Introduction
October was another strong month for Renzo Protocol as the protocol continues to expand and launch new programs. Here’s a snapshot of what we achieved, how our numbers moved, and what’s ahead.
October Highlights
- Governance led buyback and burn proposal passed
- Foundation successfully bought back over 1% of the REZ total supply
- Launch of ezBTC – the first real yield on Eigenlayer powered by Restaking.
Ecosystem Metrics & Growth
At the beginning of October, protocol TVL stood at 342,034 ETH; it closed the month at 332,974 ETH, representing growth of -2.65%. ezETH APY closed the month at 2.77%
Key Announcements
- Buyback & Burn Proposal Passed
The Foundation put up a proposal to Buyback and Burn 10% of the REZ supply in 6 months. After several discussions, the proposal was split into two parts: RP-6(A) & RP-6(B) – requesting a buyback of 10% of the REZ supply in 6 months and the other allocating 90% of the repurchased tokens to be burnt and the remaining 10% distributed to ezREZ stakers – respectively.
On Snapshot voting, both proposals passed giving way for the initiative to kick off. At the time of this writing, the Foundation has repurchased a total of – 123,973,369 REZ sitting in multisig address https://etherscan.io/address/0x8d8Cf66582e5866c99fDb548E424b13d26B28599#tokentxns
Buybacks are being executed via the bot address – https://etherscan.io/address/0x7d7445b6e7098efBDEAfA4A24f443847D5dAA262#internaltx where 75-100% protocol revenue is being directed.
Burns soon???
- ezBTC Launches
In partnership with the teams at: WBTC, Canary, Eigenlayer & LayerZero, Renzo spinned up the ezBTC vault representing one’s share in the Bitcoin economic security on Eigenlayer. ezBTC secures the DVN-AVS by Canary – verifying WBTC’s cross-chain transfers.
Looking Ahead
November is shaping up to be another exciting month for Renzo. The protocol will kick things off with proactive buybacks and burns, continuing to reinforce long-term value alignment for REZ holders.
Beyond that, expect more exciting updates and new integrations as the Renzo ecosystem keeps expanding.
Stay tuned – the best is yet to come. 🚀
Renzo Protocol 