Renzo Protocol Achieves $1 Billion TVL with Liquid Restaking Innovations and Chain Abstraction
Renzo Protocol, a leader in liquid restaking, has launched its first Liquid Restaking Token (LRT) on Solana in collaboration with Jito Network, named ezSOL, to enhance DeFi participation by JitoSOL holders. This move boosts liquidity and capital efficiency on the Solana network. Subsequently, Renzo announced a strategic initiative with Everclear, enabling users to restake from six layer-2 chains (Arbitrum, BNB Chain, Base, Mode, Blast, and Linea) for the ezETH token, significantly reducing gas fees. This initiative increased unique external owned accounts (EOAs) tenfold and minimized gas fees by 90%. Despite a significant depeg of Renzo’s LRT, the total value locked (TVL) in the protocol surged from $614 million to over $1 billion in three months. These initiatives highlight the potential of chain abstraction and interoperability in fostering cross-chain liquidity and efficient DeFi engagement.
Bullish
The significant growth in Renzo Protocol’s TVL to over $1 billion, owing to innovative liquid restaking solutions and chain abstraction initiatives, indicates a strong positive impact on the DeFi ecosystem. The ability of users to bypass high gas fees and the rapid increase in unique accounts suggest heightened user engagement and liquidity retention, supporting bullish market sentiment both in the short-term and long-term for Renzo and its associated projects.