Renzo brings in $22M in additional stake in 48 hours using Coinbase validators
November 21, 2024
The challenge
Renzo, a protocol that makes Ethereum and Solana restaking accessible to everyone, has seen substantial success for its ezETH token, at $1.4B TVL. ezETH has given users access to restaking on Eigenlayer and DeFi on Base, with the added bonus of auto-compounding staking and restaking rewards. Running a restaking protocol of this size requires laser focus on operations to ensure user funds are being managed by high-quality validators with minimal downtime and maximum security. Though it was a difficult task, the Renzo team was committed to diversifying their validators and set out to find a solution that fit their unique needs.
The solution
The number of firms offering enterprise-grade validators is limited, and even more so when you look for a provider with API integrations. The Renzo team needed both to enable management of nodes via their smart contracts and to ensure that they were offering the best experience for their users.
And that’s where Coinbase’s trusted staking services came into play. Renzo was able to integrate ETH staking within a week using our plug-and-play API. Just as important, they were confident in our world-class infrastructure and knew it could serve their growing audience. After all, it is the same staking infrastructure that powers Coinbase’s own products serving millions of crypto users.
The results
In the first 48 hours alone, Renzo provisioned 221 Coinbase validators, equal to over $22M in ETH. Thanks to the early success of the integration, Renzo is actively working to begin integrations of Coinbase validators for EigenLayer and Jito restaking.
“We are hard-pressed to find validators that meet our stringent security and operational standards; however, working with Coinbase has surpassed our expectations. We're excited by the initial results of the integration and look forward to seeing it grow in the coming months."
-- Lucas Kozinski, Founding Contributor, Renzo
About Renzo
Renzo is a restaking protocol that abstracts and manages AVS strategies for Liquid Restaking Tokens (LRTs), making Ethereum and Solana restaking ezpz and accessible to everyone. The products $ezETH, $pzETH, and $ezSOL serve as interfaces to the EigenLayer, Symbiotic, and Jito Network ecosystems, respectively. Renzo's mission is to make restaking easy and accessible to everyone.
Enterprise-grade staking solutions from Coinbase
Coinbase offers a host of enterprise-grade staking solutions for self-custodial wallets, asset aggregators, liquid staking protocols, and large token holders. Leverage our industry-leading validators to integrate ETH or SOL staking (including ETH staking in any amount) onto your platform with our documentation, or get in touch with our team about staking solutions here.
Disclaimer
This document and the information contained herein is not a recommendation or endorsement of any digital asset, protocol, network, or project. However, Coinbase may have, or may in the future have, a significant financial interest in, and may receive compensation for services related to one or more of the digital assets, protocols, networks, entities, projects, and/or ventures discussed herein. The risk of loss in cryptocurrency, including staking, can be substantial and nothing herein is intended to be a guarantee against the possibility of loss. Reward rates listed herein are estimates, are not guaranteed and are set by the protocol and remain subject to change. Actual rate of rewards earned may vary significantly and may be zero. This document and the content contained herein are based on information which is believed to be reliable and has been obtained from sources believed to be reliable, but Coinbase makes no representation or warranty, express, or implied, as to the fairness, accuracy, adequacy, reasonableness, or completeness of such information, and, without limiting the foregoing or anything else in this disclaimer, all information provided herein is subject to modification by the underlying protocol network. Any use of Coinbase’s services may be contingent on completion of Coinbase’s onboarding process and is Coinbase’s sole discretion, including entrance into applicable legal documentation and will be, at all times, subject to and governed by Coinbase’s policies, including without limitation, its terms of service and privacy policy, as may be amended from time to time.
