• Binance Labs, the enterprise capital arm of Binance, is an investor in Renzo.
• Renzo is a Liquid Restaking Token (LRT) and Technique Supervisor for Ethereum Restaking Protocol EigenLayer.

Binance's enterprise capital arm introduced that it has invested in Liquid Retaking Token (LRT) and EigenLayer's strategic supervisor Renzo.

The announcement of Binance Labs’ funding in Renzo got here on the identical day as information of a $100 million funding in EigenLayer by enterprise capital agency a16z. EigenLayer is an Ethereum re-staking protocol with TVL of his $7.8 billion as of February 22, 2024.

learn extra: a16z invests $100 million in Ethereum re-staking protocol EigenLayer.

Binance Labs goals to broaden Liquid Resaking area

Renzo Protocol is EigenLayer's liquid restaking hub, and its know-how is essential to trustless collaboration between varied ecosystem gamers on EigenLayer. Binance Labs goals to assist stakers, node operators, and Actively Validated Providers (AVS) on Renzo higher collaborate inside an atmosphere of shared safety and normal danger administration.

“Renzo’s know-how addresses the complexity of liquid restaking and permits extra customers to take part in liquid restaking. At Binance Labs, we’re continuously growing revolutionary DeFi tasks that introduce novel use circumstances. We look ahead to witnessing Renzo's progress within the liquid restaking sector,” Binance co-founder and Binance Labs director Yi He stated in an announcement. .

Renzo presents native ETH restaking, supporting not solely ETH deposits but additionally LST tokens reminiscent of staked ETH (stETH) and wrapped beacon ETH (wBETH).

When customers deposit LST tokens or Ether with Renzo, they obtain ezETH. It is a liquid restaking token that represents a consumer's restaking place. LRT encapsulates all potential income and incentives.