Renzo Protocol Expands Its Liquid Restaking Expertise to the Jito Ecosystem on Solana
- PHPzOriginal
- 2024-08-15 03:07:09340browse
Renzo Protocol is expanding its liquid restaking expertise to the Jito ecosystem on Solana (SOL). According to an announcement on Aug. 14
DeFi protocol Renzo is expanding its services to Solana with the launch of ezSOL, the first liquid restaking token on the SOL network.
The protocol announced the launch on Aug. 14, revealing that ezSOL will be minted using JitoSOL tokens in collaboration with the Jito Foundation.
Renzo’s entry into the Solana ecosystem follows its previous launches of ezETH and pzETH, the respective LRTs on EigenLayer and Symbiotic.
The protocol’s expansion will enable JitoSOL stakers to enjoy restaking benefits, a service that is currently unavailable to stakers of the largest liquid staking token in the Solana ecosystem, JitoSOL.
With ezSOL, JitoSOL holders will be able to mint the new LRT and stake it further to earn rewards from staking, restaking, and maximum extractable value (MEV) extraction.
According to Renzo, ezSOL will open up new possibilities within decentralized finance (DeFi) for the Solana community, including advanced strategies like lending, automated market making, and aggregators.
The protocol highlighted that ezSOL will serve as a crucial component in these strategies, enabling capital efficiency while allowing users to maintain their exposure to restaking.
Renzo noted that the composability of ezSOL will ultimately enhance the overall flexibility and usability of SOL, the native token of the Solana blockchain network.
The protocol’s entry into Solana is set to further boost the network’s capabilities, particularly in the realm of DeFi and MEV extraction.
As the third-largest liquid restaking protocol on Ethereum by total value locked (TVL), Renzo’s expansion to Solana marks a significant development in the rapidly evolving landscape of Web3 and decentralized finance.
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