Renzo Protocol launches Solana’s first liquid restaking token on Jito

Renzo Protocol extends its expertise in liquid restaying to the Jito ecosystem on Solana.

Protocol announced on August 14 that it has launched ezSOL, the first liquid resting token on Solana (SOL).

Having made inroads into the world of decentralized finance with his liquid resttake expertise for Ethereum (ETH)-based protocols EigenLayer and Symbiotic, Renzo is now taking the LRT market even further with ezSOL on the Jito (JTO) Network.

ezSOL joins ezETH and pzETH, LRTs on EigenLayer and Symbiotic.

The launch of the new liquid resttake token is carried out in collaboration with the Jito Foundation.

What happened?

Renzo is Ethereum’s third-largest liquid restake protocol by total locked value. According to DeFiLlama, Renzo’s TVL is currently over $1.29 billion, behind only Puffer Finance at over $1.33 billion and ether.fi at over $5 billion.

Meanwhile, Jito Network is a platform that allows users to earn maximum extractable value (MEV) and decentralized finance (DeFi) protocols on Solana. The focus on MEV and DeFi is powered by JitoSOL, the largest liquid staking token in the Solana ecosystem.

Renzo aims to provide maximum value for these stakers, and the restaking option offers just that. The expansion will allow JitoSOL holders to mint ezSOL using their JitoSOL tokens, allowing them to benefit from compounding rewards between staking, restaking, and MEV mining.

Additional availability for SOL in DeFi

In addition to increasing network liquidity, ezSOL unlocks new DeFi opportunities for the community, including lending, automated market making, and aggregators.

The LRT token will help power all of these strategies, allowing users to hedge their re-staking risk while providing capital efficiency. Renzo says this composability will increase the overall flexibility and usability of Solana’s native token, SOL.

Those using ezSOL on Solana will benefit from the blockchain network’s low fees and fast transaction resolution.