Renzo Capitalizes on Restaking Frenzy to Raise $17M From Galaxy, Brevan Howard
Renzo, a liquid restaking protocol, has raised $17 million in a funding round. The capital was raised over two rounds, with Galaxy Ventures leading the first round and Brevan Howard Digital Nova Fund leading the second. The funds will be used to expand Renzo's restaking services, including adding support for ERC-20 tokens. Renzo is built on EigenLayer and uses staked ether (ETH) to secure additional networks and generate yield. Users receive Renzo’s liquid restaking token, ezETH token, in return. The protocol recently started accepting ERC-20 tokens for staking, following a trend in the restaking sector. The funding news follows Renzo's airdrop of its $REZ token two months ago, where 32% of the token supply was distributed to its community.
