS active verification service nodes is just a means of implementation, and its core goal is to strengthen DA capabilities; ETHFI has a wider service scope across Staking and Restaking, and has made some innovations using DVT distributed verification technology. It can be said that it is a common competitor of Eigenlayer and LIDO; Renzo is more focused on enhancing the comprehensive operation and maintenance capabilities of AVS, including comprehensive capabilities in node technology, operation and maintenance, and network. If Eigenlayer has attracted a large number of Validators to join the AVS echelon, Renzo's goal is to provide these in-service AVS with professional comprehensive capability enhancement services, which can be regarded as a complement to Eigenlayer's business refinement. 3) In the vision planned by Eigenlayer, the AVS active verification service will extend the business to the original participants of the underlying security architecture of Ethereum, and deliver the POS verification capabilities of Ethereum Validators to more Rollup chains outside the Ethereum chain.This narrative may sound beautiful, but it will eventually be implemented in the operation of each node behind the scenes. For example, how can AVS improve its verification data processing capabilities, DDoS attack protection capabilities, network bandwidth stability capabilities, etc. In a sense, the capacity ceiling of AVS represents the narrative height of Eigenlayer, so it makes sense for Renzo to propose to provide specific enhanced services for AVS.
