Coin overview
REZ
Ended--
Last price (USDT)
207.60K
24h total (USDT)
760.17K
Total vol (USDT)
2024-04-24 08:00:00 ~ 2024-04-30 11:30:00
Trading time (UTC+0)
2024-04-30 14:00:00
Delivery time (UTC+0)
Total supply10.00B
Resources
Introduction
Renzo is a Liquid Restaking Token (LRT) and Strategy Manager for EigenLayer. It is the interface to the EigenLayer ecosystem securing Actively Validated Services (AVSs) and offering a higher yield than ETH staking. The protocol abstracts all complexity from the end-user and enables easy collaboration between users and EigenLayer node operators.
Trader Loses $25,8 Million in Tokens Due to Address Error
A trader named qklpjeth lost access to 7912 ezETH tokens ($25,8) after mistakenly sending them to the wrong address. As the trader said, back in late June he accidentally copied the wrong data and sent the tokens to smart contract no withdrawal possible. For several months, the hapless trader tried to resolve the withdrawal issue with the help of the Renzo protocol team, who could update the code and unlock the funds. However, the protocol representatives told him that they are unable to do this, as there are some regulatory restrictions. However, it is unclear what they are and how they prevent the problem of unlocking tokens from being solved. The trader recently asked the community for help and promised a generous reward of 10% ($2,5 million) for the return of funds. It is not yet known whether anyone has responded to the call for help in obtaining tokens worth almost $25,8 million. In the comments, community members expressed concern about the situation and called on app developers to take action to prevent users from losing millions of dollars as a result of the oversight, especially since it was not the work of a hacker. EN @happycoinnews EN @happycoinnews_en
The altcoin projects collectively published a post jokingly saying that they are now transforming into "Meme coins"
On November 15th, several altcoin project official accounts, including Litecoin, yearn.fi, Manta, TRON DAO, and Renzo, posted on social media, jokingly stating: "Given the current market situation, I think we are actually a meme coin project."
Trader who lost $26M to copy-paste error says it’s been ‘max pain’
A trader who recently revealed they had lost $25 million back in June after copying in the wrong deposit address says the experience has been “max pain.” Pseudonymous crypto investor qklpjeth told Cointelegraph that they accidentally transferred 7,912 Renzo restaked ETH (ezETH) — worth $26.4 million at current prices — to a safe contract address on June 19. Unfortunately, they said they entered the incorrect address and sent the funds to a safe module instead of his own safe, meaning that the tokens were “locked and unable to be withdrawn.” When asked about how the mistake was made, qklpjeth offered a short response: “In one word: wrong copy.” While the mishap occurred nearly five months ago, they only recently put the call out to white hat hackers on X after exhausting all the traditional avenues for recovering their funds. Qklpjeth said they asked for help publicly in the hope that someone would be able to identify and exploit a smart contract bug that would allow them to recover their funds in full. Source: qklpjeth The crypto community has been quick to offer advice. Responding to qklpjeth’s original X post, DefiLlama developer 0xngmi said the best possible course of action would be to contact the Renzo protocol directly and request that they alter their token contract. Unfortunately, qklpjeth said they had already contacted Renzo directly in a bid to recover the funds, but the protocol couldn’t assist due to regulatory limitations. A wake-up call for better UX Meanwhile, Harrison Seletsky, director of business development at digital identity platform SPACE ID, told Cointelegraph that the multimillion-dollar mishap was a “wake-up call” for better user experience in the crypto industry. “It’s shocking that simple copy and paste errors are still costing people millions in crypto,” he said. Related: DeltaPrime exploited for $4.8M worth of ARB and AVAX tokens “It’s an awful experience to go through and I truly hope that this crypto user can recover their assets, but stories like this are a wake-up call for our industry. We need to do better.” Seletsky said these kinds of mistakes simply shouldn’t be possible in crypto more than a decade after Bitcoin was invented, adding that mass adoption couldn’t occur until everyday users felt safe in their ability to transfer funds without the risk of losing it all because of a simple typo. “Most people, given the choice between entrusting their financial security to a centralized entity and trusting themselves not to make errors will choose the former,” said Seletsky. “The UX is the key to unlocking mass crypto adoption, so there needs to be far more focus on UX, starting with crypto transactions first and foremost.” Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes
Trader offers $2.5M reward to recover $26M lost to error
A crypto trader, using the pseudonym qklpjeth, disclosed losing $25 million in June due to a copy-paste error involving the wrong deposit address. The investor transferred 7,912 Renzo restaked ETH (ezETH), currently valued at $26.4 million, to a safe contract address on June 19, mistakenly locking the funds. In response, they are offering a $2.5 million reward to white-hat hackers who can help recover the assets. Discussing the mishap, qklpjeth summarised it as “wrong copy,” explaining that the transfer directed funds to a safe module instead of their intended safe, rendering the tokens inaccessible. After trying conventional recovery methods for nearly five months, the trader turned to social media, appealing for assistance in finding a smart contract vulnerability that could enable the recovery of the funds. The crypto community responded with various suggestions. DefiLlama developer 0xngmi recommended contacting the Renzo protocol to request modifications to the token contract. However, according to qklpjeth, this approach had already been pursued without success due to regulatory constraints. Harrison Seletsky, director of business development at SPACE ID, remarked that the incident serves as a critical reminder for the need to improve user experience in the crypto industry. “It’s shocking that simple copy and paste errors are still costing people millions in crypto,” he emphasised, highlighting that such significant losses underscore the importance of enhancing transaction interfaces. Seletsky further noted that such issues deter mass adoption. He added that users often prefer centralised systems over self-management due to concerns about errors and financial security. “The UX is the key to unlocking mass crypto adoption, so there needs to be far more focus on UX, starting with crypto transactions first and foremost,” he stated.
