$ezREZ
Renzo is excited to introduce $ezREZ, the liquid restaking token of $REZ, enabling users to restake their $REZ tokens. $REZ is the governance token for the Renzo community. $REZ holders are able to express their voice in the DAO through voting rights granted by governance token, $REZ.
Recently, EigenLayer introduced Permissionless Token Support, allowing any ERC-20 token to be permissionlessly added as a restakable asset on EigenLayer. Actively Validated Services (AVSs) can now choose to accept any ERC-20 token as a restaked asset to provide cryptoeconomic security for their AVS.
$ezREZ is a representation of $REZ staked in Eigenlayer and will be delegated to specified operators who will, in turn, secure AVSs accepting REZ as an asset. Renzo runs on some of the services provided by these AVSs and looks forward to collaborating further to expand its ecosystem.
Security First
$ezREZ smart contracts leverage a battle-tested tech stack, proven through ezETH, enabling users to earn AVSs rewards that automatically compound within the restaking protocol.
Benefits
Participate in Renzo Governance
Auto-compounded rewards: ezREZ, just like ezETH, is a reward-bearing token. All the rewards will be auto-compounded and reflected in the price of $ezREZ. As a result, the value of $ezREZ increases over time relative to the underlying $REZ as it accumulates more rewards.
AVS rewards: $REZ will be used to secure several AVSs. By holding $ezREZ, users can help provide economic security to multiple AVSs and receive rewards in return.
Partner Token allocation: Rewards received from partner projects will be distributed to ezREZ stakers
Accrue ezPoints and participate in future REZ distribution. Users get 1 ezPoint for every 5,000 $REZ staked per hour pro rata.
Deposits
Click Connect Wallet to link your Ethereum wallet.
Enter the amount of $REZ token 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 $ezREZ, representing your restaked $REZ amount.
Withdrawals
Withdrawals for $ezREZ are enabled on day 1. After initiating a withdrawal, there is a 7-day cooldown period, and users will need to claim their $REZ when it becomes available.
Switch between restake and unstake functions by clicking the swap arrow button in the center of the dialog box.
Enter the amount of $ezREZ tokens that you would like to withdraw. You can click MAX to enter the maximum tokens available.
Confirm the amount and proceed to withdraw.
Approve and confirm the transaction on your wallet.
Once you initiate the withdrawal, you stop accruing any reward on your $ezREZ. There is a 7-day cooldown period, and you can track the status of your withdrawal in the Claims 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.
Migration from (Legacy) $REZ staking to $ezREZ
Renzo has deprecated the old $REZ staking mechanism. The (legacy) $REZ stakers are required to manually unstake their positions and migrate them to $ezREZ. To streamline the process, Renzo reduced the cooldown period from 7 days to only 1 hour.
How to unstake (Legacy) $REZ staking:
Click the Activate Cooldown button and approve the transaction on your wallet
Once the cooldown period has passed, you can then claim your $REZ
After you claim your $REZ, visit https://app.renzoprotocol.com/restaking/ezrez to deposit your $REZ and obtain $ezREZ in return.
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