Category: Community Proposals 3
Description:
Renzo is a strategy manager and liquid restaking token provider for both EigenLayer and Symbiotic. Renzo’s $ezETH and $pzETH serve as the interface to the EigenLayer and Symbiotic ecosystems, respectively. The mission of $ezETH and $pzETH is to secure Actively Validated Services and generate both staking and restaking rewards.
Renzo was first launched as an LRT on EigenLayer just over 7 months ago. In that time, Renzo has received billions of dollars in TVL, integrated with over 130 DeFi protocols, and has a presence on eight Ethereum rollups, including Base.
Renzo makes restaking ez for users. It abstracts away node operation, strategy management, and smart contract interfacing to simplify the restaking process, and makes the funds locked up in restaking liquid in ERC-20 form.
Benefits to the Moonwell Community:
This proposal seeks to introduce ezETH as a supported asset on Moonwell on Base. It aims to leverage the innovative features of this reward bearing liquid restaking token to enhance the lending and borrowing ecosystem, provide further diversified collateral options, and foster greater liquidity and user engagement within the Moonwell Protocol.
Users will accrue ezPoints and EigenLayer points for their active positions deposited within the protocol.
With the demand for LRTs as an asset class in the current DeFi landscape along with Renzo’s pioneering focus on integrations, distribution, and chain expansion, pursuing a listing for $ezETH on Moonwell is a no brainer and top priority for the protocol’s growth strategy. We take great care to foster and cultivate relationships with our partners and their communities. We view this as a significant long term collaboration and we expect Moonwell to be one of Renzo’s top integration partners moving forward.
Resources:
Website: https://www.renzoprotocol.com/
Documentation: Overview | Renzo Protocol
GitHub Public Repo: Renzo-Protocol · GitHub
Renzo DeFi integrations: DeFi | Renzo
Discord: Renzo
Twitter: x.com
Proposal Author’s Contact Information:
Relationship between the Author and the Token:
Founding Contributor
Social Media Metrics:
Twitter: 110k
Discord: 57k
Community Activity: Active
Market Risk Assessment
Market Cap: $1,673,499,392
Total Supply: 503,251 ezETH
Exchanges and Liquidity:
Centralized Exchanges: N/A
Decentralized Exchanges:
Base Specific Liquidity:
Total Supply: 1,234 ezETH
Aerodrome:
- ezETH / wETH (Concentrated Stable): $3m
- ezETH / wETH (Stable): $772k
- ezETH / wETH (Volatile): $171k
Volatility (30 days, 90 days, 1 year):
ezETH Premium/Discount vs ETH can be viewed here:
https://dune.com/Henrystats/premium-discount-market-value?Interval+in+Days_n17bf3=365
Average Daily Trading Volume: $28,738.061
Gini Coefficient and Herfindahl Index: N/A
Emission Schedule:
There is no emissions schedule. ezETH is the liquid restaking token representing a user’s restaked position at Renzo. Users can deposit native ETH or LSTs and receive ezETH.
Decentralization
Top 10 Token Holders and Percentages:
Privileged Roles in the Token Contract:
Ownable - controlled via Renzo 3 of 5 multisig - Owner can configure bridge mint/burn limits
Minting and Burning - Role granted to Bridge contracts for Mint/Burn model with Daily Limits (Hyperlane + Connext Bridges)
Is the Token Pausable?: No
Does the Token Have a Blacklist?: No
Smart Contract Risks
Codebase & Onchain Activity:
Github Repository: Renzo-Protocol · GitHub
Verified Contracts: $3,232.17 | RenzoRestakedETHezETHTokenTracker|BaseScan
Age of the Token: 118 days
Number of Transactions: 70,511
Security Posture:
Audits Performed: contracts-public/Audit at master · Renzo-Protocol/contracts-public · GitHub
Active Bug Bounty Program: Yes
Emergency Contacts and Availability:
We are a fully decentralized team in multiple time zones around the world that are able to provide 24/7 support.
Upgradability:
Is it Upgradable?: Yes
- Who is authorized to make an upgrade: Renzo 3 of 5 Multisig
- Time-lock delay for upgrades: No
- Components upgradable: Token contract implementation
- Upgradeability and management:
- Event emission on implementation update:
event Upgraded(address indexed implementation);
Oracle Assessment:
Chainlink Oracle Price Feed Address:
0xC4300B7CF0646F0Fe4C5B2ACFCCC4dCA1346f5d8
Is the Asset Wrapped, Staked, or Synthetic?:
- How is the asset wrapped, staked, or created?: Staked in EigenPods
- Network of the Underlying Asset: ETH
- Verification of the Minted Asset vs Locked Asset: N/A
- Proof of Reserves (PoR) Verification: N/A
- Price Deviation Analysis: https://dune.com/queries/3618648/6097003
- Events Causing Price Depegging: With use of the Chainlink NAV exchange rate that pulls the redemption price, depegging is mitigated.