Yi He, co-founder of Binance and head of Binance Labs, describes the investment in the project as follows: “Renzo’s technology solves the problems of liquid restaking, allowing a greater number of users to participate in Eigen Layer. At Binance Labs, we are always looking for innovative DeFi projects that offer new use cases, and we look forward to Renzo’s growth in the liquidity restaking sector.”
Renzo supports deposits in ETH, steth, and beth (which I think won them the favor of the exchange).
Renzo’s scheme – you deposit ETH (LST ETH), the protocol issues you ezETH (Renzo’s liquid restaking token).
As a result – Renzo puts your ETH into EigenLayer, and you earn favorite points from both EigenLayer + Renzo protocols.
Currently, the project has 242K ETH ($702M) staked, with 35,851 unique depositors.