Binance, the leading cryptocurrency exchange, is set to expand its offerings by listing Renzo (EZ), the native token of the liquid staking protocol Renzo, as part of its highly anticipated 53rd Launchpool project. According to an official announcement, the listing will take place on April 30, giving Binance users a chance to secure an allocation of the EZ token.
The Renzo protocol has gained significant traction in the Ethereum (ETH) liquid restaking market since its mainnet launch in October last year. Data from DefiLlama reveals that users have deposited a staggering $3.39 billion into the decentralized finance (DeFi) platform, making Renzo the second-largest liquid restaker on Ethereum, trailing only Ether.fi, which boasts a total value locked (TVL) of $3.82 billion.
Binance’s decision to list Renzo (EZ) comes after the exchange previously invested in the Renzo protocol through its venture capital arm, Binance Labs, in February. However, the monetary amount injected into the project remained undisclosed at the time. Binance Labs, now operating as a standalone business, had a portfolio worth $10 billion and supported over 250 crypto protocols.
The liquid restaking sector has gained significant momentum, with protocols like Renzo and EigenLayer allowing users to secure other chains and decentralized applications (dApps) by repurposing staked ETH. These initiatives not only provide an additional yield source for stakers but also introduce derivative tokens to improve on-chain utility. While the sector is currently valued at over $10 billion, experts remain divided over the associated risks, with some advising caution among participants.
As Binance prepares to list Renzo (EZ), the platform has set the maximum supply at 10 billion tokens, with an initial supply of 1.05 billion EZ coins to be fielded through the Launchpool. This move is expected to further solidify Binance’s position as a leading player in the cryptocurrency ecosystem while offering users exposure to innovative projects like Renzo.
