An Ethereum (ETH)-based liquid staking token is hovering in value after the highest US-based crypto trade platform Coinbase introduced help for the altcoin.
In a brand new thread, Coinbase says it’s including help for liquid staking protocol Renzo (REZ), a challenge that goals to streamline the method of staking Ethereum and different digital belongings.
“Coinbase will add help for Renzo (REZ) on the Ethereum (ERC-20 token) community… Buying and selling will start on or after 9AM PT on 6 March, 2025, if liquidity situations are met. As soon as enough provide of this asset is established buying and selling on our REZ-USD buying and selling pair will launch in phases.”
Information of the addition despatched REZ flying, because the digital asset went from a low of $0.0170 on March fifth to a peak of $0.0243 only a day later. REZ has since stabilized in value and is buying and selling for $0.0204 at time of writing, a 20.5% achieve on the day.
Liquid restaking is when merchants use digital belongings they’re already staked and additional stake them on a distinct platform, enhancing their earned reward in addition to the protocol’s safety and liquidity.
Different notable digital belongings accessible for restaking by way of the protocol embrace Solana (SOL), Jito (JTO), and EigenLayer (EIGEN), based on the challenge’s official webpage.
“Renzo is a restaking protocol that abstracts and manages AVS methods for Liquid Restaking Tokens (LRTs), making Ethereum and Solana restaking ezpz and accessible to everybody.
The merchandise ezETH, pzETH, and ezSOL function interfaces to the EigenLayer, Symbiotic, and Jito Community ecosystems, respectively. Renzo’s mission is to make restaking simple and accessible to everybody.”
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