Renzo
Staking · Liquid Restaking · ezETH
Renzo issues ezETH, a liquid restaking token that abstracts EigenLayer operator and AVS selection so users get diversified restaking exposure from a single deposit.
EigenLayer strategy manager and LRT issuer.
Total staked
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Latest data · 15 min delay
Risks identified
- Reserve / Depeg
ezETH can trade below its underlying ETH value on secondary markets. In April 2024 it depegged ~18% (with DEX prints near $688-$700) amid the REZ airdrop exit rush, cascading into liquidations on leveraged venues. Withdrawal queues and thin on-chain liquidity amplify depeg risk during stress.
- Smart Contract
Renzo's contracts, EigenLayer integration and cross-chain bridge introduce code risk. A Code4rena contest (April-May 2024) surfaced 22 unique findings, including 8 high-severity issues, later addressed in a mitigation review.
- Counterparty
ezETH holders delegate to node operators and rely on Renzo's operator/AVS selection; misbehavior, downtime or mismanagement by chosen operators can impair rewards or principal.
- Systemic
Restaking layers the same ETH across Ethereum consensus and multiple AVSs, so a slashing event or correlated failure in the EigenLayer ecosystem can propagate losses through ezETH and the broader LRT market.
- Governance
REZ token distribution drew criticism in April 2024 for allocating a large share to team, investors and advisors and for timing that let Launchpool participants sell ahead of protocol farmers, highlighting governance/insider-alignment risk.