Renzo, a liquid staking protocol built on Eigenlayer, has introduced support for ezETH on the Sei Network as redETH, in partnership with Hyperlane and RedStone.
Curious about Renzo, Hyperlane, and RedStone, and what they mean for you? If so, your inner DeFi enthusiast is awake. Let’s break it down as simply as possible.
What is Renzo?
Renzo is a liquid staking platform that allows users to stake $ETH while earning a 7% APR, roughly 50% higher than what many platforms offer. As a liquid staking protocol, Renzo provides users with staked ETH they can use across selected platforms. Stake $ETH > receive ezETH.
This is achieved through smart contracts and operator nodes to optimize restaking strategies, balancing risk and reward for the best outcomes. Renzo handles the strategy and security, simplifying a complex process.
What is Hyperlane?
Hyperlane is an open interoperability framework, allowing developers to transfer messages and data between blockchains. With Hyperlane, if a token like $XYZ exists on blockchain B, it can be used on blockchain D, given there’s Hyperlane support.
In Renzo’s case, Hyperlane enables users to utilize ezETH across various blockchains. To begin, users simply visit the Hyperlane bridge to transfer assets cross-chain.
What is RedStone?
RedStone Oracles provides real-time, decentralized data feeds essential for blockchain applications, particularly in DeFi. Its off-chain data caching and lightweight delivery make data feeds faster and more cost-effective.
With data packages trusted by over 50 blockchains, RedStone offers flexible data models like Pull, Push, and X.
How Do These Protocols Benefit You?
This opportunity might not be for everyone. But if you’re looking to stake Ethereum to support network security while earning higher yields, Renzo offers approximately 50% more rewards.
For those on Sei, you don’t need Ethereum or access to Eigenlayer to benefit from Renzo. Thanks to Hyperlane, ezETH is now available as redETH on Sei, with RedStone ensuring pricing consistency across chains.
In essence, Ethereum yields are now closer to the Sei community. This integration of a blue-chip protocol is a promising step for DeFi on Sei.
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