An Ethereum-based liquid staking token called Renzo (REZ) is experiencing a significant surge in price following the recent announcement from Coinbase, one of the top crypto exchange platforms in the US. Coinbase revealed that it will be adding support for the Renzo protocol, which aims to simplify the staking process for Ethereum and other digital assets.
According to a statement from Coinbase, the addition of Renzo (REZ) on the Ethereum network will enable users to trade the ERC-20 token starting on or after 9AM PT on 6th March 2025, pending liquidity conditions. The trading pair for REZ-USD will be launched in phases once a sufficient supply of the asset is established.
Since the news broke, the price of REZ has seen a significant increase, soaring from a low of $0.0170 on March 5th to a peak of $0.0243 the following day. As of the time of writing, REZ is trading at $0.0204, marking a 20.5% gain for the day.
Liquid staking involves using digital assets that are already staked and further staking them on a different platform. This process not only enhances the rewards earned by traders but also boosts the security and liquidity of the protocol. Renzo offers liquid staking services for a range of digital assets, including Solana (SOL), Jito (JTO), and EigenLayer (EIGEN).
Renzo’s mission is to simplify and make restaking accessible to everyone through its restaking protocol that abstracts and manages AVS strategies for Liquid Restaking Tokens (LRTs). The products ezETH, pzETH, and ezSOL serve as interfaces to different ecosystems, making restaking on Ethereum and Solana easy and convenient for users.
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As the popularity of liquid staking continues to grow, projects like Renzo are playing a crucial role in making staking more accessible and user-friendly for the broader community. With the support of platforms like Coinbase, the future looks promising for liquid staking tokens like REZ.