Binance Labs has revealed its investment in Renzo, EigenLayer’s Liquid Restaking service provider, as announced on February 22.
Binance Labs joins a group of venture capital firms and crypto ecosystems that invested a combined $3.2 million in a seed round in January. The value of Binance’s investment has not been disclosed.
Renzo offers Ethereum smart contracts that facilitate communication between stakers, node operators, and Sctively Validated Services (AVS). In other words, Renzo allows users to retake assets, delegate to node operators, and interact with Ethereum smart contracts. On-chain service module as specified by the company
The restaking process involves depositing ETH or liquid staking tokens (LST) such as stETH on the exchange, with users receiving an equal amount of ezETH, a liquid restaking token that represents a new retake position at Renzo.
Binance’s investment in Renzo comes on the same day that VC firm Andreessen Horowitz (a16z) announced another $100 million in funding for EigenLayer, according to a report by Bloomberg, with a16z being the only investor in the round. By last March The protocol has completed a $50 million funding round led by Blockchain Capital.
EigenLayer is now Ethereum’s third-largest protocol, with a total valuation of $7.91 billion, up 347% from the previous month, according toInformation of DefiLlama
refer : cointelegraph.com
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