Trader who lost $26M to copy-paste error says it’s been ‘max pain’
A trader who recently revealed they had lost $25 million back in June after copying in the wrong deposit address says the experience has been “max pain.” Pseudonymous crypto investor qklpjeth told Cointelegraph that they accidentally transferred 7,912 Renzo restaked ETH (ezETH) — worth $26.4 million at current prices — to a safe contract address on June 19. Unfortunately, they said they entered the incorrect address and sent the funds to a safe module instead of his own safe, meaning that the tokens were “locked and unable to be withdrawn.” When asked about how the mistake was made, qklpjeth offered a short response: “In one word: wrong copy.” While the mishap occurred nearly five months ago, they only recently put the call out to white hat hackers on X after exhausting all the traditional avenues for recovering their funds. Qklpjeth said they asked for help publicly in the hope that someone would be able to identify and exploit a smart contract bug that would allow them to recover their funds in full. Source: qklpjeth The crypto community has been quick to offer advice. Responding to qklpjeth’s original X post, DefiLlama developer 0xngmi said the best possible course of action would be to contact the Renzo protocol directly and request that they alter their token contract. Unfortunately, qklpjeth said they had already contacted Renzo directly in a bid to recover the funds, but the protocol couldn’t assist due to regulatory limitations. A wake-up call for better UX Meanwhile, Harrison Seletsky, director of business development at digital identity platform SPACE ID, told Cointelegraph that the multimillion-dollar mishap was a “wake-up call” for better user experience in the crypto industry. “It’s shocking that simple copy and paste errors are still costing people millions in crypto,” he said. Related: DeltaPrime exploited for $4.8M worth of ARB and AVAX tokens “It’s an awful experience to go through and I truly hope that this crypto user can recover their assets, but stories like this are a wake-up call for our industry. We need to do better.” Seletsky said these kinds of mistakes simply shouldn’t be possible in crypto more than a decade after Bitcoin was invented, adding that mass adoption couldn’t occur until everyday users felt safe in their ability to transfer funds without the risk of losing it all because of a simple typo. “Most people, given the choice between entrusting their financial security to a centralized entity and trusting themselves not to make errors will choose the former,” said Seletsky. “The UX is the key to unlocking mass crypto adoption, so there needs to be far more focus on UX, starting with crypto transactions first and foremost.” Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes
Bernstein says 'don't fight this' amid post-election crypto surge, MicroStrategy buys another $2 billion in bitcoin and more
From theblock by James Hunt I hope you had a good weekend, folks. In today's newsletter, Bernstein ushers in the crypto bull market amid a Donald Trump-fueled price rally, MicroStrategy acquires another $2 billion worth of bitcoin, FTX files a $1.8 billion lawsuit against Binance and CZ plus more. Meanwhile, OpenEden's biz dev contractor was the founder of Braq — a community that's still wondering where its NFTs went. Let's get started. 'Welcome to the crypto bull market — buy everything you can' With bitcoin continuing to break new all-time highs above $80,000 following Donald Trump's election victory last week, analysts at research and brokerage firm Bernstein urged investors to add exposure to the crypto industry "as soon as possible." "Don't fight this," the analysts led by Gautam Chhugani told clients in an explosively bullish note on Monday. "Welcome to the crypto bull market — buy everything you can." Chhugani said any investors that had refrained from crypto exposure due to regulatory concerns should "invert their mental model" after the U.S. election results, pointing to expectations of a crypto-friendly regulatory environment under Trump, starting with a new SEC Chair. Previously skeptical of the industry, Trump laid out a variety of pro-crypto policies during the campaign, including establishing a national bitcoin stockpile and a promise to "end the war on crypto regulation." For institutions, the