Crypto Gloom

Binance Labs invests in EigenLayer re-staking protocol Renzo.

  • Binance Labs, the venture capital arm of Binance, invested in Renzo.
  • Renzo is the Liquid Restake Token (LRT) and strategy manager for EigenLayer, the Ethereum retake protocol.

Binance’s venture capital arm announced an investment in Renzo, EigenLayer’s Liquid Restake Token (LRT) and strategic manager.

The announcement that Binance Labs invested in Renzo came on the same day as news that venture capital firm a16z had invested $100 million in EigenLayer. EigenLayer is an Ethereum re-staking protocol with a TVL of $7.8 billion as of February 22, 2024.

Read more: a16z invests $100 million in Ethereum re-staking protocol EigenLayer..

Binance Labs is looking to increase its Liquid Restake space.

The Renzo Protocol is EigenLayer’s liquidity resale hub, with the technology core to trustless cooperation between EigenLayer’s various ecosystem players. Binance Labs enables Renzo’s stakers, node operators, and Actively Validated Services (AVS) to collaborate more effectively within a shared security and standard risk management environment.

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

Renzo offers native ETH re-staking, supporting ETH deposits as well as LST tokens such as staked ETH (stETH) and wrapped Beacon ETH (wBETH).

When users deposit LST tokens or Ether into Renzo, they will receive ezETH. This is a liquid re-staking token that represents the user’s re-staking position. LRT summarizes all potential returns and incentives.