Renzo

Renzo is a decentralized finance protocol in the liquid staking and restaking category, represented by the token REZ, which trades at roughly 0.00387 dollars with a circulating market capitalization of about 35.3 million dollars. The project aims to make yield strategies that once required professional trading infrastructure accessible to ordinary users who hold their own assets onchain. Its debut product, Renzo Basis, runs on Hyperliquid and targets users who want exposure to funding-rate income without directional price risk.

Renzo Basis executes a delta-neutral strategy by simultaneously holding a spot position and an equal-sized short perpetual on the same asset, so gains and losses from price movements largely cancel each other out. Yield is generated by the funding payments that holders of leveraged long perpetual positions make to short-side holders, settled hourly, with BTC and HYPE as the first supported markets. Users retain custody of their own assets at all times, as Renzo does not pool or take custody of funds.

Over the trailing 30 days, the protocol recorded total fees of 213,860.60 dollars, of which 33,813.60 dollars was retained as protocol revenue, implying the remaining portion — about 180,047 dollars in trailing 30-day supply-side revenue — flowed to users or liquidity providers. The protocol's take rate over that same period stood at approximately 15.81 percent of gross fees. Both fee and revenue figures have declined sharply in recent weeks: fees fell 98.35 percent and revenue fell 88.97 percent over the last 30 days, bringing the 24-hour fee figure to just 80 dollars. Annualizing the trailing 30-day fee run rate produces roughly 2.6 million dollars, while annualized protocol revenue comes to approximately 411,399 dollars.