analysts identified spot Bitcoin and Ethereum ETFs, pure-play and AI-focused public bitcoin miners, firms with corporate bitcoin treasuries and crypto exchanges as avenues for exposure. However, for investors able to buy cryptocurrencies directly, Bernstein recommended a basket of digital assets, including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE and LINK. "We remain confident in our $200,000 bitcoin price target by 2025 end. Even at $81K/bitcoin (+ 87% YTD), we believe risk-reward is favorable over next 12 months," Chhugani said. Earlier on Monday, Greg Cipolaro, the global head of research at bitcoin financial services firm NYDIG, also said there is no longer any excuse for investors to shirk exposure to bitcoin following Trump's victory. MicroStrategy acquires another 27,200 BTC for more than $2 billion Business intelligence firm and the largest corporate bitcoin holder, MicroStrategy, has acquired another 27,200 BTC for $2.03 billion at an average price of $74,463 per coin. The purchases, conducted between Oct. 31, 2024, and Nov. 10, 2024, with proceeds from the issuance and sale of shares, bring MicroStrategy's aggregate holdings to 279,420 BTC, purchased at an average price of $42,692 each, totaling around $11.9 billion. MicroStrategy's latest acquisition follows a revenue miss in the third quarter, with company sales of $116 million short of a consensus estimate by roughly 5%. Last week, JPMorgan analysts predicted that — in addition to benefiting from Donald Trump's victory in the U.S. presidential election — bitcoin is slated to get an additional boost from MicroStrategy's plan, which includes raising $42 billion for bitcoin acquisitions over the next few years. FTX files $1.8 billion lawsuit against Binance and CZ The FTX bankruptcy estate filed a $1.76 billion lawsuit against Binance and its former CEO Changpeng "CZ" Zhao on Sunday, alleging the money was fraudulently transferred in a 2021 share buyback deal. The filing claims FTX's repurchase of Binance's stake in the defunct crypto exchange was funded by its already insolvent trading arm, Alameda Research, using $1 billion in FTX depositor funds. FTX further accused Zhao of issuing a series of "false, misleading and fraudulent" social media posts in 2022, triggering massive withdrawals that contributed to FTX's collapse. Binance dismissed the lawsuit as "meritless," stating, "We will vigorously defend ourselves." Meanwhile, Alameda Research also filed a lawsuit against Waves founder Aleksandr Ivanov and connected entities on Sunday in an attempt to claw back at least $90 million. Delta Prime suffers second exploit in two months, bringing losses above $10 million DeFi lending platform Delta Prime has suffered a second exploit in two months , with an attacker draining an estimated $5 million in crypto from its Avalanche and Arbitrum implementations via a smart contract bug. An unidentified hacker exploited a "code logic error" that allowed them to drain funds from Delta Prime's "claimRewards" contract used to pay out tokens to platform users, crypto security firm Fuzzland told The Block. This latest attack brings Delta Prime’s total losses to over $10 million, following a previous $6 million exploit of its Arbitrum deployment in September due to a stolen admin key. Delta Prime has paused the protocol on both chains to contain the damage, with its TVL dropping from $70 million pre-September hack to around $32 million as things stand. A crypto user sent $25 million to the wrong address and now their tokens might be lost forever A crypto user mistakenly sent $25 million in Renzo restaked ether tokens to an inaccessible Safe Module smart contract address rather than their regular Safe Wallet address, potentially locking the funds permanently. "To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it," X user @qklpjeth wrote on the social media platform. "If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million at the current price." However, recovery is only possible if the Renzo team upgrades the contract, adding a function to rescue the funds, according to DeFiLlama founder 0xngmi. In the next 24 hours U.S. FOMC members Thomas Barkin, Neel Kashkari and Patrick Harker are due to speak at 10:15 a.m., 2 p.m. and 5 p.m. ET, respectively, on Tuesday. Devcon kicks off in Bangkok, Thailand. The WOW Summit concludes.
