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?
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.
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