• Sat. Apr 20th, 2024

Binance Labs invests in EigenLayer restaking protocol Renzo

  • Binance Labs, the venture capital arm of Binance, has invested in Renzo.
  • Renzo is a Liquid Restaking Token (LRT) and Strategy Manager for Ethereum restaking protocol EigenLayer.

Binance’s venture capital arm has announced it invested in Renzo, a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer.

Binance Labs’ announcement that it invested in Renzo comes on the same day as news of venture capital firm a16z’ $100 million investment in EigenLayer. EigenLayer is an Ethereum restaking protocol with a TVL of of $7.8 billion as of February 22, 2024.

Read more: a16z invests $100 million in Ethereum restaking protocol EigenLayer.

Binance Labs seeks to boost Liquid Restaking space

Renzo Protocol is the liquid restaking hub for EigenLayer, with its technology key to the trustless collaboration between various ecosystem players on EigenLayer. Binance Labs seeks to help stakers, node operators and Actively Validated Services (AVS) on Renzo collaborate better within an environment of shared security and standard risk management.

“Renzo’s technology addresses the complexities of Liquid Restaking, enabling more users to participate in Liquid Restaking. At Binance Labs, we are always seeking innovative DeFi projects that introduce novel use cases, and we look forward to witnessing Renzo’s growth in the Liquid Restaking sector,” Yi He, co-founder of Binance and head of Binance Labs, said in a statement.

Renzo offers native ETH restaking, with support for ETH deposits as well as LST tokens such as staked ETH (stETH) and wrapped Beacon ETH (wBETH).

When a user deposits an LST token or Ether on Renzo, they receive ezETH. This is a liquid restaking token that represents the user’s restaked position. The LRT encapsulates all potential yields and incentives.

The post Binance Labs invests in EigenLayer restaking protocol Renzo appeared first on CoinJournal.