Trusted

Renzo Enters Solana Ecosystem, Introducing the ezSOL Liquid Restaking Token

2 mins
Updated by Lynn Wang
Join our Trading Community on Telegram

In Brief

  • Renzo expands into Solana, launching ezSOL to enhance staking rewards.
  • ezSOL leverages Jito’s MEV-enhanced network for compounded earnings.
  • This expansion strengthens Renzo’s position in the liquid restaking segment.
  • promo

Renzo, a prominent Ethereum-based liquid restaking protocol, has officially expanded into the Solana network. On August 14, Renzo announced the launch of ezSOL, a liquid restaking token (LRT) designed to enhance staking rewards and liquidity within Solana’s ecosystem.

This move is poised to redefine how users interact with decentralized finance (DeFi) protocols on Solana, offering new opportunities for maximizing returns.

Renzo’s Strategic Alliance with Jito: Leveraging MEV for Maximized Returns

Renzo partners with Jito to launch the new LRT token. The ezSOL token allows users to mint ezSOL by leveraging JitoSOL, powered by Jito’s Maximum Extractable Value (MEV)-enhanced validator network.

“By integrating with Jito’s MEV-enhanced validator network, ezSOL offers a unique advantage: compounding rewards from staking, restaking, and MEV extraction. This means higher potential rewards for users, making ezSOL a powerful tool in any DeFi strategy,” the Renzo team stated.

Read more: Top 7 Projects on Solana With Massive Potential

Jito is popular for its Solana-based decentralized protocols that focus on MEV and DeFi infrastructure, distributing both staking and MEV rewards to holders through its liquid staking token, JitoSOL. As the first liquid restaking protocol on Jito, Renzo enables users to mint ezSOL using JitoSOL. It will take advantage of Jito’s MEV-enhanced validator network to maximize returns.

Liquid restaking, at its core, allows stakers to earn additional rewards by reusing their staked assets across different protocols. This process, which involves locking up staked assets in actively validated services (AVSs), enhances capital efficiency and offers new avenues for earning yield. According to recent reports, ezSOL will launch next month.

The significance of this expansion is further exemplified by the recent growth in Solana’s liquid staking sector. BeInCrypto reported that Solana’s liquid staking ratio increased by 1.76% quarter-over-quarter as of early July, reflecting the ecosystem’s growing demand for novel staking solutions.

Renzo’s expansion into Solana also solidifies its position as a major player in the liquid restaking market. The protocol has already demonstrated success with its Ethereum liquid restaking services on EigenLayer and Symbiotic.

Read more: What Is Liquid Staking in Crypto?

TVL of Liquid Restaking Tokens.
TVL of Liquid Restaking Tokens. Source: Dune/cryptokoryo

Data from a Dune dashboard shows that Renzo is currently the third-largest liquid restaking protocol by total value locked (TVL). With its TVL of $1.22 billion, Renzo’s position trails only Etherfi and Puffer. 

Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Lynn-Wang.png
Lynn Wang
Lynn Wang is a seasoned journalist at BeInCrypto, covering a wide range of topics, including tokenized real-world assets (RWA), tokenization, artificial intelligence (AI), regulatory enforcement, and investments in the crypto industry. Previously, she led a team of content creators and journalists for BeInCrypto Indonesia, focusing on the adoption of cryptocurrencies and blockchain technology in the region, as well as regulatory developments. Prior to that, at Value Magazine, she covered...
READ FULL BIO
Sponsored
Sponsored