# ezBTC

ezBTC is the liquid restaking token representing a user’s EigenLayer restaked position backed by wBTC. Users can deposit wBTC into the vault and receive ezBTC. Serving as the interface to the EigenLayer ecosystem, ezBTC secures Autonomous Verifiable Services (AVSs) to generate restaking rewards on top of BTC exposure.

###  Security First

ezBTC smart contracts leverage a battle-tested tech stack, proven through ezREZ and ezEIGEN enabling users to earn AVSs rewards that automatically compound within the restaking protocol.

### Rewards

* DVN - AVS rewards
* 3x Concrete points to ezBTC holders<br>

Following the implementation of [Decentralized Verifier Networks](https://medium.com/layerzero-official/layerzero-v2-explaining-dvns-02e08cce4e80) (DVNs) on LayerZero, omnichain applications can now customize their security by selecting a DVN or set of DVNs to verify messages, with the choice based on the sensitivity of the data. The Framework is open source, allowing other teams to launch their own CryptoEconomic DVNs using their own assets as stake.\
\
DVN-AVS [framework](https://blog.eigencloud.xyz/dvn/) for wBTC cross-chain transfers will be secured using ezBTC. This represents the initial use case scenario, with additional implementations planned for the future.

### Caps

For the initial launch of ezBTC the following caps will be implemented:

* **Phase 1 (First Month):** $25M cap
* **Phase 2 (Second Month):** $50M cap
* **Post-Phase 2:** All caps will be removed after the second month following the official launch.

### Rewards Harvesting

The rewards distribution for **ezBTC** will be mainly through auto-compounding:

Designated portion of rewards will be automatically compounded back into **ezBTC**, increasing the holder’s position over time.

### Deposits&#x20;

* To Deposit, simply visit <https://app.renzoprotocol.com/ezbtc>
* Click Connect Wallet to link your Ethereum wallet. Read and accept Renzo’s Terms of Services, Privacy Policy, and Disclaimer.
* Enter the amount of wBTC tokens that you would like to deposit. You can click MAX to enter the maximum tokens available in your wallet
* Confirm the amount and proceed to deposit.
* Approve and confirm the transaction on your wallet.
* Once the deposit is successful, you receive ezBTC, representing your restaked wBTC amount.

### Withdrawals

Withdrawals for ezBTC are enabled from day one. Once a withdrawal is initiated, it may take up to 14 days to process. Users will need to manually claim their wBTC once it becomes available.

* Visit <https://app.renzoprotocol.com/ezbtc>
* Switch to withdrawals by clicking the swap arrow button in the center of the dialog box.
* Enter the amount of ezBTC tokens that you would like to withdraw. You can click MAX to enter the maximum tokens available
* Confirm the amount and proceed to deposit.
* Approve and confirm the transaction on your wallet.

Once you initiate the withdrawal, you stop accruing any reward on your ezBTC. There is a 14-day cooldown period, and you can track the status of your withdrawal in the "Withdrawal tab" located at the bottom of the page, near the AVSs tab. Once your withdrawal is ready, click the Claim button to collect your assets.


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