Renzo Expands into Solana Liquid Restaking

Renzo, an Ethereum liquid restaking protocol, has expanded into the Solana liquid restaking space through a collaboration with the Jito Foundation. Renzo will launch ezSOL, a Solana liquid restaking token (LRT), on Jito.

“Renzo will serve as the inaugural liquid restaking protocol on the Jito (re)staking platform,” Renzo stated. Users will be able to mint ezSOL using JitoSOL as the underlying staked asset, leveraging Jito’s MEV-enhanced validator network.

Jito is a Solana liquid staking protocol that distributes both staking and maximum extractable value (MEV) rewards to holders through its liquid staking token JitoSOL. Recently, the Jito Foundation released the code for Jito restaking, supporting various staked assets, including JitoSOL and other Solana-based tokens.

Restaking enables users to earn additional rewards by locking up their staked assets again in different protocols, known as actively validated services (AVSs), to maximize their earnings. Once launched, Renzo’s ezSOL token can be used across various Solana-based DeFi protocols, providing users with the opportunity to increase their rewards.

ezSOL is expected to launch next month, according to Lucas Kozinski, Renzo’s founding contributor.

“The launch of ezSOL on Jito’s infrastructure marks a pivotal moment for liquid restaking. By leveraging Jito’s unique restaking architecture, we’re creating a more capital-efficient staking derivative that can serve as a building block for complex DeFi strategies on Solana,” Kozinski added.

Renzo’s Ethereum Liquid Restaking Offering

Renzo currently offers an Ethereum liquid restaking service on EigenLayer and Symbiotic, utilizing its liquid restaking tokens ezETH and pzETH respectively.

Recently, the Ethereum restaking sector has seen a decline in total value locked (TVL). EigenLayer experienced the largest single-day net outflows in its history on July 11, totaling over $135 million, or around 43,550 ETH. Renzo’s TVL has also seen recent declines.

Kozinski emphasized that Renzo has withdrawals enabled, allowing users to move freely in and out of the protocol.

“With the recent turmoil in the markets, Renzo has proven to be the most stable and liquid restaking protocol on Ethereum,” he noted.

Renzo is currently the third-largest Ethereum liquid restaking protocol after Ether.Fi and Puffer Finance, boasting over $1.3 billion in TVL, based on DeFiLlama data.