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Renzo Raises $17M To Expand Restaking Services
by ChainwireJune 19th, 2024
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Renzo, the Liquid Restaking Protocol, today announced $17M in funding. The funding, which took place across two rounds, was first led by Galaxy Ventures and the second round led by the Nova Fund – BH Digital (based in Abu Dhabi). This follows $3.2m of funding previously via Maven11, Figment Capital and Binance Labs.
DENVER, United States, June 18th, 2024/Chainwire/--Renzo, the Liquid Restaking Protocol, announced $17M in funding today. As of today, nearly $4B is already restaked with Renzo. The funding, which took place across two rounds, was first led by Galaxy Ventures and the second round led by the Nova Fund – BH Digital (based in Abu Dhabi). This follows $3.2m of funding previously via Maven11, Figment Capital, and Binance Labs.
Restaking is rapidly becoming a core pillar for scaling security on Ethereum, but it's complicated, risky and expensive thus hindering user growth. Renzo, built on EigenLayer, is being built to make restaking accessible and easy, and its new funding round will expand its restaking services.
Renzo acts as a secure user-friendly interface to the EigenLayer ecosystem, securing AVS (Actively Validated Services) and accessing restaking rewards while simplifying the process and allowing for secure integrations with node operators.
“Restaking will be inclusive of all assets, ETH and ERC-20’s, as
dual staking adoption grows Renzo is building the settlement layer for restaking,” said Lucas Kozinski, Founding Contributor.
Renzo allows users to deposit native ETH, stETH and wBETH (LSTs) and get access to EigenLayer. Renzo runs a distributed Ethereum validator infrastructure powered by Figment, P2P.org and Hashkey Cloud to enable unrestricted participation on Eigenlayer.
It is accessible from Arbitrum, Base, Blast, Linea, Mode and BNB Chain with over 100 DeFi integrations.
“Renzo differentiates itself from other protocols by fundamentally building its system with restaking in mind, in contrast to traditional staking protocols that are merely adapting to restaking,” said
Will Nuelle , General Partner of Galaxy Ventures.
“What sets Renzo apart is its unique ability to accept both native ETH and Liquid Staking Tokens (LSTs). This capability allows Renzo to foster collaboration with existing market players and ensures a smooth, user-friendly process for participants.”
About Renzo
Renzo is the restaking hub of EigenLayer built to streamline and expand access to the most intelligent Liquid Restaking strategies. Powered by institutional-grade node operators, Renzo abstracts away the complexities of securing Actively Validated Services (AVS) while delivering a powerful interface for risk management and rewards tracking on EigenLayer.
With Renzo’s ezETH—the most integrated Liquid Restaking Token (LRT)—users can access broad exposure to the EigenLayer (and Ethereum) ecosystems with more opportunities to generate rewards. Users can earn more by visiting:
Contact
Contributor
Lukasz Kozinski
Renzo Labs
This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here.
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