other RENZO projects
Renzo recently raised $17 million in a funding round, with backing from Galaxy Ventures and the Brevan Howard Digital Nova Fund1. These funds will be used to expand the project's recovery services, including adding support for ERC-20 tokens.
Renzo is part of a new class of restoration protocols built on top of EigenLayer. Here are some interesting details about it:
Native restaking: Renzo takes users’ ETH tokens, deposited or “staked,” as security on the Ethereum blockchain. It then reuses these tokens to secure additional networks, known as actively validated services (AVS).
Liquid Derivatives Platform: Renzo describes itself as a liquid derivatives platform built on EigenLayer. It secures AVS and offers a higher yield than ETH. For every liquid staking token or ETH deposited into Renzo, it in return generates an equivalent amount of Renzo’s cashback token, ezETH.
Emerging Trend: Restoration is also expanding to other assets, including ERC-20 tokens. EigenLayer now accepts its own token EIGEN to secure its internal AVS, EigenDA. Other projects, like Symbiotic, also accept ERC-20 tokens for catering.
In short, Renzo revolutionizes ETH restoration and simplifies the process for users.