The Daily: Bernstein says 'don't fight this' amid post-election crypto surge, MicroStrategy buys another $2 billion in bitcoin and more
I hope you had a good weekend, folks. In today's newsletter, Bernstein ushers in the crypto bull market amid a Donald Trump-fueled price rally, MicroStrategy acquires another $2 billion worth of bitcoin, FTX files a $1.8 billion lawsuit against Binance and CZ plus more. Meanwhile, OpenEden's biz dev contractor was the founder of Braq — a community that's still wondering where its NFTs went. Let's get started. 'Welcome to the crypto bull market — buy everything you can' With bitcoin continuing to break new all-time highs above $80,000 following Donald Trump's election victory last week, analysts at research and brokerage firm Bernstein urged investors to add exposure to the crypto industry "as soon as possible." "Don't fight this," the analysts led by Gautam Chhugani told clients in an explosively bullish note on Monday. "Welcome to the crypto bull market — buy everything you can." Chhugani said any investors that had refrained from crypto exposure due to regulatory concerns should "invert their mental model" after the U.S. election results, pointing to expectations of a crypto-friendly regulatory environment under Trump, starting with a new SEC Chair. Previously skeptical of the industry, Trump laid out a variety of pro-crypto policies during the campaign, including establishing a national bitcoin stockpile and a promise to "end the war on crypto regulation." For institutions, the analysts identified spot Bitcoin and Ethereum ETFs, pure-play and AI-focused public bitcoin miners, firms with corporate bitcoin treasuries and crypto exchanges as avenues for exposure. However, for investors able to buy cryptocurrencies directly, Bernstein recommended a basket of digital assets, including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE and LINK. "We remain confident in our $200,000 bitcoin price target by 2025 end. Even at $81K/bitcoin (+ 87% YTD), we believe risk-reward is favorable over next 12 months," Chhugani said. Earlier on Monday, Greg Cipolaro, the global head of research at bitcoin financial services firm NYDIG, also said there is no longer any excuse for investors to shirk exposure to bitcoin following Trump's victory. MicroStrategy acquires another 27,200 BTC for more than $2 billion Business intelligence firm and the largest corporate bitcoin holder, MicroStrategy, has acquired another 27,200 BTC for $2.03 billion at an average price of $74,463 per coin. The purchases, conducted between Oct. 31, 2024, and Nov. 10, 2024, with proceeds from the issuance and sale of shares, bring MicroStrategy's aggregate holdings to 279,420 BTC, purchased at an average price of $42,692 each, totaling around $11.9 billion. MicroStrategy's latest acquisition follows a revenue miss in the third quarter, with company sales of $116 million short of a consensus estimate by roughly 5%. Last week, JPMorgan analysts predicted that — in addition to benefiting from Donald Trump's victory in the U.S. presidential election — bitcoin is slated to get an additional boost from MicroStrategy's plan, which includes raising $42 billion for bitcoin acquisitions over the next few years. FTX files $1.8 billion lawsuit against Binance and CZ The FTX bankruptcy estate filed a $1.76 billion lawsuit against Binance and its former CEO Changpeng "CZ" Zhao on Sunday, alleging the money was fraudulently transferred in a 2021 share buyback deal. The filing claims FTX's repurchase of Binance's stake in the defunct crypto exchange was funded by its already insolvent trading arm, Alameda Research, using $1 billion in FTX depositor funds. FTX further accused Zhao of issuing a series of "false, misleading and fraudulent" social media posts in 2022, triggering massive withdrawals that contributed to FTX's collapse. Binance dismissed the lawsuit as "meritless," stating, "We will vigorously defend ourselves." Meanwhile, Alameda Research also filed a lawsuit against Waves founder Aleksandr Ivanov and connected entities on Sunday in an attempt to claw back at least $90 million. Delta Prime suffers second exploit in two months, bringing losses above $10 million DeFi lending platform Delta Prime has suffered a second exploit in two months , with an attacker draining an estimated $5 million in crypto from its Avalanche and Arbitrum implementations via a smart contract bug. An unidentified hacker exploited a "code logic error" that allowed them to drain funds from Delta Prime's "claimRewards" contract used to pay out tokens to platform users, crypto security firm Fuzzland told The Block. This latest attack brings Delta Prime’s total losses to over $10 million, following a previous $6 million exploit of its Arbitrum deployment in September due to a stolen admin key. Delta Prime has paused the protocol on both chains to contain the damage, with its TVL dropping from $70 million pre-September hack to around $32 million as things stand. A crypto user sent $25 million to the wrong address and now their tokens might be lost forever A crypto user mistakenly sent $25 million in Renzo restaked ether tokens to an inaccessible Safe Module smart contract address rather than their regular Safe Wallet address, potentially locking the funds permanently. "To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it," X user @qklpjeth wrote on the social media platform. "If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million at the current price." However, recovery is only possible if the Renzo team upgrades the contract, adding a function to rescue the funds, according to DeFiLlama founder 0xngmi. In the next 24 hours U.S. FOMC members Thomas Barkin, Neel Kashkari and Patrick Harker are due to speak at 10:15 a.m., 2 p.m. and 5 p.m. ET, respectively, on Tuesday. Devcon kicks off in Bangkok, Thailand. The WOW Summit concludes. Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
"7912 ezETH were transferred to the contract address by mistake" user offers a reward of 2.5 million US dollars to help him recover the funds
in June of this year, a user named 2024.qklpj.eth accidentally transferred 7912 ezETH to a contract address. They have now released a reward notice promising to offer a 10% bonus to anyone who helps them successfully recover the funds, which amounts to approximately $2.5 million at current prices. Analysis shows that the CoboSafeAccount involved, which was confirmed by the Fish God, is a logical contract that stores risk control logic and cannot be upgraded or transferred. The assets can only be retrieved by recasting through the Renzo project party, indicating that this solution may not be feasible. Previously, in June, 2024.qklpj.eth allegedly transferred 7912 ezETH to a contract address, resulting in locked funds worth approximately $27.96 million that could not be withdrawn. Three days ago, they transferred 5477 ezETH to the multi-signature address 0x5E6...A1c19, most likely in an attempt to quickly redeem the quota by writing a contract. This part of the funds has been successfully withdrawn in installments, but an accident occurred where one of the funds was directly transferred to the intermediate contract 0xe9a...696C4 (Arkham marked as CoboSafeAccount), which cannot be transferred or upgraded.
