By
Godfrey Benjamin
April 26th, 2024
Renzo protocol intends to further leverage Chainlink’s tested services including automation and CCIP to grow as a reliable multichain platform.
The Renzo protocol, a fast-growing liquid restating platform on the EigenLayer network, has announced a strategic partnership with the Chainlink (LINK) network to further enhance user experience. According to the announcement, the Renzo protocol integrated with Chainlink price feeds to access high-quality and tamper-proof price oracles. As a result, the Renzo protocol can guarantee users an industry-standard web3 platform that offers additional points to Ethereum staking rewards.
Notably, the Renzo protocol offers users an opportunity to earn extra EigenLayer points through its ezETH to enhance the liquid restaking process. With the Chainlink data feeds integration, the Renzo protocol can compete with other EigenLayer-based liquid restaking platforms including Origin protocol and its OETH among others.
Moreover, the Renzo protocol intends to further leverage the Chainlink services that are time-tested including the Chainlink Cross-Chain Interoperability Protocol (CCIP) among others.
“..Our initial integration of Chainlink Price Feeds is just the beginning. The Chainlink network offers a whole platform of developer services that can help us move faster and focus on what matters while staying secure with the best infrastructure the blockchain industry has to offer,” James, a founding contributor at Renzo Protocol, noted.
The initial integration of Renzo protocol and Chainlink will involve the use of stETH price feeds. As a result, the Renzo protocol will be in a position to provide seamless access to ETH and LSTs liquid restaking via reliable ezETH.
Currently, the Renzo protocol enables users to receive restaking rewards in ETH, USDC, and actively validated services reward tokens.
Renzo Protocol and the Market Outlook
Almost a year past the Shanghai upgrade that enabled withdrawals of staked Ethereum on the mainnet and more than 31.2 million Ether have already been staked, up from around 18 million. With the current average annualized financial returns per Ethereum validator in the past 24 hours about 3.5 percent, users have been flocking to liquid restaking platforms in the EigenLayer ecosystem to extract rewards.
According to the Renzo protocol’s official website, the platform has about $1.2 billion in Total Value Locked (TVL) with about 224 million EigenLayer points. Additionally, the Renzo protocol has distributed more than 235 million Renzo ezPoints.
The Renzo protocol is backed by reputable web3 investors including Binance Labs, OKX ventures, Maven11, and Figment Capital, among others. As a result, the Renzo protocol is well positioned to grow further in the near term future amid the ongoing mainstream adoption of digital assets and web3 applications.
In a bid to ensure sustainable future growth, the Renzo protocol is available on several chains including BNB Smart Chain, Arbitrum (ARB), Linea network, and Blast ecosystem.
