ezETH - Asset Support Proposal

Asset Support
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Introduction

Renzo Protocol is a liquid staking protocol built on Eigenlayer and Symbiotic. The Renzo protocol allows the many complex details of restaking to be abstracted from the end user, allowing for a simplified interaction for users.

This proposal aims to integrate ezETH from Renzo as an asset on Mitosis EOL. The ezETH integration would enable ezETH depositors to earn Renzo, Eigenlayer and MITO points, restaking, and EOL rewards.

Links

Website: https://www.renzoprotocol.com/

Dapp: https://app.renzoprotocol.com/

Twitter: x.com

Documentation: Overview | Renzo Protocol

Protocol Information

Renzo uses strictly non-rebasing tokens for its LRT, removing the need for wrapping. This allows ezETH to be a more composable asset which increases in value with rewards instead of quantity.

Renzo, in collaboration with Everclear (formerly Connext), can allow cross-chain Native Restaking from L2s, which improves the user experience for L2-focused users.

Renzo acts as a vehicle for users to interact with the Eigenlayer ecosystem and provides security to the accompanying AVSs. It allows users to stake any amount of ETH or LST, making the benefit of staking yield much more attainable. Due to the complexity of choosing which AVSs to provide security, Renzo aims to simplify this experience by optimizing for the best risk-adjusted AVSs.

Investors

Renzo Protocol has raised $20.2M in investment to date. In the most recent round, announced on April 16th, 2024, they raised $17M, led by Galaxy and Brevan Howard Digital and with additional participation from Maven 11, Figment Capital, Bankless Ventures, SevenX Ventures, Protagonist, Karatage, 280 Capital, Antalpha, hermeneutic, ConsenSys, and L2IV.

Audit History

Renzo prioritizes security. As such, Renzo has undergone four audits from Halborn and Sigma Prime and a public audit with Code4rena.

Check out the audit reports:

Boosted Rewards

From the commencement of the addition of ezETH to the Mitosis EOL Expedition program, Mitosis ezETH depositors will receive 2.0x Renzo points. The multiplier of points provided is subject to change in the future.

Synergy

The proposal to add ezETH as a depositor asset on Mitosis aims to amplify its expansion and attract diversified demand sources through proposals to receive ezETH from EOL.EOL protocols submit transparent and clear proposals in their reward offerings, reducing the complexity of deploying ezETH across networks.

So, by working with Mitosis EOL now, Renzo has begun to get a leg up in procuring EOL Allocation proposals that offer additional yield opportunities to ezETH depositors. Further sources of demand also aim to increase the usage of the Renzo Protocol as ezETH becomes a more sought-after asset.

Kicking off the interactions between Renzo and the Mitosis community helps to support an ecosystem of more robust liquid restaking protocols and the expansion of restaked assets across networks.

Conclusion

Mitosis and Renzo position themselves to power restaking on Ethereum and L2s. An ezETH addition as a supported asset in Mitosis EOL looks to affirm benefits to both EOL participants and the Mitosis community.

21 Likes
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Vote yes
improve performance

4 Likes
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Yes! Agree! We support it!

1 Like
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Vote yes

Improve utility of Mitosis and TVL.

Who’s next? Stone or wrstETH maybe?

1 Like
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they’re strong :muscle: :muscle: :muscle: :muscle: :muscle: :muscle: :muscle: :muscle: :muscle:

1 Like
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I agree, this will be a great partnership!

1 Like
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Personally, Absolutely NO.

2 Likes
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Vote yes for me. i dont think so others will like because of some issue circulated on twitter about renzo

1 Like
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yes to this and other LRTs

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I think despite some issues early on, Renzo’s team is solid and will be a mainstay in the ecosystem. Vote yes.

2 Likes
11

LFG mean lets F*cking GO

1 Like
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Welcome Renzo to Mitosis. It will a great combo between Renzo and Mitosis :sparkling_heart:

1 Like
13

Great initiative for mutual benefits, pleased to support.

1 Like
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I understand that people don’t want Renzo, but when I look at it from Mitosis’s perspective, I find it positive.

2 Likes
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I would love some kind of vote in discord too see what the active members all think about this as there seems to be a few that don’t like renzo, but exactly what percentage of the community is this.

5 Likes
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Vote Yes.
It is definitely a step in the right direction.

1 Like
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100% vote yess
i will great move for Mitosis

1 Like
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Ya ezETH has a pretty bad rap from the phase 1 and now phase 2 airdrops. I’m a little concerned some of their negativity would rub off on Mitosis. I’d especially wait to see how this situation with @cryptocove

Warning: be careful if you are farming airdrops or yield using

[@RenzoProtocol]

DO NOT trust them to track your points correctly or to actually provide the rewards you worked for. Case in point: they are excluding wallets from S2 of their airdrop (many examples of this) simply for using ezETH in defi money markets to access leverage - a very common farming strategy. Renzo is using a 3rd party sybil detector that flags wallets for this, saying it violates their ‘anti-looping’ strategy. But the mistake they are making is not distinguishing between wallets that mint ezETH, swap for ETH and repeat (obviously bad) VERSUS wallets that mint ezETH, deposit in defi, access leverage, and then mint more ezETH (actually increasing Renzo TVL) When questioned in discord the team deflects and refuses to manually verify what is obviously a mistake. If you’re super vocal you might get your wallet looked at but good luck getting what you farmed if you’re passive. EVEN MORE insane is that the ‘bonus’ points that are getting people excluded from the drop generally count for less than 1% of a wallet’s total points balance. But instead of reducing the allocation by this tiny amount, Renzo just eliminates it completely. I know people that farmed with 5-6 figures worth of ETH for months that are being incorrectly flagged and losing it all. Posting this as a warning - if you’ve been farming Renzo better double check your wallets. And if you haven’t been farming Renzo I can’t say I recommend it…

They did respond to him and are looking into it supposedly

Not all of us having 70k youtube subscribers and 15k twitter followers to force Renzo’s hand to look into what looks to be a mistake on their part.

Anyways I really hope we find out the conclusion of this 2nd airdrop before any big decisions are made.

3 Likes
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2x points is about average right now (DeFi | Renzo)

Currently, there are ~25 protocols that Renzo is giving 4x points boost, 2 protocols with 3x points, ~28 protocols with 2x points, and ~20 protocols with 1x points.

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Venus protocol has a TVL of $3,761 and receiving 2x points, nothing against Venus but Mitosis currently has a TVL of $76.5m on DefiLlama. I would just encourage the community to consider the merits of this proposal: what is the methodology, or perhaps politics, Renzo is considering when deciding on points multiplier? If TVL is not a significant factor, then what is?

We should ask these types of questions when the proposal moves to the next stage. Founder Mike from EtherFi gave us 3x points (at least for a time) when we made the argument for it. Maybe that’s the case here as well.

3 Likes
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What issues are you referring to?

1 Like