Renzo Raises $3.2 Million Seed Round for Liquid Restaking Protocol
Summary
DeFi protocol Renzo has secured a $3.2 million seed round from leading cryptocurrency native funds. The funds will be used to further develop Renzo’s liquid restaking protocol, which has recently been launched on EigenLayer. Since its implementation in late December, Renzo’s protocol has attracted over 2,000 customers who have deposited $20 million in ETH.
Introduction
Renzo, a decentralized finance (DeFi) protocol, has successfully completed a seed round of funding totaling $3.2 million. The round was led by Maven11, with additional investments from Figment Capital, SevenX, IOSG, Paper Ventures, and other investors. Renzo plans to utilize the funding to enhance its liquid restaking protocol, which has recently been made available on EigenLayer, a blockchain platform.
Main Points
- Renzo’s seed round of funding has raised $3.2 million, with participation from leading cryptocurrency native funds.
- The funds will be used to further develop Renzo’s liquid restaking protocol, which has already attracted over 2,000 customers and $20 million in ETH deposits since its launch in December.
- Renzo’s protocol allows users to restake Liquid Staking Tokens (LSTs) and Ethereum (ETH) as collateral for DeFi purposes, generating compound rewards.
- The protocol is built on EigenLayer and utilizes operator nodes and smart contracts to automate liquid restaking and manage liquidity.
- Renzo will be governed by a decentralized autonomous organization (DAO) overseeing operators, restaking strategies, and protocol settings to ensure decentralization.
Conclusion
Renzo’s successful seed round of funding will enable the further development of its liquid restaking protocol. The protocol, implemented on EigenLayer, has gained significant traction since its launch in December, attracting a large number of customers and substantial ETH deposits. Renzo aims to become the most reliable on/off ramp for Ethereum restaking, offering risk-adjusted strategies and liquid representations while prioritizing security and open finance. The future releases of Renzo’s protocol will include support for cross-chain restaking, integration with lending markets, liquidity aggregators, and vault products.