what is renzo protocol and how does it work

Renzo Protocol is a liquid derivative platform built on EigenLayer, serving as the primary interface to the EigenLayer ecosystem. It secures Actively Validated Services (AVSs) and offers higher yields than ETH staking. Renzo operates as a Liquid Restaking Token (LRT) and Strategy Manager, promoting the adoption of EigenLayer and securing AVSs.

Renzo's primary function is to secure AVSs on the EigenLayer network, providing users with a simplified way to earn rewards through liquid staking and restaking of Ether (ETH). The platform uses a combination of smart contracts and operator nodes to secure the best risk/reward restaking strategy.

Renzo abstracts the technical complexities of native ETH staking, enabling users to deposit ETH or wBETH to mint the ezETH liquid restaking token, without requiring 32 ETH or integrated Ethereum nodes with EigenPods. Users can earn ETH staking yield, EigenLayer Restaked Points, and Renzo ezPoints through this multi-faceted rewards approach.

Renzo also offers a referral system, where users can earn an additional 10% of the referred users' points for each person who joins Renzo using their referral link. The referral system is cumulative, meaning the more people a user invites and the more ETH those users deposit, the greater the number of ezPoints the user can earn.

In summary, Renzo Protocol is a liquid derivative platform built on EigenLayer that secures AVSs and offers higher yields than ETH staking. It operates as a Liquid Restaking Token (LRT) and Strategy Manager, promoting the adoption of EigenLayer and securing AVSs. Renzo abstracts the technical complexities of native ETH staking, enabling users to deposit ETH or wBETH to mint the ezETH liquid restaking token and earn rewards through a multi-faceted rewards approach.

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