Binance users will have the opportunity to secure allocations for EZ, the native token of Renzo, a liquid staking protocol.
According to the announcement, Binance Launchpool will list Renzo (EZ) as its 53rd project on April 30. The maximum supply is set at 10 billion tokens, and the platform will deploy 1.05 billion EZ Coins as an initial supply.
Last February, Binance, the largest centralized exchange for cryptocurrencies, previously invested in Renzo Protocol. However, the amount invested in the project was not disclosed. The investment was made through Binance Labs, the exchange’s venture capital arm, which now operates as a standalone business.
At the time, Binance Labs was valued at $10 billion and its portfolio supported more than 250 cryptocurrency protocols, according to details provided by the company.
Renzo goes after Ether.fi in the liquid resale market.
Since its mainnet launch in October last year, Renzo Protocol has grown into a major player in the Ethereum (ETH) liquid resale market. According to DefiLlama data, users have deposited $3.39 billion on the defi platform.
With a 144% increase in the past month, Renzo is the second largest liquid retainer on Ethereum. Only Ether.fi boasts greater user demand, with a total value of $3.82 billion.
The Liquid retake protocol is derived from EigenLayer, a platform that allows users to repurpose their staked ETH to secure other chains and dapps. Additionally, the plan provides additional revenue streams for stakers and derivative tokens to enhance on-chain utility.
The sector is currently worth over $10 billion, but experts are divided on the risks associated with liquidity staking. Some argue that the field is overhyped, while others advise participants to exercise caution.