TL;DR
- Renzo has successfully raised $17 million in funds led by Galaxy Ventures and Brevan Howard Digital Nova Fund.
- The funds will be used to expand Renzo’s restaking services, including support for ERC-20 tokens like $EIGEN.
- REZ acts as an interface on EigenLayer securing AVSs and offers the ezETH restaking token, enhancing flexibility and returns for users.
Renzo, the liquid restaking protocol based on the EigenLayer network, has announced a successful fundraising of $17 million in a recent financing round. The financial round was led by Galaxy Ventures in the first phase and by Brevan Howard Digital Nova Fund in the second.
The funds raised are intended to expand Renzo’s restaking services, with a particular focus on adding support for ERC-20 tokens. This expansion will allow users to diversify the assets they can use for restaking beyond Ethereum’s native token, ETH, including tokens like $EIGEN.
Renzo is excited to announce a $17M fundraise led by Nova Fund – Brevan Howard Digital and @Galaxy
Participation includes @Maven11Capital @FigmentCapital @ProtagonistXYZ @SevenXVentures @BanklessVC @280Capital @AntalphaGroup @Consensys @l2iterative https://t.co/RMffWat2lb pic.twitter.com/uAIQxdErG9
— Renzo (@RenzoProtocol) June 18, 2024
Renzo is not an AVS itself but rather an interface within the EigenLayer ecosystem that secures AVSs. Additionally, it offers a liquid restaking token called ezETH in exchange for tokens deposited on its platform. This functionality increases flexibility for users and aims to improve yields compared to simple ETH staking.
Renzo (REZ) Distributed 9.5% of Its Tokens During an Airdrop
A trend in the restaking sector is the incorporation of ERC-20 tokens for these purposes. EigenLayer, for instance, has indicated its intention to accept its ERC-20 token, $EIGEN, to secure its own AVS, EigenDA. This is part of EigenLayer’s strategy to expand into more diverse assets within the blockchain ecosystem.
In addition to the funding announcement, Renzo recently conducted an airdrop of its $REZ token, distributing 9.5% of the total to its community. According to the latest data from CoinMarketCap, Renzo (RNZ) trades at approximately $0.09806 per unit, marking a 10.7% decrease over the last 24 hours and an accumulated depreciation of 23% over the week. Its decline is amid the strong volatility affecting the crypto market. On the other hand, its market capitalization is $113 million, with a volume of around $59 million, showing a 60% increase in the last session.
Renzo will make significant strides with the additional funds, strengthening its market position by expanding its service offerings and increasing integration with other tokens within the blockchain ecosystem.
