Binance Labs invests in EigenLayer restaking protocol Renzo

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

Binance’s enterprise capital arm has introduced it invested in Renzo, a Liquid Restaking Token (LRT) and Technique Supervisor for EigenLayer.

Binance Labs’ announcement that it invested in Renzo comes on the identical day as information of enterprise capital agency a16z’ $100 million funding in EigenLayer. EigenLayer is an Ethereum restaking protocol with a TVL of of $7.8 billion as of February 22, 2024.

Learn extra: a16z invests $100 million in Ethereum restaking protocol EigenLayer.

Binance Labs seeks to spice up Liquid Restaking area

Renzo Protocol is the liquid restaking hub for EigenLayer, with its know-how key to the trustless collaboration between varied ecosystem gamers on EigenLayer. Binance Labs seeks to assist stakers, node operators and Actively Validated Companies (AVS) on Renzo collaborate higher inside an setting of shared safety and customary danger administration.

“Renzo’s know-how addresses the complexities of Liquid Restaking, enabling extra customers to take part in Liquid Restaking. At Binance Labs, we’re all the time in search of modern DeFi initiatives that introduce novel use circumstances, and we look ahead to witnessing Renzo’s development within the Liquid Restaking sector,” Yi He, co-founder of Binance and head of Binance Labs, mentioned in a press release.

Renzo provides native ETH restaking, with assist for ETH deposits in addition to LST tokens akin to staked ETH (stETH) and wrapped Beacon ETH (wBETH).

When a person deposits an LST token or Ether on Renzo, they obtain ezETH. This can be a liquid restaking token that represents the person’s restaked place. The LRT encapsulates all potential yields and incentives.