Binance Labs, the $10 billion venture capital and incubation arm of crypto exchange Binance, has invested an undisclosed amount in Renzo, an Ethereum liquid recovery protocol based on EigenLayer.
Binance Labs’ investment in Renzo comes shortly after the startup increased $3.2 million in a seed funding round at a valuation of $25 million last month. Lucas Kozinski, founder of Renzo, told The Block that Binance Labs’ investment is the same structure as the seed round, i.e. shares with a token warrant in a ratio of 1:1.
Renzo is Binance Labs’ second recent investment in regaining space in Ethereum. The firm invested in Puffer Finance last month, which has quickly become the second largest fluid withdrawal protocol since the month before launch on February 1. Puffer has more than $1 billion locked on its platform, while Renzo follows the fourth largest protocol with more than $375 million on its protocol. according to DeFiLlama.
Ethereum liquidation reprisals are one of the hottest areas in crypto right now billions of dollars vertical casting. The trend started with the launch of EigenLayer, which introduced a withdrawal system in Ethereum last June. EigenLayer currently has a total value of $7.8 billion, DeFiLlama shows. EigenLayer-based protocols, including Renzo and Puffer, have collectively amassed more than $3.5 billion in assets.
Cash withdrawal protocols “play a critical role in unlocking liquidity and maximizing capital efficiency, while also abstracting technical complexity for users,” Yi He, co-founder of Binance and head of Binance Labs, told a news conference statement to The Block.
Native ETH re-recording on BNB Chain
With fresh capital from Binance Labs, Renzo plans to launch native ETH recovery on BNB Chain through its recent partnership with cross-chain protocol Connext, Kozinski said. That means BNB Chain users can instantly redeem ETH for ezETH, Renzo’s liquid re-withdrawal token, without bridging, and get rewards in EigenLayer points and Renzo’s ezpoints. Points are similar to regular loyalty points like airline miles and are designed to drive engagement without being immediately tradable or valuable.
Renzo also already accepts deposits of wBETH (Binance’s liquid staking token) for withdrawals, Kozinski said, adding that the protocol remains focused on building new withdrawal integrations for BNB Chain users.
In addition to wBETH, Renzo also accepts Lido’s liquid staking token sETH in addition to native ETH for re-withdrawal, Kozinski noted.
Renzo is currently live in a mainnet beta. The general mainnet launch is expected after the Stage 3 launch of EigenLayer. Renzo’s other investors include Maven11, Figment Capital, SevenX Ventures, IOSG Ventures and OKX Ventures.
can i purchase cheap clomiphene without rx cost of clomiphene price how to get cheap clomid without dr prescription get clomid without insurance can i get cheap clomiphene price get cheap clomiphene without a prescription can i buy generic clomiphene no prescription
Good blog you have here.. It’s obdurate to assign great calibre writing like yours these days. I justifiably recognize individuals like you! Go through vigilance!!
More articles like this would make the blogosphere richer.
order zithromax sale – buy generic ofloxacin 400mg buy flagyl online
order rybelsus 14 mg sale – semaglutide 14 mg oral buy cyproheptadine without prescription
cost domperidone 10mg – sumycin ca buy flexeril no prescription
cheap inderal 20mg – methotrexate over the counter methotrexate 5mg cheap
buy amoxicillin paypal – amoxicillin for sale online ipratropium pills
cost zithromax 500mg – buy generic azithromycin 250mg nebivolol 20mg over the counter
brand amoxiclav – https://atbioinfo.com/ oral ampicillin
oral esomeprazole – anexamate buy nexium tablets
coumadin online order – blood thinner where to buy losartan without a prescription
purchase mobic pill – https://moboxsin.com/ meloxicam cheap
order prednisone 5mg for sale – https://apreplson.com/ buy deltasone 5mg generic
buy erectile dysfunction pills – non prescription erection pills best ed pills
buy amoxil sale – buy amoxil cheap buy amoxil medication
diflucan 100mg brand – site buy generic fluconazole
lexapro 20mg pill – buy generic escitalopram for sale buy lexapro 20mg sale
buy cenforce 100mg sale – https://cenforcers.com/ cenforce usa
tadalafil daily use – cialis online pharmacy australia prescription for cialis
generic tadalafil tablet or pill photo or shape – site buy cialis no prescription australia
how to buy zantac – ranitidine 150mg pills order zantac online cheap
buy viagra sweden – https://strongvpls.com/# cheapest viagra buy cheap viagra
I’ll certainly bring to skim more. https://gnolvade.com/
Thanks for sharing. It’s acme quality. https://buyfastonl.com/furosemide.html
Palatable blog you have here.. It’s hard to espy great quality writing like yours these days. I honestly comprehend individuals like you! Rent care!! https://ursxdol.com/get-cialis-professional/
More text pieces like this would make the интернет better. purchase metoprolol generic
Greetings! Very serviceable advice within this article! It’s the petty changes which liking espy the largest changes. Thanks a quantity towards sharing! combien coute le viagra professional
I am in point of fact thrilled to gleam at this blog posts which consists of tons of profitable facts, thanks towards providing such data. https://ondactone.com/spironolactone/
This is the kind of advise I unearth helpful.
https://doxycyclinege.com/pro/ondansetron/
Thanks towards putting this up. It’s well done. https://sportavesti.ru/forums/users/kwguo-2/
purchase dapagliflozin online cheap – order forxiga 10mg without prescription purchase dapagliflozin pills