Renzo restaked ETH (ezETH), the liquid restaking token representing a user's restaked position at Renzo, experienced a brief crash early Wednesday, trading at a massive discount to wrapped ether (WETH) in a low liquidity environment. Renzo, the second-largest liquid restaking protocol, uses the Ethereum restaking protocol Eigenlayer to allow users to restake their ether {{ETH}} in return for Renzo's ezETH, which users can deploy across other decentralized finance applications to generate an extra yield.
The spike in network fees was driven by speculative activity to mint new meme tokens following the launch of the Runes protocol, the report said.
Crypto bulls are hoping that Bitcoin’s ‘halving’ will be a catalyst for further gains this year in the world’s largest cryptocurrency.