$pzETH

Introduction to $pzETH

$pzETH is a liquid restaking token representing a user’s restaked position within the Symbiotic ecosystem. Users can deposit $stETH, $wstETH, $wETH, or $ETH to receive $pzETH in return. $pzETH serves as the interface to the Symbiotic ecosystem and offers a higher yield than traditional $ETH staking by securing Actively Validated Services (AVSs) through restaking.

How $pzETH Works

Upon depositing their assets, users receive $pzETH, which automatically provides economic security to AVSs within the Symbiotic ecosystem associated with Renzo. Users don’t have to manage restaking strategies, interface with smart contracts themselves, or set up the hardware necessary for restaking. Renzo does it all, making it ezpz for the user.

Key Features

• Withdrawals: $pzETH can be withdrawn from day one and is fully redeemable for the underlying restaked collateral.

• Enhanced Yields: By participating in Symbiotic’s restaking protocol, users can earn higher yields compared to standard $ETH staking.

Understanding Symbiotic

Symbiotic is a permissionless restaking protocol that coordinates node operators and economic security providers. It allows users to restake their assets to support various decentralized applications (DApps) and services, including rollups, interoperability infrastructure, and oracles, in exchange for rewards.

For more detailed information, refer to the Symbiotic documentation here: https://docs.symbiotic.fi/.

Get ezPoints with $pzETH

Holding pzETH entitles users to receive Renzo ezPoints at a rate of ezPoints per hour for each $pzETH held. These ezPoints qualify a user for potential airdrops in Renzo’s Season 2. Additionally, $pzETH can be deposited into partnered DeFi integrations to boost the ezPoints generated. The official list of these integrations can be found here: app.renzoprotocol.com/defi.

Additional Rewards

In addition to Renzo ezPoints, users also receive:

• Mellow Points: 1 point per hour for each underlying $wstETH

• Symbiotic Points: 1 point per hour for each underlying $wstETH

Please note that there may be caps on Symbiotic deposits that limit the amount of points generated. Renzo will continuously deploy new collateral to the Symbiotic ecosystem and aims to have as high a utilization rate as possible.

Detailed Mechanics

When users deposit an asset, they receive $pzETH based on the current ratio of collateral to $pzETH within the underlying pool. The deposited asset becomes underlying collateral that is delegated to node operators associated with Renzo. These operators, meeting stringent standards, provide economic security to AVSs. In return, the AVSs reward the providers of the collateral ($pzETH holders).

Minting $pzETH

Minting of $pzETH is available through the Mellow Finance UI. Visit app.mellow.finance/restake/ethereum-pzeth to mint. Minting $pzETH will soon also be available on the Renzo Protocol website, so stay tuned. DeFi Integrations

Stay tuned for upcoming DeFi integrations with $pzETH. The official list of integrations is available here: app.renzoprotocol.com/defi. For the latest updates, follow us on X @RenzoProtocol.