5548.9 million REZ were redeemed and released from a certain address 3 hours ago and transferred into CEX
Analyst Ash Monitoring, or an address belonging to @qklpjeth, redeemed and withdrew 55.489 million REZ (approximately $2.18 million) from Renzo three hours ago and transferred it to Binance. This address had withdrawn these 55.489 million REZ from Binance between August 20th and September 11th and deposited them as collateral at an average price of $0.041 per unit.
Ether Liquidity Repledging Agreement TVL falls below $10 billion
DefiLlama data shows that Ether.fi liquidity repledging agreement TVL fell to $9.634 billion, a 24-hour drop of 2.61%. The top five agreements in TVL were: -ether.fi TVL at $5.641 billion, down 2.71% in 7 days; -Eigenpie TVL at $1.05 billion, down 3.1% in 7 days; -Renzo TVL at $820 million, up 17.34% in 7 days; -Puffer Finance TVL at 758 billion, down 7.18% over 7 days; -MellowLRT TVL at $637 million, down 6.71% over 7 days;
Interpretation of Jito's restaking: how to maximize your SOL earnings?
Original Title: Jito (Re)staking is here- Who will win the Solana restaking race? Original Author: flow, crypto researcher Original Compilation: zhouzhou, BlockBeats Editor's Note: This article introduces the restaking protocol Jito (Re)staking launched by Jito Labs on Solana. This technology allows the use of already staked SOL assets to earn higher yields and potentially participate in airdrops. Users can restake SOL through three providers (Renzo, Fragmetric, and Kyros), each differing in risk, liquidity, and potential returns. The article compares their features in detail and suggests preferring Kyros, which supports fair launches and has potential airdrop returns. The following is the original content (reorganized for readability): After successfully creating the largest liquid staking protocol on Solana, Jito Labs brings another significant development: the launch of a new restaking protocol—Jito Restaking. This restaking project went live today and will soon open for deposits, with an initial restaking cap of approximately $25 million (147,000 SOL). For those looking to earn higher annualized yields on SOL and hoping to seize airdrop opportunities, this is currently a very attractive opportunity in the market. Before introducing how to maximize this opportunity, let's briefly review the fundamental principles of Jito Restaking. What is Jito Restaking In simple terms, restaking refers to using already staked assets to provide security for specific decentralized services again. While it may seem unimportant, it is actually one of the most promising innovations of this cycle. The concept was pioneered by EigenLayer and first launched on the Ethereum mainnet in June 2023. Example illustration of how restaking operates Today, Jito has finally brought this new technology to Solana through its restaking solution. Diagram of the components of Jito Restaking Core Components of the Jito Restaking Framework The Jito Restaking framework consists of two main components: the restaking program and the vault program. They can be viewed as two independent entities that work together to provide a flexible and scalable infrastructure for creating and managing staked assets, vault receipt tokens (VRT), and node consensus operators (NCN). VRT is Jito's term for liquid restaking tokens, while NCN is similar to active validation services in EigenLayer, representing entities that will utilize the Jito restaking solution. The main function of the restaking program is to manage the creation of node consensus operators (NCN), the user selection mechanism, and the reward distribution and penalty mechanisms. This part is not visible to users and can be considered the core support of the Jito restaking solution. The vault program, on the other hand, is responsible for managing liquid restaking tokens (VRT) and customizing different restaking strategies through DAO or automated protocols. This serves as the primary interface for users to participate in restaking. It can be likened to how the restaking role in EigenLayer is performed by the restaking program on Solana, while the vault program acts as a liquidity layer between users and the core restaking protocol. Image showing how the Vault program works 3 VRT Providers In the initial phase, Jito is collaborating with only three VRT providers: RenzoProtocol ($ezSOL), fragmetric ($fragSOL), and KyrosFi ($kySOL), which will collectively allocate an initial cap of 147,000 SOL. Therefore, any user wishing to restake SOL through Jito will need to choose among these three VRT providers. Image of the landing page for Jito (Re)staking Here is a summary of the main features of each VRT provider: How to Choose the Right VRT for SOL Restaking? When choosing which VRT to use, the key is to find the best risk-return ratio. Here is an analysis of each provider: 1. Risk: In terms of risk, the main focus is on protocol penalties (i.e., penalty risk) and liquidity risk. Given the current low number of NCNs and the early stage, it can be assumed that all providers have similar risk levels. Renzo and Kyros accept the most liquid JitoSOL, while Fragmetric accepts a wider variety of liquid staking tokens (LST), which may increase its liquidity risk. Additionally, Renzo and Kyros's VRT will have liquidity from the start, while Fragmetric's tokens are initially non-transferable. Therefore, in terms of risk, Renzo and Kyros have the lowest risk, while Fragmetric has slightly higher risk. 2. APY Returns: The expected APY for each project is similar, but it can be assumed that Renzo and Kyros, by only using JitoSOL, may have slightly higher expected APY than Fragmetric, though the difference will not be significant. 3. Airdrop Potential: Given that all VRTs have similar risks and expected yields, the key factor in choosing a specific VRT is the potential for airdrop rewards. Renzo already has tokens, and while restaking may earn some future airdrop points, the potential is relatively low. In contrast, both Kyros and Fragmetric currently have no tokens, indicating higher airdrop potential. Further Analysis of the Differences Between Kyros and Fragmetric: Features of Fragmetric: Expected to receive venture capital support, may follow a high FDV, low circulation model; inclined towards a technical and decentralized user base; collaborates with risk management firm Gauntlet; tokens are initially non-transferable; accepts multiple LSTs. Features of Kyros: Supported by SwissBorg, helping to distribute $kySOL and potentially collaborate with major players in Solana; may raise funds through a fair community-driven token model; has not yet started large-scale promotion; NCN allocation method may be based on DAO voting; supports JitoSOL. Overall, KyrosFi appears more attractive in several aspects. First, SwissBorg's support makes it easier to distribute $kySOL and opens doors for collaboration with major partners in Solana. Second, Kyros may adopt a fair launch approach. Finally, Kyros is currently relatively low-profile, making its airdrop return potential more appealing. Of course, this is a personal opinion for reference only, and I hope this analysis helps you make a more informed decision when choosing to restake SOL.
