Chainlink supports ezETH: Pioneering liquid restaking

Renzo, an EigenLayer ecosystem node, has contributed to a notable achievement through its recent integration of Chainlink Price Feeds into prominent platforms, including Ethereum mainnet, Arbitrium, and Hinterland, among others. This strategic collaboration adds a dependable and safe data counter to Renzo’s ezETH, which requires sophisticated liquid restacking tactics and reveals advanced finance possibilities to users.

In order to provide first-rate service, Renzo’s commitment to the decentralized finance (DeFi) sector is underscored by Chainlink’s integration with its industry-leading Oracle networking. They will employ the network to provide services that are more secure and dependable.

However, Chainlink was selected due to its seamless integration and track record of success in the industry, both of which have emerged as the most coveted attributes within the Web3 development community. By maintaining accurate and dependable feeds, Chainlink’s oracles shield over $100 billion from leadership DeFi systems, thereby ensuring robust security and dependability in the face of market downturns like exchange time-outs and flash crashes.

Renzo’s ezETH supplies liquidity to LSTs and restaked Ethereum via the EigenLayer platform. As a result, the delegation and selection processes for Node Operators and actively validated services (AVS) are automated. This mechanism allows ezETH token holders to be delegated staking rewards in the form of ETH, USDC, and AVS reward tokens. These rewards are computed automatically within the ezETH price, eliminating the need to pay claim fees and endure lengthy waiting periods.

Chainlink Price Feeds successfully met the critical criterion for Renzo, namely the requirement for precise real-time asset pricing. However, by integrating data from multiple reputable sources, Chainlink mitigates the risk that the average price would reflect market fluctuations. 

Therefore, it guarantees that there is no manipulation of prices. In addition to secure node administrators, a decentralized network, and a robust reputation system, this characteristic was a significant factor in Renzo’s choice to implement Chainlink Price Feeds.

In order to provide a superior service, Renzo plans to implement additional Chainlink services in the future, including Chainlink Automation, Chainlink Cross-Chain Interoperability Protocol (CCIP), and price inputs. 

Upon careful examination of the Chainlink development process, the team affirms the protocol’s triumph and its indispensable role in facilitating the integration of real-world applications with smart contracts. The fruitful partnership commences with the addition of Chainlink Price Feeds; the involved parties will then concentrate on the additional services that Chainlink provides to ensure developers’ security and accelerate the blockchain industry’s progress.

This partnership represents a significant turning point for Renzo, which is vying for a firm foothold among the leading liquid restacking providers on the decentralized market. This alliance aims to integrate the state-of-the-art restacking mechanism created by Renzo with the exceptional oracle services provided by Chainlink. The ultimate goal is to furnish decentralized finance users with a more resilient, dependable, and user-friendly platform amidst the rapidly evolving landscape.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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