TL;DR
- Renzo, an Ethereum-based liquid restaking protocol, will launch ezSOL, its first liquid restaking token on Solana, through a collaboration with the Jito Foundation.
- ezSOL will allow users to earn additional rewards using JitoSOL as the underlying asset, leveraging Jito’s MEV-enhanced validator network.
- Despite recent challenges on Ethereum, including a decrease in TVL and significant fund outflows, REZ remains the third-largest liquid restaking protocol on Ethereum.
Renzo, an Ethereum-based liquid restaking protocol, has announced its entry into the Solana market through a collaboration with the Jito Foundation. The partnership will see the launch of ezSOL, a new liquid restaking token that Renzo will introduce on the Jito platform next month.
The collaboration between is expected to be pivotal for advancing restaking on Solana. REZ will offer ezSOL, which will allow users to earn additional rewards using JitoSOL, the base asset for the new token. Jito, a liquid staking protocol on Solana, distributes both staking and MEV (maximum extractable value) rewards to JitoSOL holders. With the launch of ezSOL, users will be able to leverage Jito’s MEV-enhanced validator network to maximize their returns.
🚀 Introducing $ezSOL: The first LRT on @jito_sol
Renzo Protocol is launching $ezSOL, Solana’s first LRT on the Jito Network. This is set to transform restaking and DeFi on Solana by combining the power of Renzo’s liquid restaking with Jito’s MEV-enhanced validators.
Dive in… pic.twitter.com/VUiKHndqZS
— Renzo (@RenzoProtocol) August 14, 2024
Renzo Ranks in the Top 3 Liquid Restaking Protocols on Ethereum
Restaking, which enables users to earn additional rewards by locking up their staked assets again in different protocols, will be a key feature of ezSOL. Once launched, this token can be used across various Solana-based DeFi protocols, offering new opportunities for users to increase their returns.
Recently, Renzo has faced some challenges in the Ethereum market, including a decline in total value locked (TVL) and significant fund outflows on EigenLayer, one of the protocols where REZ offers services. Despite these circumstances, Renzo has maintained its stability and liquidity, solidifying its position as the third-largest liquid restaking protocol on Ethereum, with a TVL exceeding $1.3 billion.
According to Lucas Kozinski, one of Renzo’s founders, the integration with Jito’s unique restaking architecture will create a more capital-efficient staking derivative that can serve as a foundation for complex DeFi strategies on Solana.
