PANews reported on August 29 that according to The Block, the liquidity re-pledge protocol Renzo Protocol announced the launch of its governance token REZ on Solana to enhance its influence in the blockchain ecosystem and utilize Wormhole's native token transfer framework. REZ was initially deployed on Ethereum and will be transferred to Solana using Wormhole's framework. The Guardian network of this multi-chain protocol uses secure cross-chain proofs to ensure that token transfers between Ethereum and Solana will not cause problems.
According to the press release, REZ on Solana will maintain a 1:1 peg with REZ on Ethereum, which also states that the token will adhere to Solana's token standards and be compatible with the blockchain's decentralized financial ecosystem. REZ's initial liquidity will be provided by Solana's main automated market maker. According to the team, the token may be integrated with the blockchain's lending protocol - meaning it can be used as collateral - and liquidity incentives will be provided for REZ/SOL and REZ/USDC pairs. In addition, Solana-based REZ will be distributed through community airdrops and liquidity incentive programs.
