According to Blockworks, as more and more layer-2 chains compete for user attention and liquidity, developers are stepping up the advancement of "chain abstraction" technology. Renzo Protocol has partnered with Everclear to expand native staking to six layer-2 chains: Arbitrum, BNB Chain, Base, Mode, Blast, and Linea. Renzo is the third largest liquid staking protocol with a current total locked value (TVL) of $1.2 billion.
Renzo users can stake on any supported layer-2 chain to earn ezETH, avoiding the need to bridge to the Ethereum mainnet and its high gas fees. This move has increased Renzo’s TVL from $614 million at the end of February to over $1 billion three months later.
Additionally, Renzo has seen a tenfold increase in the number of unique EOAs (wallet addresses) and a reduction in gas fees of approximately 90%. Other players such as Socket Network are also developing similar chain abstraction interoperability solutions.
Socket's MOFA market adopts a market competition model, where execution agents (transmitters) compete to process user transactions. Socket co-founder Vaibhav Chellani said these efforts provide an early preview of the final state of chain abstraction.
