Renzo (REZ) Soars 29% Following Coinbase Listing

REZ, the governance token of the liquid restaking network, Renzo Protocol, has rallied by double digits within the last 24 hours. The surge came after the leading American crypto exchange Coinbase announced that REZ would be listed on its trading platform.

According to data from CoinMarketCap, REZ spiked by 62.5% from $0.016 to $0.026 shortly after the listing announcement on March 5. Currently, the asset is showing an intra-day uptick of roughly 25%, with the value hovering around $0.022 at press time.

Since REZ jumped 62%, the asset has corrected by at least 15%. However, the token’s market cap has climbed 24% to $44.99 million. Meanwhile, its 24-hour volume has surged more than 1,184% to $174.49 million. 

In its announcement, Coinbase said trading for REZ will begin on March 6 if the appropriate liquidity conditions are met. 

Coinbase will add support for Renzo (REZ) on the Ethereum (ERC-20 token) network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️ (@CoinbaseAssets) March 5, 2025

The Renzo team, on the other hand, cautioned users to ensure they deposit their REZ only on the Ethereum mainnet. 

What is the Renzo Protocol?

Besides being a liquid restaking platform, Renzo serves as the strategy manager for EigenLayer, a decentralized Ethereum restaking protocol. Since Renzo is built on EigenLayer, it is important to understand how the latter works and the former’s role in its operations.

EigenLayer acts as a middle layer that extends Ethereum’s crypto-economic security to other protocols and applications known as Actively Validated Services (AVS). These applications include oracle chains, sidechains, bridges, and rollups. They are based on crypto-economic principles similar to those of Ethereum.

In other words, EigenLayer enables Ethereum users to repurpose their ether (ETH) on the consensus layer by using their already-staked tokens to strengthen the security of other applications. With EigenLayer, ETH holders can give up the rights to their staked assets, allowing the protocol to restake the coins on other applications.

Liquid staking is an important aspect of the EigenLayer ecosystem. Liquid staking involves users staking their ETH on Ethereum and receiving a synthetic representation of the staked assets as a liquid staking token (LST). The same goes for liquid restaking. However, with liquid restaking tokens (LRT), the staked ETH contribute to the economic security of other applications on Ethereum.

Renzo’s Role in Liquid Restaking

Renzo simplifies the concept of liquid restaking by serving as an interface and bridge to the EigenLayer ecosystem. As the governance token for the Renzo Protocol, REZ is backed by the LRT ezETH. So, users can deposit their ETH or LSTs on Renzo to earn ezETH. 

It is worth mentioning that staking on Renzo offers a higher yield than Ethereum. In addition, Renzo facilitates easy collaboration between ETH holders and EigenLayer node operators. 

Meanwhile, REZ is not only available on Coinbase, but also popular crypto exchanges like Gate.io, MEXC, and Binance, the world’s largest digital asset trading platform.

The post Renzo (REZ) Soars 29% Following Coinbase Listing appeared first on Cointab.