Renzo offers liquid restaking alongside account-based basis trading

Staking, Managed Vaults, and Basis Trading

Renzo's staking products represent underlying positions through transferable tokens, while its other products pursue yield through managed allocations or hedged trading. A liquid restaking token keeps a position usable in compatible decentralized finance, or DeFi, applications. The collateral remains committed to its staking or restaking arrangement. Its value still reflects the underlying asset's performance. Restaking adds economic security for additional services and exposes participating collateral to their security rules, including applicable slashing penalties.

Reserve Vaults delegate allocation and rebalancing to managed strategies, including lending markets and liquidity pools. The Enterprise Suite provides gated access, tailored configurations, and operational monitoring for institutions. Basis positions sit in the user's own venue account, with software acting under delegated trading authority. These arrangements give different degrees of control over capital deployment.

What Does a Restaking Deposit Give You?

A restaking deposit gives you a token representing the selected underlying position, with redemption governed by that product's collateral and withdrawal rules.

Ethereum Restaking With ezETH and pzETH

ezETH represents an EigenLayer restaked position funded with native ETH or stETH, a liquid staking token. pzETH represents restaked collateral within Symbiotic, a separate restaking protocol. Its supported inputs include ETH, wrapped ETH, stETH, and wrapped stETH. Operators use the collateral to secure services under each ecosystem's rules. Choosing between the tokens changes the restaking arrangement, even when both carry ETH-related exposure.

Solana Restaking With ezSOL

ezSOL represents a restaked position in Jito's Solana ecosystem, supporting its Node Consensus Networks. The interface accepts SOL or JitoSOL, although the underlying restaking vault accepts JitoSOL. SOL deposits undergo conversion before entering that vault. Rewards can include staking and restaking income, plus maximal extractable value (MEV) rewards. The collateral and service architecture differ from Ethereum restaking.

EIGEN and REZ Collateral

ezEIGEN represents restaked EIGEN, while ezREZ represents REZ committed to EigenLayer restaking for services accepting that collateral. These products extend the staking suite beyond ETH-related positions; their collateral denominations remain EIGEN and REZ, respectively, so their returns and asset exposure need to be assessed in those units.

Yield Routes and Control Over Collateral

Restaking tokens give holders control over transferable claims, while Basis keeps spot assets and futures in the user's own account.

How Does the Basis Trade Earn Yield?

A basis trade seeks yield from funding payments on a short perpetual position paired with spot holdings. Net returns also reflect trading costs.

The Hedge and Its Margin

Renzo Basis operates within the user's own Hyperliquid account. The spot holding and corresponding short seek to offset directional price movements. Funding settles hourly: positive funding can pay shorts, while negative funding makes them pay. The short still needs adequate margin, even when the combined position is hedged. Liquidation or automatic deleveraging of one leg can leave the remaining position exposed to price changes.

Automations and Delegated Authority

The hedge automation sells spot no longer covered by the short. The yield automation can close the trade to USDC when its configured negative-funding exit condition is met. It evaluates funding across a configured window and doesn't re-enter automatically after an exit. The safety buffer uses idle USDC when margin is thin and shrinks both legs only if idle cash is insufficient. Each control can act or remain in watch-only mode. Trade-only authorization lets the software adjust positions without permitting withdrawals. A venue outage or price gap can prevent timely intervention.

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Withdrawals, Market Liquidity, and Exit Costs

Withdrawal choices differ between staking collateral, managed vault deposits, and an account-based trading position. A transferable token doesn't guarantee immediate redemption of its underlying assets.

Restaking Redemptions and Secondary Markets

Standard ezETH redemptions on Ethereum mainnet use a withdrawal queue tied to unstaking and cooldown requirements. An instant withdrawal uses available buffer liquidity and charges a variable fee. The transaction reverts if it would breach the minimum buffer threshold; a protocol pause also disables this route. A decentralized exchange sale offers another exit, subject to available liquidity, execution fees, and price impact. Its proceeds can differ from the collateral claim. Other restaking tokens have their own queues and claim requirements; ezETH's instant route isn't a universal feature of the suite.

Vault Conditions and Basis Trading Costs

Reserve Vaults can experience operational delays or withdrawal pauses for risk management. Leveraged strategies also inherit liquidation risk and risks from integrated protocols. Basis has no product lockup or cooldown, although futures margin and venue availability still constrain access to capital. Builder charges apply to perpetual futures fills and spot sells, with venue fees charged separately. Spot purchases are excluded from the builder charge. Network costs and execution slippage affect the amount recovered.

Tokens, Exchange Rates, and Governance

REZ is the governance token; holding it doesn't substitute for holding a restaking token or owning a Basis position.

ezETH's reward-bearing design compounds earned staking and restaking rewards into the underlying position. Accumulated rewards affect its exchange rate against collateral. The wallet's token count doesn't need to increase for that claim to grow. A market sale price can diverge from the accounting exchange rate. Separately, governance addresses risk frameworks, accepted collateral, operator selection, and treasury decisions. ezREZ represents restaked REZ with its own reward accounting and withdrawal conditions. The legacy REZ staking mechanism has been deprecated.

Choosing Between Collateral Yield and a Hedge

A staking product retains exposure to its collateral asset, with additional service and withdrawal risks. A basis position seeks offsetting price exposure and introduces funding, margin, and automation dependencies. Managed vaults add the manager's allocation decisions to the exposure.

Exit timing can determine whether a product meets a cash-access requirement. Selling a restaking token, redeeming collateral, and closing a hedged trade involve different settlement conditions and costs. An executable exit quote or available withdrawal balance must cover the funds needed at that point.