Binance Labs, Binance's venture capital and incubation subsidiary, has invested in Renzo, a Liquid Restaking Token (LRT) and Strategy Manager developed for the EigenLayer ecosystem.
Renzo Protocol, designed as EigernLayer's Restaking Hub, consists of Ethereum-based smart contracts which enable a trustless nexus among stakers, node operators, and Actively Validated Services (AVSs). These contracts simplify asset restaking, delegation to node operators, and interactions with on-chain service modules, bolstering seamless collaboration between users and EigenLayer node operators.
Yi He, Binance Co-Founder and Head of Binance Labs, stated, "Renzo's technology tackles the complexities of Liquid Restaking, allowing a broader user base to participate. At Binance Labs, we're always on the lookout for innovative DeFi projects with fresh use cases, and we're excited to watch Renzo's growth in the Liquid Restaking sector."
Supporting both native ETH deposits and LST tokens, Renzo works with institutional-grade node operators to offer native ETH restaking. When users deposit LST or ETH on Renzo, they receive an equivalent amount of ezETH, a liquid restaking token. Additionally, Renzo is collaborating with bridging partners to stimulate cross-chain bridging of ETH from other Layer 1s and Layer 2s directly onto the Eigen layer.
Through partnerships with institutional-grade node operators and DeFi researchers, the protocol acts as a leader in restaking risk and portfolio management. Renzo's team, comprised of DeFi-native founders, are dedicated to introducing new value and tokens to users while executing established best practices in DeFi for EigenLayer.
"The team and I are honored to receive the backing of the entire Binance community, and we aim to bring DeFi's best practices to restaking on EigenLayer,” commented Lucas Kozinski, Renzo's Founding Contributor.
