Renzo Ranks 2nd in TVL for Liquid Restaking
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Renzo Ranks 2nd in TVL for Liquid Restaking
The project is one of the key players in Liquid Restaking.
The Total Value Locked (TVL) of the Liquid Restaking protocol for Renzo has surged by 127% in the past 30 days.
DeFiLlama reports that the project is the second-largest Liquid Restaking protocol by TVL among the remaining protocols, boasting a TVL of $3.31 billion.
Liquid Restaking’s protocol rankings by TVL. Source: DefiLlama
Notably, Renzo is closely trailing the leader of this ranking. Ether. fi Stake holds the first position, with a TVL of $3.797 billion.
Moreover, the project exhibited the highest TVL growth among other Liquid Restaking protocols for the month. Swell Liquid Restaking follows closely behind in second place with a growth rate of 90.23% over the past 30 days.
What Is Renzo?
Renzo is a Liquid Restaking protocol that operates with EigenLayer, which recently launched its mainnet on Ethereum (ETH).
Put simply, the protocol acts as a mediator between restakers and EigenLayer, streamlining the process and enhancing profitability.
The protocol utilizes Actively Validated Services (AVS) to facilitate more efficient distribution. Renzo connects to EigenLayer through these decentralized services.
Moreover, the project functions as a Liquid Restaking Token (LRT) protocol. This enables users to send funds to an ETH or LST pool and receive ezETH in return.
Additionally, the protocol features a rewards system, where users can earn ezPoints and EigenLayer Points for active participation.
What Are The Protocol’s Prospects?
Liquid Restaking has solidified its position as one of the top 10 projects in decentralized finance (DeFi). Based on Total Value Locked, this category holds the 6th rank, amassing a total of $10.113 billion, according to DeFiLlama.
With 14 protocols currently in operation, the Liquid Restaking sector presents relatively low barriers to entry. Renzo’s significant growth demonstrates the project’s popularity, securing its second-place position within the category.
Furthermore, Renzo’s Restaked ETH (EZETH) has reached the 41st position in market capitalization, amounting to $3.2 billion.
Renzo’s market capitalization. Source: CoinGecko
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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