Coinbase Support Boosts Renzo Token Price by 20 Percent

An Ethereum (ETH)-based liquid staking token has seen a significant price surge following the announcement by Coinbase, the leading US-based crypto exchange platform, that it will support the altcoin. Coinbase revealed in a recent thread that it will add support for the liquid staking protocol Renzo (REZ), a project designed to simplify the staking process for Ethereum and other digital assets.

According to Coinbase, the support for Renzo (REZ) on the Ethereum (ERC-20 token) network will commence on or after 9 AM PT on March 6, 2025, provided that liquidity conditions are met. The trading of REZ-USD trading pair will be launched in phases once a sufficient supply of the asset is established.

This news has had a profound impact on the price of REZ, which rose from a low of $0.0170 on March 5th to a peak of $0.0243 the following day. As of the latest update, REZ has stabilized at $0.0204, reflecting a 20.5% gain for the day.

Liquid restaking involves traders using digital assets they have already staked and further staking them on a different platform. This process not only enhances the earned rewards but also bolsters the protocol’s security and liquidity. Other notable digital assets available for restaking via the Renzo protocol include Solana (SOL), Jito (JTO), and EigenLayer (EIGEN), as listed on the project’s official webpage.

Renzo is described as a restaking protocol that manages AVS strategies for Liquid Restaking Tokens (LRTs), making the restaking process for Ethereum and Solana more accessible and user-friendly. The products ezETH, pzETH, and ezSOL serve as interfaces to the EigenLayer, Symbiotic, and Jito Network ecosystems, respectively. Renzo’s mission is to simplify the restaking process, making it easy and accessible to everyone.