Understanding Jito re-staking, how to maximize your SOL income?
Original title: Jito (Re)staking is here- Who will win the Solana restaking race? Original author: flow, crypto researcher Original translation: zhouzhou, BlockBeats Editor's note: This article introduces Jito Labs' restaking protocol on Solana, Jito (Re)staking, a technology that allows the use of staked SOL assets to earn higher returns and potentially participate in airdrops. Users can restake SOL through three providers (Renzo, Fragmetric, and Kyros), each of which differs in risk, liquidity, and potential returns. The article compares their features in detail, and recommends preferring Kyros, which supports fair launches and has potential airdrop returns. The following is the original content (the original content has been reorganized for easier reading and understanding): After successfully building the largest liquid staking protocol on Solana, Jito Labs has once again brought another important development: the launch of a new re-staking protocol - Jito Re-Staking. This re-staking project is live today and will soon open for deposits, with an initial re-staking limit of approximately 25 million US dollars (147,000 SOL). For those who want to earn higher annualized SOL returns and want to participate in airdrop opportunities first, this is a very attractive opportunity in the market right now. Before introducing how to maximize this opportunity, let’s briefly review the basic principles of Jito Re-Staking. What is Jito Re-Staking In short, re-staking refers to using assets that have already been staked to provide security for a specific decentralized service again. While it may seem minor, this is actually one of the most promising innovations of this cycle. The concept was pioneered by EigenLayer and first launched on the Ethereum mainnet in June 2023. An example of restaking in action Today, Jito is finally bringing this new technology to Solana with its restaking solution. Diagram of the components of Jito re-staking Core components of the Jito re-staking framework The Jito re-staking framework consists of two main components: the re-staking program and the vault program. They can be thought of as two independent entities that work together to provide a flexible and scalable infrastructure for creating and managing staked assets, vault receipt tokens (VRT), and node consensus operators (NCN). VRT is Jito's term for liquid re-staking tokens, while NCN is similar to the active verification service in EigenLayer, which is used to represent the entities that will utilize the Jito re-staking solution. The main function of the re-staking program is to manage the creation of node consensus operators (NCNs), the selection mechanism for users, and the reward distribution and penalty mechanism. This part is invisible to users and can be seen as the core support of Jito's re-staking solution. The Treasury is responsible for managing liquid re-staking tokens (VRT) and customizing different re-staking strategies through DAO or automated protocols. This is the main interface for users to participate in re-staking. By analogy, the re-staking role of EigenLayer is played by the re-staking program on Solana, while the Treasury is similar to EtherFi, acting as a liquidity layer between users and the core re-staking protocol. Image of how the Vault program works 3 VRT Providers In the initial stage, Jito is only working with three VRT providers: RenzoProtocol ($ezSOL), fragmetric ($fragSOL) and KyrosFi ($kySOL), which will jointly allocate the initial cap of 147,000 SOL. Therefore, any user who wants to re-stake SOL through Jito will need to choose between these three VRT providers. Image of Jito (Re)staking landing page Here is a brief table of the main features of each VRT provider: How to choose the right VRT for SOL re-staking? When choosing which VRT, the key is to find an optimal risk-reward ratio. Here is an analysis of each provider: 1. Risk:In terms of risk, the main focus is on protocol penalties (i.e., penalty risk) and liquidity risk. Due to the current small number of NCNs and the early stage, it can be assumed that the risks of all providers are basically the same. Renzo and Kyros accept JitoSOL, which has the best liquidity, while Fragmetric accepts a wider variety of liquid staking tokens (LST), which may increase its liquidity risk. In addition, Renzo and Kyros' VRT will be liquid from the beginning, while Fragmetric's tokens will not be transferable in the early stage. Therefore, in terms of risk, Renzo and Kyros have the lowest risk, and Fragmetric has slightly higher risk. 2.APY Return:The APY of each project is expected to be similar, but it can be assumed that Renzo and Kyros may have slightly higher expected APY than Fragmetric due to only using JitoSOL, but the difference will not be large. 