Renzo is integrating Wormhole’s NTT framework to bring its governance token, REZ, to Solana, making it natively multichain. This integration expands the reach of Renzo's LRT technology and brings Renzo to a new user base on Solana and beyond.
REZ is Now Natively Multichain with NTT
Renzo is the second largest liquid restaking protocol with over $1.3 Billion in TVL. Its flagship asset, ezETH, is among the most liquid (re)staking tokens in the market.
The governance token, REZ, is currently only live as an ERC20 token on Ethereum, which limits the accessibility, and introduces governance challenges (e.g. governance of ezETH vs. future ezSOL) for assets on other chains. To make REZ available on Solana, Renzo is now integrating with Wormhole’s NTT framework.
Wormhole’s Native Token Transfers (NTT) is an open and composable framework for seamlessly transferring native tokens across blockchains while preserving their intrinsic properties.
NTT is already powering natively multichain tokens for leading projects such as Lido, JitoSOL, ether.fi, Puffer Finance, Stakewise, and Wormhole's W token, demonstrating its industry-wide impact and reliability. With Renzo, another leading protocol joins the ranks of NTT adopters.
Why Does it Matter?
By integrating with NTT, teams gain the ability to develop cross-chain protocols within an open architecture designed to support long-term protocol evolution. Projects maintain full control over their tokens' behavior on each chain, including aspects such as customizability, metadata management, and ownership or upgradeability. This ensures compatibility with any token standard or governance system, offering unparalleled flexibility and adaptability.
For existing token deployments (such as REZ), NTT can operate in a "locking" mode, maintaining the original token supply on a single chain while enabling effortless cross-chain transfers. Alternatively, it can be deployed in "burning" mode to create natively multichain tokens, distributing a unified supply across multiple chains without liquidity fragmentation.
The Solana-native REZ maintains a 1:1 peg with the Ethereum-based REZ. REZ is fully compliant with the Solana Program Library (SPL) standards, ensuring seamless compatibility with the Solana DeFi ecosystem. Initial liquidity will be provided on major Solana DEXes, and REZ will be integrated with Solana-native lending protocols, allowing it to be used as collateral from the first day. Additionally, liquidity incentives will be offered for REZ/SOL and REZ/USDC pairs to further support the ecosystem.
The multi-chain presence of REZ comes with significant governance implications, allowing for tailored Solana-specific parameter adjustments for ezSOL and enabling the strategic allocation of protocol fees and rewards across various blockchain ecosystems.
Take Your Token Multichain with NTT
NTT is already being used by some of web3’s most systemically important assets, like Lido’s wstETH, to unify users and liquidity.
Check out the Wormhole NTT Docs, or get in touch to go multichain and grow your token’s reach with an open and flexible standard trusted by the industry’s leading crypto assets.
Learn More
Learn more about NTT in a 15-minute workshop given by Wormhole Foundation Product Lead, Nikhil Suri: Watch here.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle and Uniswap. To date, the platform has facilitated the transfer of over 40 billion dollars through over 1 billion cross-chain messages. To learn more about Wormhole, follow on Twitter, join the Discord, or read more on the blog.