Renzo (ezETH)
score
Fees: performance fee on rewards
Sizeable and widely integrated, but its April 2024 depeg is a reminder that ezETH liquidity can be fragile under stress. Best for users who understand LRT peg mechanics and keep exit routes in mind. Not financial advice.
What Renzo is
Renzo, founded in 2023, is a liquid restaking protocol built around ezETH. You deposit ETH and receive ezETH, an LRT that abstracts away the complexity of choosing EigenLayer operators and delivers restaking exposure through a simple user experience. Renzo leans into being easy to use and broadly available, with ezETH deployed across several chains rather than a single ecosystem.
How it scores
Renzo's profile is uneven. Adoption is its clear strength at 8, backed by high TVL and wide multichain availability, along with broad DeFi integrations. Yield is decent at 7. But security and audits sit at a middling 7, liquidity at 6.5, and risk transparency is the weakest mark in our entire group at just 5.5. That transparency score is the number to internalize, because it captures concerns that go beyond raw code quality.
Fees and yield
Renzo charges a performance fee on rewards, taking a share of what you earn rather than your principal. The yield score of 7 reflects returns that are competitive, though as ever a portion depends on incentive programs rather than base staking. Reward-token distribution and redemption terms have drawn community criticism in the past, which is part of why we mark transparency down, so read the current terms carefully before committing.
The defining caveat
The event that shapes our view is ezETH's sharp temporary depeg in April 2024, which occurred amid airdrop and liquidity confusion. It resolved, but it demonstrated that ezETH's exit liquidity can be fragile precisely when users most want to leave. Layered on top of the usual untested restaking slashing risk and a reliance on incentive-driven demand, this is a protocol where understanding peg mechanics and keeping an exit route in mind genuinely matters.
Who it's for
Renzo suits users who value wide multichain reach and a simplified restaking experience, and who understand LRT peg dynamics well enough to manage the liquidity fragility the depeg exposed. It is less appropriate for people who assume an LRT will always trade at fair value under stress. If you go in, size and plan exits with that April 2024 episode in mind. This is not financial advice.
Overall 6.7 / 10 — the weighted average of the criteria above. How we score →
- + High TVL and wide multichain availability for ezETH
- + Abstracts EigenLayer operator selection for a simple user experience
- + Broad DeFi integrations across several chains
- − ezETH suffered a sharp temporary depeg in April 2024 amid airdrop/liquidity confusion, exposing exit-liquidity fragility
- − Reward-token distribution and redemption terms drew community criticism
- − Layered restaking risk plus reliance on incentive-driven demand
Is Renzo safe?
+
Renzo scores 7 on security and just 5.5 on risk transparency, the lowest in our group. The contracts are audited and TVL is high, but ezETH's April 2024 depeg showed exit liquidity can be fragile under stress, and reward and redemption terms have drawn criticism, so understand the peg mechanics before committing.
Why did ezETH depeg?
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In April 2024 ezETH suffered a sharp temporary depeg amid airdrop and liquidity confusion. The price recovered, but the episode exposed how thin exit liquidity can become at the worst moment, which is a core reason we rate Renzo's risk transparency and liquidity below peers.
What are Renzo's fees?
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Renzo applies a performance fee on rewards, taking a portion of what you earn rather than your deposit. Because part of the yield relies on incentives, and redemption terms have been debated, check the current terms and net return before depositing.
Where is Renzo available?
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ezETH is available across multiple chains, which is one of Renzo's main strengths and supports its broad DeFi integrations. That multichain reach is convenient, but it does not remove the exit-liquidity fragility the depeg revealed.
Is Renzo a good liquid-restaking option?
+
With an overall 6.7 Renzo is sizeable and widely integrated but ranks lower on transparency and liquidity resilience. It is best suited to users who understand LRT peg risk and plan their exits accordingly. This is not financial advice.