# What is Renzo? Liquid Restaking and ezETH Explained

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**Publisher:** Decentralized Finance Publication (https://decentralized-finance.io)
**Author:** Marcus Reid
**Category:** Top DeFi Protocols
**Updated:** June 2026
**Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings.

## Summary

Renzo Protocol lets users deposit ETH or LSTs and receive ezETH, a liquid restaking token that earns both native Ethereum staking rewards and EigenLayer AVS restaking yield. ezETH is accepted as collateral on Aave, Pendle, and other DeFi protocols. The REZ token governs the protocol. Renzo is one of the largest liquid restaking providers alongside ether.fi and Kelp DAO.

Renzo Protocol is a liquid restaking platform that simplifies access to EigenLayer's restaking ecosystem. Users deposit ETH or liquid staking tokens and receive ezETH — a token representing a restaked position that continues earning Ethereum consensus rewards while simultaneously participating in EigenLayer Actively Validated Services (AVS).

Renzo grew rapidly during the 2024 restaking boom, accumulating billions in TVL as users sought exposure to EigenLayer points and AVS rewards without running validators or managing complex restaking interfaces directly.

## How ezETH works

- Deposit ETH, stETH, wstETH, or other supported LSTs into Renzo
- Receive ezETH at the current exchange rate — rate increases as staking + restaking rewards accrue
- Renzo operators manage validator and restaking infrastructure on behalf of depositors
- ezETH is composable: use as collateral on Aave, trade on DEXes, or lock fixed yield on Pendle
- Withdraw via native queue or instant liquidity on secondary markets (Curve, DEX aggregators)

## Renzo vs ether.fi and Kelp

- Renzo (ezETH): Operator-managed restaking; strong EigenLayer integration; REZ token incentives
- ether.fi (eETH/weETH): Non-custodial validator keys; Cash debit card product; ETHFI governance
- Kelp DAO (rsETH): Restaking with rsETH; gained attention after 2026 bridge exploit — verify current security posture
- All three compete for liquid restaking TVL and DeFi collateral integrations

## Frequently Asked Questions

- What is Renzo Protocol? Renzo is a liquid restaking protocol issuing ezETH — a token representing ETH restaked through EigenLayer with automatic reward accrual.
- What is ezETH? ezETH is Renzo's liquid restaking token. Its exchange rate vs ETH increases as staking and restaking rewards accumulate.
- What is the REZ token? REZ is Renzo's governance token, used for protocol votes and distributed as incentives to early users and liquidity providers.
- Is restaking safe? Restaking adds incremental slashing risk beyond standard ETH staking. Smart contract risk, operator risk, and AVS slashing are all relevant.
- Renzo vs ether.fi? ether.fi emphasises non-custodial validator keys; Renzo uses operator-managed infrastructure. Both issue LRTs earning EigenLayer restaking yield.
- Can I use ezETH in DeFi? Yes — ezETH is accepted as collateral on major lending protocols and is traded on Curve and via aggregators.

## Sources

- [Renzo](https://www.renzoprotocol.com): Official Renzo restaking interface
- [Renzo Docs](https://docs.renzoprotocol.com): Technical documentation
- [Renzo on DeFiLlama](https://defillama.com/protocol/renzo): TVL and restaking metrics

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