3. Airdrop Potential:Given that all VRTs have similar risks and expected returns, the key factor in choosing a specific VRT is the potential for airdrop rewards. Renzo already has tokens, and although re-staking may receive some future airdrop points, the potential is relatively low. Kyros and Fragmetric currently have no tokens and have higher airdrop potential. Further analysis of the differences between Kyros and Fragmetric: Features of Fragmetric:Expected to receive venture capital support, may follow a high FDV, low circulation model; biased towards technology and decentralized user groups; cooperates with risk management company Gauntlet; tokens are not transferable in the early stage; accepts multiple LSTs. Features of Kyros:Supported by SwissBorg, which helps distribute $kySOL and may cooperate with major players in Solana; may raise funds through a fair community-driven token model; has not yet started large-scale promotion; the NCN distribution method may be based on DAO voting; supports JitoSOL. On the whole, KyrosFi is more attractive in multiple aspects. First, the support of SwissBorg makes it easier to distribute $kySOL and opens the door for its major partnership with Solana. Second, Kyros may take a fair launch approach. Finally, Kyros is relatively low-key at present, which makes its airdrop return potential more attractive. Of course, this is a personal opinion and is for reference only. I hope this analysis can help you make a more informed decision when choosing to re-stake SOL. 「Original link」
Renzo Responds to Suspected X Account Theft, Issues Contracts for Verification with Partners
On October 30th, Renzo responded on its official Discord channel to the suspected theft of Renzo's official X account and the release of a suspicious token contract: “This is a contract for REZ and ezSOL on Solana. We are doing this to verify the contracts with our partners.” As previously reported, the official X account of Renzo, the liquidity repledging agreement, was stolen and suspicious token contracts were posted.
Renzo official X account is suspected to be stolen, users please interact with it with caution
On October 30th, Renzo, a liquidity re-pledge agreement, was suspected of being hacked by the official X account, and a suspicious token contract was released. Users should be cautious when interacting and pay attention to asset security.
Renzo: ezSOL to go live with Jito on 30 October
Renzo has posted that ezSOL will go live on Jito on 30 October, and expectations include: whitelisted users will be able to deposit within the first 24 hours or until the cap is filled; after the first 24 hours, others will be able to deposit if the cap isn't full; users will be able to mint ezSOL by depositing it into jitoSOL; and rewards will be compounded automatically. Shortly after launch, Renzo will announce the first integrations and partnerships that will bring even more utility and rewards to ezSOL holders.
Jito will launch the first phase of Restaking on October 30
On October 29th, Solana's ecological liquidity staking protocol Jito announced that it will launch the first phase of Restaking at 15:00 UTC on October 30th, and will open the deposit window. Users can deposit through Jito Restaking homepage or the front-end provided by Renzo, Kyros, and Fragmetric. The initial deposit limit is 25 million US dollars, which will gradually increase in the coming weeks.
Zypher Network and Linea Launch Treasure Ark Campaign to Drive Linea TVL Growth and Reward Active Players
On October 24th, Zypher Network and Linea launched the new Treasure Ark campaign, where players pledge ETH on the Linea chain to earn Linea LXP-L points and be rewarded with a whitelist and points for splitting 400 million $Zypher tokens. Meanwhile, Zypher Network also offers $GP rewards, Crypto Rumble Heroic Blind Boxes, and the world's first 0Gas SBT, which allows players to enjoy a zero-gas gaming experience on Zytron, preparing them for the future of on-chain game mining.
