• Wed. May 29th, 2024

Guide on Earning Renzo Points: Potential Renzo Protocol Airdrop

How to Earn Renzo Points for Potential Airdrop

Users can earn Renzo Points by depositing ETH and holding ezETH, referring other users, and interacting with participating protocols including Pendle, Ionic, and Thruster.


Key Takeaways

  • Renzo Protocol is a platform designed to simplify liquid restaking whereby users can deposit Ethereum or Liquid Staking Tokens in exchange for ezETH.

  • The project is built on EigenLayer and serves as a bridge for users to access the EigenLayer ecosystem.

  • Users can now interact and deposit assets on Renzo Protocol’s beta mainnet and be rewarded with Renzo Points.


Renzo Protocol simplifies liquid restaking and serves as a bridge to the EigenLayer ecosystem, letting users stake their ETH or Liquid Staking Tokens (LST) and receive ezETH in return. Acting as an interface on top of EigenLayer lets Renzo Protocol enhance Ethereum staking by securing Actively Validated Services (AVSs) and offering higher yields than ETH staking. 

The platform aims to remove all complexity from the user’s experience and enable easy collaboration between them and EigenLayer node operators. Renzo is a supporter of EigenLayer and its goal of facilitating permissionless innovation and Ethereum and programmatically acquiring trust for the ecosystem. 

Users who deposit LST or ETH on Renzo will mint an equivalent amount of ezETH which is the protocol’s liquid restaking token representing a user’s restaked position at Renzo. The underlying staking positions earn rewards which are then reflected in the price of ezETH and can be expected in ETH, USDC, and AVSs reward tokens.

Renzo Protocol has successfully raised a total of $3.2 million in a seed round at a valuation of $25 million. The fundraising was led by Maven 11 and received support from investors such as Figment Capital, SevenX, IOSG, and OKX Ventures. Shortly after, Binance Labs announced that they were also investing in Renzo Protocol with an undisclosed amount. With both fundings, Renzo is focused on building out its liquid restaking protocol. 

In December last year, Renzo launched its beta mainnet to let users deposit tokens and access EigenLayer Restaked points. Now, users can earn Renzo points which are distributed to reward users who interact in the Renzo ecosystem. ezETH holders will receive 1 ezPoint per hour for every ezETH they hold. With rising popularity in restaking platforms and the opportunity to earn Renzo points, it’s time to start interacting with the protocol!

Do note, at the time of writing, that the Renzo team have not made any official announcements for a token airdrop. Interacting with the Renzo ecosystem and earning Renzo points by following the steps below does not guarantee a token airdrop.

Step 1: Hold ezETH

Head to app.renzoprotocol.com/restake and Connect your wallet.

Currently, Renzo supports the Ethereum, Arbitrum, BNB Chain, Base, Mode, Linea, and OKX networks. You can choose to restake ETH, wBETH, stETH, or wETH depending on your chosen network. Do note that wBETH and stETH have restaking limits.

In this example, we will be restaking ETH on the Arbitrum network. 

Input your desired amount of ETH and confirm the transaction. 

Renzo occasionally holds ezPoints Boost events, where extra points are rewarded for new ETH deposits. Their most recent campaign rewarded users with 100 ezPoints boost for every 1 ETH deposit on Ethereum Mainnet, Arbitrum, BNB Chain, Mode, and Linea. Keep an eye out for any future campaigns they might hold and be sure to participate quickly as they only run for a set period of time.

Step 2: Refer Other Users

In the left menu, go to the Referral Program to get your referral link.

For each person that joins Renzo through your referral link, you will earn an additional 10% of their points. This means if the person you refer earns 1,000 ezPoints, you will receive 100 ezPoints for referring them.

All you need to do is Copy referral link and share it with your family and friends or you can also choose to share it directly on X formerly known as Twitter. 

 

Step 3: Interact with Participating Protocols 

As a restaking platform, Renzo has many participating protocols in its ecosystem that allow you to deposit your ezETH in their products and boost your earned Renzo points, some of which give you double the points. 

Among these protocols include Pendle, Linea, and Ionic. The whole list can be found at https://app.renzoprotocol.com/defi. A few of the participating protocols do not have tokens so interacting with them could boost your chances of qualifying for any potential future airdrops on the aforementioned protocols. 

Since the list is quite extensive, we will only be addressing some of these protocols. We recommend that you take the time to learn more about each platform before deciding which to proceed with. 

Our first example will be Pendle, a permissionless yield-trading protocol with a focus on various yield-management strategies.

Navigate to https://app.pendle.finance/points and look for the ezETH pools which are available for Renzo Protocol and Zircuit. 

Meanwhile, Ionic is a money market that offers a non-custodial asset management platform. You can head to https://app.ionic.money/ and choose to supply ezETH to the pool.

Another example is Thruster, a decentralized exchange on Blast with a focus on yield for users. Here you can provide liquidity to trading pools with ezETH pairs at https://app.thruster.finance/analytics.

 

Sidenote

At the time of writing, the platform is currently not displaying earned Renzo ezPoints and EigenLayer Points. However, in a note at the top, the team is assuring users that this is temporary and that points will be applied retroactively.


 

Conclusion

With Renzo Protocol, users can restake their ETH or Liquid Staking Tokens and receive ezETH in return. The platform serves as a bridge to the EigenLayer ecosystem while giving users access to various networks including Blast, Arbitrum, and Linea. Renzo Protocol is also rewarding users with Renzo Points for interacting and contributing to the growth of the platform’s beta mainnet. 

As mentioned above, an airdrop has not been confirmed by Renzo Protocol and following the steps in this guide does not guarantee an airdrop allocation.