Renzo Restaked ETH
EZETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
EZETH (Renzo Restaked ETH) is an established liquid restaking token (LRT) on EigenLayer with an actively maintained multi-chain presence and institutional backing. The protocol raised $17M in June 2024 and maintains ~$110M-$115M in market cap with an active holder base. However, the asset faces several structural challenges: governance is centralized with administrative control over AVS and operator selection, core contract audit records remain partially opaque in retrieved sources, and trading liquidity is relatively thin. Additionally, ezETH demonstrated peg fragility during an April 2024 market dislocation, though the depeg was temporary and resolved without protocol insolvency or bad debt. The overall score represents the weighted average of the evaluated sections without red-flag capping.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Renzo Restaked ETH (EZETH)
EZETH (Renzo Restaked ETH) is the liquid restaking token (LRT) of the Renzo Protocol, which operates as a strategy manager for EigenLayer. Operating primarily on Ethereum with bridged deployments across networks including Optimism, ezETH functions as a fully collateral-backed receipt token for restaked Ether. The token employs an auto-compounding exchange rate mechanism rather than a rebasing model to reflect accumulated staking and restaking rewards, allowing holders to retain liquidity and deploy the asset within decentralized finance protocols.
The Renzo Protocol was developed with public contributors, including founding contributor Lucas Kozinski, and secured $17 million in funding in June 2024 alongside integration with institutional node operators like Figment and P2P.org. Beyond ezETH, the protocol manages additional LRT products, such as pzETH and ezEIGEN. Protocol administration exhibits centralized characteristics, as key operational decisions—including Actively Validated Service (AVS) selection and node operator curation—are managed by the core team, with ezETH holders lacking direct governance rights over contract upgrades and fee parameters.
The asset is subject to structural and market risks, including compounded slashing exposures across EigenLayer and connected AVS networks, upgradeable proxy contracts, and periods of thin trading liquidity. In April 2024, ezETH experienced a market dislocation resulting in a temporary depegging event, where the token traded at a substantial discount to ETH on decentralized exchanges such as Uniswap due to low liquidity and liquidations. The dislocation was resolved without protocol insolvency or bad debt. While third-party security reviews have been conducted, including an OpenZeppelin audit in August 2025 regarding protocol integrations, verifiable audit documentation for certain core contracts remains partially opaque.