Binance users will have the opportunity to participate in the allocation for EZ, the native token of the Renzo liquid staking protocol.

On April 30, Binance Launchpool will introduce Renzo (EZ) as its 53rd project. The total supply of EZ tokens is capped at 10 billion, with an initial supply of 1.05 billion EZ coins available on the platform.

In a previous undisclosed investment round in February, Binance, the largest centralized crypto exchange, backed the Renzo protocol. The investment was made through Binance Labs, the exchange’s venture capital arm that now operates independently. At that time, Binance Labs had a valuation of $10 billion and supported over 250 crypto protocols in its portfolio.

Since its mainnet launch in October last year, the Renzo protocol has emerged as a significant player in the Ethereum (ETH) liquid restaking market. DefiLlama data shows that users have deposited $3.39 billion into the platform. Renzo has experienced a 144% growth in the past month, making it the second-largest liquid restaker on Ethereum, trailing only Ether.fi, which has $3.82 billion in total value locked.

Renzo, along with other liquid restaking protocols such as EigenLayer, offers users the ability to secure other chains and decentralized applications by utilizing staked ETH. This initiative also provides stakers with additional yield opportunities and derivative tokens to enhance on-chain utility.

While the liquid staking sector has surpassed $10 billion in value, experts have differing opinions on the associated risks. Some believe the risks are overstated, while others advise caution for participants in the market.

Vitalik Buterin, the co-founder of Ethereum, has expressed support for ‘rainbow staking’ as a means to address centralization concerns in the staking ecosystem.

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