- Renzo is entering the Solana liquid restaking market in collaboration with the Jito Foundation.
Through a partnership with the Jito Foundation, the Ethereum liquid restaking system Renzo has entered the Solana liquid restaking market. As part of the deal, Renzo will launch ezSOL, a Solana liquid restaking token (LRT), on Jito.
On Wednesday, Renzo announced that he will serve as the Jito (re)staking platform’s first liquid restaking procedure. With JitoSOL as the underlying staked asset, users will be able to mint ezSOL by utilizing Jito’s MEV-enhanced validator network.
With its liquid staking currency JitoSOL, Jito is a Solana liquid staking system that compensates holders for staking as well as MEV (maximum extractable value). The Jito Foundation published the Jito restaking code last month. It is noteworthy for enabling multiple staked assets, such as JitoSOL, other tokens for liquid staking, or any token based on Solana.
By locking up their staked assets in various protocols, referred to as actively verified services (AVSs), users can maximize their winnings through restaking, which enables them to collect additional incentives. Users can boost their benefits by utilizing Renzo’s ezSOL liquid restaking token across many Solana-based DeFi protocols once it launches.
Renzo’s founding contributor Lucas Kozinski informed The Block that ezSOL is anticipated to arrive next month.
For liquid restaking, the introduction of ezSOL on Jito’s infrastructure is a turning point. We’re developing a more capital-efficient staking derivative that can function as a foundation for intricate DeFi techniques on Solana by utilizing Jito’s distinctive restaking design. Kozinski continued.
Renzo’s liquid restaking offering for Ethereum
With its liquid restaking tokens and pzETH, respectively, Renzo now provides Ethereum liquid restaking services on EigenLayer and Symbiotic.
The total value locked (TVL) or deposits in the Ethereum restaking sector have decreased recently. For instance, on July 11 of last month, EigenLayer saw the biggest single-day net withdrawals in its history, totaling over $135 million in net outflows, or over 43,550 ETH at that time. Additionally, Renzo’s TVL has decreased recently.
Renzo, according to Kozinski, has enabled withdrawals, enabling restakers to enter and exit the protocol at will.
Renzo has shown to be the most reliable and liquid restaking mechanism on Ethereum in light of the recent market turbulence, he continued.
Renzo now has approximately $1.3 billion in TVL, making it the third-largest Ethereum liquid restaking protocol after Ether.Fi and Puffer Finance, according to DeFiLlama statistics.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
