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Tag: Liquid Staking

  • Binance to list Renzo as 53rd Launchpool token

    Binance to list Renzo as 53rd Launchpool token

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    Binance users will have a chance to bag an allocation for EZ, the native token for liquid staking protocol Renzo. 

    According to an announcement, Binance Launchpool will list Renzo (EZ) as its 53rd project on April 30. The maximum supply is set at 10 billion tokens, and the platform will field 1.05 billion EZ coins as an initial supply. 

    In February, Binance, crypto’s largest centralized exchange, previously invested in the Renzo protocol. However, the monetary amount injected into the project remained undisclosed. The investment was made via Binance Labs, the venture capital arm of the exchange now operates as a standalone business. 

    At the time, Binance Labs was worth $10 billion and its portfolio supported over 250 crypto protocols, per details provided by the company. 

    Renzo tails Ether.fi in liquid restaking market

    Following its mainnet launch in October last year, the Renzo protocol has grown into a major player in the Ethereum (ETH) liquid restaking market. DefiLlama data showed that users have deposited $3.39 billion into the defi platform. 

    With a 144% increase in the past month, Renzo is the second-largest liquid restaker on Ethereum. Only Ether.fi boasts a bigger user demand at $3.82 billion in total value locked. 

    Top liquid restaking protocols | DefiLlama

    Liquid restaking protocols spun off EigenLayer, a platform that allows users to secure other chains and dapps by repurposing staked ETH. The initiative also provides an additional yield source for stakers and derivative tokens to improve on-chain utility. 

    While the sector is now valued at over $10 billion, experts are divided over the risks associated with liquid staking, with some arguing that it is overstated and others advising caution among participants. 

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    Naga Avan-Nomayo

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  • dYdX Foundation partners with Stride to launch liquid staking

    dYdX Foundation partners with Stride to launch liquid staking

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    The dYdX Foundation introduces liquid staking on its blockchain in partnership with Stride, enhancing staking options in the Cosmos Ecosystem.

    Stride is recognized as the leading liquid staking provider in the Cosmos Ecosystem, bringing substantial expertise to this initiative.

    In addition, the dYdX chain plans to expand its liquid staking options by partnering with other providers like Persistence and Quicksilver, which indicates a growing trend in the cryptocurrency industry, where liquid staking is gaining in popularity.

    Liquid staking allows participants to lock up tokens in return for a token receipt. This receipt can then be actively used or traded in decentralized finance (defi) applications. The current Total Value Locked (TVL) in liquid staking derivatives is over $31.1 billion, according to DeFiLlama, highlighting its significant role in the defi sector.

    With this new feature on dYdX, token holders can now acquire staked denominations of dYdX v4’s native token (DYDX). An attractive aspect of staking here is that stakers will receive trading and transaction fees in USDC. This not only contributes to securing the dYdX v4 chain but also provides an opportunity for additional yield.

    Stride co-founder Riley Edmunds emphasized the stability and potential of stDYDX as a collateral source in the defi ecosystem within Cosmos. He pointed out that this initiative could encourage DYDX holders, especially those currently inactive or engaged in Ethereum defi, to shift their liquidity to the Cosmos ecosystem.

    Moreover, Stride plans to incentivize participation by executing one of its largest STRD token airdrops. They will distribute up to 100,000 STRD tokens to users who liquid stake their DYDX with Stride for stDYDX in the first 120 days of the launch.

    Edmunds also highlighted the strategic significance of this integration. He mentioned that dYdX, being the largest decentralized exchange by volume, attracts a vast audience. This collaboration not only introduces these users to the Cosmos ecosystem but also potentially increases overall interest and engagement within this space.


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    Bralon Hill

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