Fluid Protocol Secures $3.9 Million Seed Funding to Launch USDF, the Native Stablecoin of Fuel Network
Following a $3.9M seed round with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom and others, Fluid will launch USDF, the native stablecoin of Fuel network, a modular execution layer. In addition to the seed capital, Fluid previously secured a direct investment and a grant from Fuel Labs. The Fluid Team was founded by David Mass and Meir Bank, who were previously at Citibank and AngelDAO. Additional Investors in the round included Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors who contributed to the fundraise included Meltem Demirors, Kartik Talwar, Cami Ramos Garzon, Mike Silagadze, Alan Curtis, and Ben Lakoff. The capital infusion from the seed round will accelerate the development and launch of USDF, fund security audits to secure the protocol, and expand the team. David Mass, Co-founder and CEO, shared his excitement: "We have been actively building in the space for a few years and committed to the Fuel ecosystem in the summer of 2022. Our goal is to build a strong brand and community, inspired by the success of protocols like Liquity. We will be well entrenched within the Fuel ecosystem, supporting multiple collateral types which will bootstrap USDF’s adoption.” Fluid has teamed up with top builders in the Fuel ecosystem including Ether.fi, Renzo, Kelp DAO, Pyth, Redstone, Spark, Thunder, Mira, and others. “Fluid is an essential piece of Fuels ecosystem pushing the boundary of stablecoin design with deep commitment to decentralized values,” said Fuel Labs Founder, Nick Dodson. What is Fluid Protocol? Fluid Protocol is an over-collateralized, decentralized borrowing platform specifically built for Fuel Network. Fluid provides users with a secure and efficient way to unlock liquidity from their collateral without selling their underlying assets, thereby enabling maximum capital efficiency. USDF, the flagship product, is an over-collateralized native stablecoin soft-pegged to the US Dollar. By depositing collateral, borrowers can draw 0% interest-free loans, offering immediate liquidity while retaining ownership of their collateral—all without incurring interest charges or recurring fees. This battle-tested approach meets the demand within the Fuel community for a decentralized, stable unit of account. Getting Ready for Mainnet Fluid committed to building on Fuel over two years ago, and has diligently developed strategic partnerships throughout the Fuel ecosystem. Fluid anticipates to launch on mainnet imminently. “As we embark on this exciting journey, we remain dedicated to creating a governance-free and immutable protocol that prioritizes security, efficiency, and user empowerment. By offering innovative solutions that align with the evolving needs of our users, Fluid Protocol is poised to become a cornerstone in the DeFi landscape on Fuel," David Mass explains. X Website Discord This post is commissioned by Hydrogen Labs and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
Renzo: The ezETH Lido AAVE proposal has been initiated, voting will continue for 5 days
Renzo announced on the X platform that he has initiated the ezETH Lido AAVE proposal, voting will last for 5 days. According to the proposal, Renzo will have 2 e-mode liquidity options with a supply cap of 15,000 ezETH, allowing users to: - Provide ezETH as collateral to Lido and borrow wstETH; - Provide ezETH as collateral to Sky and borrow USDS.
Can liquid staking tokens depeg due to market volatility?
The $45 billion liquid staking sector is raising concerns among investors over the long-term price stability of cryptocurrencies tied to these protocols. Liquid staking creates more capital efficiency for investors by offering an equivalent of the initial staked token that can be deployed in other decentralized finance (DeFi) applications. However, liquid staking tokens (LSTs) could temporarily lose their price peg to Ether ( ETH ), according to Carlos Mercado, a data scientist at Flipside Crypto research firm. Mercado told Cointelegraph: “A broader risk is what happens when a significant percent of Ethereum is staked- the liquid staked tokens don't have instant redemption, so in high volatility time periods they can "depeg" where the open market price differs from the (often verifiable) ETH backing.” Maintaining price stability for Ether-based LSTs is crucial, as their cumulative market capitalization stands at $36.5 billion, according to CoinGecko. Top liquid staking tokens, market capitalization. Source: CoinGecko Arbitrage bots could quickly tackle LST depegging Although temporary depegging can occur during volatile periods, crypto arbitrage bots may quickly resolve such discrepancies. Arbitrage bots analyze price differences between crypto assets and execute trades to exploit those gaps. Related: Ether price in 7-month decline amid ‘L1 wars,’ says analyst These same arbitrage bots could automatically fix an LST depegging event, according to Alon Askal, the vice president of marketing at SVV Network. Askal told Cointelegraph: “If there was an adversarial market movement in either direction, arbitrage bots and user redeems would quickly stabilize and bring the peg to an equilibrium, as the Shanghai upgrade enabled protocols such as Lido to exit from the beacon chain and get back the ETH.” On April 24, the Renzo ETH (ezETH) token lost its 1:1 peg to the Ether price, temporarily falling as low as $700 on decentralized exchange (DEX) Uniswap, while Ether was trading above $3,100. EZETH/WETH, 15-min chart. Source: Tommy A wider sell-off caused the incident thanks to the culmination of Renzo’s airdrop campaign, which caused widespread liquidations across leverage protocols, according to Tommy, a pseudonymous investor at Crypto.com capital. The investor explained in an April 24 X post: “This led to liquidations on leverage protocols such as @GearboxProtocol and @MorphoLabs. Loopers (users who repeatedly use LRT as collateral to borrow ETH to create leverage) suffered loss as a result.” Liquid staking is growing cross-chain Liquid staking has seen significant growth across other top blockchain protocols, not just Ethereum. Related: Odds of Ethereum price rally to $3K increase, but a few red flags remain Over on Solana, liquid staking could see an over fivefold increase , according to Bytbit researchers, who told Cointelegraph: “In our view, Solana has a huge potential for liquid staking due to its active staking community. Based on Ethereum’s LST market statistics, Solana’s LST market could potentially grow to $18 billion.” Top protocol categories. Source: DefiLlama Thanks to the increased capital efficiency created by the protocols, liquid staking grew into the largest protocol category in DeFi, worth a combined $45 billion across 190 protocols, DefiLlama data shows. Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
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