Users on Binance have the opportunity to secure a portion of EZ, the native token associated with Renzo’s liquid staking platform.
Based on the announcement, Renzo (EZ) will be the 53rd project added to Binance Launchpool on April 30th. The total supply of tokens is capped at 10 billion, while the platform will make available 1.05 billion EZ coins as an initial offering.
In February, it was reported that Binance, the largest centralized crypto exchange, had invested in the Renzo protocol without disclosing the exact amount. This investment was facilitated by Binance Labs, the venture capital division of Binance, which now functions as an independent business.
During that period, Binance Labs had a valuation of $10 billion and their portfolio contained more than 250 distinct crypto projects, according to information given by the organization itself.
Renzo tails Ether.fi in liquid restaking market
After debuting on its mainnet in October the previous year, the Renzo protocol has emerged as a significant force in Ethereum‘s (ETH) liquid staking market. According to DefiLlama, over $3.39 billion has been invested by users in this decentralized finance platform.
In the last month, there has been a significant surge of 144%, making Renzo the number two player in terms of total value locked in liquid staking on Ethereum. However, Ether.fi holds the top spot with an impressive $3.82 billion in demand from users.
EigenLayer, a platform that was birthed from Liquid restaking protocols, enables users to make other chains and dapps more secure by redeploying staked Ethereum. This project offers an extra income opportunity for stakers and generates derivative tokens, enhancing the functionality of decentralized finance on the Ethereum blockchain.
Experts have varying opinions regarding the risks of liquid staking in the sector, which currently exceeds $10 billion in value. Some believe that these risks are exaggerated, while others urge stakeholders to exercise caution.
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2024-04-23 21:26