[BIP-538] Enable ezETH/WETH Gauge [Ethereum]

PR with Payload

Summary:
Renzo Protocol proposes to add veBAL gauge for the [ezETH/WETH 50/50 pool] on Balancer).

Gauge address: Vyper_contract | Address 0xa8B309a75f0D64ED632d45A003c68A30e59A1D8b | Etherscan

References/Useful links:

Protocol Description:

[$ezETH] is a Liquid Restaking token and Strategy Manager for EigenLayer

Renzo is the interface to the EigenLayer ecosystem securing Actively Validated Services (AVSs), offering a higher yield than ETH staking.

With +4,500 total unique depositors, +33,000 restaked ETH, and an average of ~6 ETH per deposit, Renzo is the fastest growing restaking protocol on EigenLayer

Renzo introduces the Balancer Boosted Gauge for the Renzo [ezETH/WETH 50/50 pool]. ezETH, Renzo’s liquid restaking token (LRT), captures rewards, ensures liquidity, and simplifies reward management with AVSs. This approach ensures a user-friendly DeFi experience where participants deposit ETH into the liquidity pool, mint ezETH, accumulate rewards, and seamlessly engage in other DeFi activities. Renzo is on a trajectory toward a permissionless validator set, emphasizing composability in DeFi.

Motivation:

Renzo is seeking to establish the [ezETH/WETH 50/50 pool] on Balancer to further enrich liquidity for ezETH. This move aims to enhance the trading experience across the Ethereum ecosystem, making it more accessible for users while generating additional value to the Renzo community.

Specifications:

Governance:
Renzo currently operates with a multi-signature wallet, featuring doxxed founding contributors. The protocol is planning to decentralize strategy management to ezPoints holders and transition to decentralized governance in the future.

Oracles:
Renzo uses ChainLink oracles to price assets (besides ETH) held in the protocol, and in the future, ChainLink will also be used to price assets withdrawn from Renzo.

Audits:
Renzo smart contracts have been audited by Halborn. All of Renzo’s smart contracts are open source.Audits can be found here: https://github.com/HalbornSecurity/PublicReports/blob/master/Solidity Smart Contract Audits/Renzo_Protocol_EVM_Contracts_Smart_Contract_Security_Assessment_Report_Halborn_Final.pdf

Centralization vectors:
Centralization vectors currently revolve around the Oracle, validator management via Figment, upgradeability via proxy multisig contract, and front end hosting,

Overtime, our goal is to migrate Renzo to utilize decentralized infrastructure.

Market History:
From 0 to 100, Renzo launched on EigenLayer Mainnet 1-month ago and has witnessed explosive growth. TVL is nearing +$90M USD, with +33k ETH restaked, and over +4,500 unique depositors.

Renzo’s remarkable growth and strong community backing underscore its prominence servicing users with liquid restaking on EigenLayer. The ezETH/WETH pool on Balancer will mark its inaugural support on a DEX.

Value:

Renzo recently closed a successful seed round in December 2023, raising $3.2 million in equity with a 1:1 Token Warrant. The post-round valuation stands at an impressive $25 million, showcasing strong support for Renzo’s innovative liquid restaking protocol.

Renzo strives to be the most secure and efficient liquid restaking token across DeFi and on Ethereum L2’s. Renzo is currently focused on diversification efforts to increase the number of node operators on EigenLayer, increasing decentralization and improving security for Actively Validated Services (AVS). Renzo is also working on supporting various LSTs deposits through the platform and building partnerships/integrations across aggregators, DEXs, bridges, Oracle providers, L2s, and other DeFi projects.

Above all, Renzo is committed to building the most successful liquid restaking ecosystem on EigenLayer, delivering rewarding experiences for all restakers and holders of ezETH.

Additionally, this pool is requesting core pool status as per BIP-457

2 Likes

https://snapshot.org/#/balancer.eth/proposal/0x75b161f9e6bad0eec559b977b62f036b545655118ef9e31d64a68c1fede7b288