Renzo Protocol is expanding its liquid restaking expertise to the Jito ecosystem on Solana.
According to an announcement on Aug. 14, Protocol revealed it was launching ezSOL, the first liquid restaking token on Solana (SOL).
Having made inroads in the decentralized finance world with liquid restaking expertise for Ethereum (ETH)-based protocols EigenLayer and Symbiotic, Renzo is now taking the LRT market further forward with ezSOL on the Jito (JTO) Network.
ezSOL joins ezETH and pzETH, the LRTs on EigenLayer and Symbiotic, respectively.
The launch of the new liquid restaking token is in collaboration with the Jito Foundation.
What’s the big deal?
Renzo is Ethereum’s third-largest liquid restaking protocol by total value locked. According to DeFiLlama, Renzo’s TVL is currently over $1.29 billion, trailing Puffer Finance with over $1.33 billion and ether.fi with over $5 billion.
Meanwhile, Jito Network is a platform that allows users to earn from maximum extractable value (MEV) and decentralized finance (DeFi) protocols on Solana. This focus on MEV and DeFi is powered by JitoSOL, the largest liquid staking token in the Solana ecosystem.
Renzo seeks to bring maximum value for these stakers, and the restaking option offers just that. The expansion will enable JitoSOL holders to mint ezSOL using their JitoSOL tokens, allowing them to benefit from the compounding of rewards across staking, restaking, and MEV extraction.
Additional usability for SOL in DeFi
Apart from boosting network liquidity, ezSOL unlocks new DeFi opportunities for the community, including lending, automated market making, and aggregators.
The LRT token will help power all these strategies, providing capital efficiency while allowing users to retain their exposure to restaking. Renzo says this composability will bolster the overall flexibility and usability of Solana’s native token, SOL.
Using ezSOL on Solana will benefit from the blockchain network’s low fees and fast transaction settlement.
Source: https://crypto.news/renzo-protocol-launches-solanas-first-liquid-restaking-token-on-jito/