Renzo (ezETH) Review
Fee split and withdrawal delays published in full
of 10
Renzo charges 10% on restaking rewards, split evenly between treasury and node operators, passes 100% of EigenLayer rewards through, and documents its withdrawal delays layer by layer. ezETH is value-accruing, the code is BUSL-1.1, and four audit firms are named.
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Fee
10% of restaking rewards: 50% treasury, 50% operators
EigenLayer rewards
100% passed through
Receipt token
ezETH, value-accruing
Withdrawal
~7 days with buffer; 10-15 without; no fee stated
Licence
BUSL-1.1, change date 1 Dec 2026 to MIT
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (9.0 + 6.0 + 9.0 + 5.0 + 9.0) ÷ 5 = 7.6.
Pros
- Fee published as 10% on restaking rewards, split 50/50 between treasury and node operators
- States it passes 100% of EigenLayer rewards through
- Withdrawal delays documented by layer: 9-10 day beacon exit, 14 day EigenLayer minimum, 3 day Renzo buffer
- ezETH is value-accruing, like a cToken
- Four auditors named with reports: Halborn, Sigma Prime, Code4rena and Nethermind
Cons
- The risk page lists slashing among integrated-protocol risks but does not detail the additional restaking slashing conditions
- No insurance is mentioned
- Business Source License 1.1 until 1 December 2026
Exit maths, shown layer by layer
Restaking stacks delays, and Renzo is one of the few here to itemise them: a 9 to 10 day beacon-chain exit, EigenLayer's 14 day minimum withdrawal delay, and Renzo's own 3 day WithdrawQueue buffer, working out to about 7 days with the buffer and 10 to 15 without. A holder can see exactly where the wait comes from.
Commission split, and pass-through stated
The fee is 10% on restaking rewards, split evenly between treasury and node operators, and Renzo states it passes 100% of EigenLayer rewards through to holders. Both the size and the destination are published.
The slashing gap
Where it falls short is the extra risk. The risk page lists slashing among counterparty and liquidity risks from integrated protocols, but does not spell out the additional slashing conditions restaking introduces, and no insurance is mentioned. For a restaking product that is the most important disclosure, and its thinness holds the risk score down.
Who builds Renzo?
Renzo is governed by holders and delegates of its REZ token through the Renzo DAO, with a Renzo Foundation referenced in its tokenomics; the protocol launched in 2023. Its own documentation centres the token and DAO rather than a named company or founding team. Understanding that governance of your ezETH position runs through REZ holders, stewarded by a foundation, is the substance of who controls it.
How it compares
YieldNest (ynETH)
BSD-licensed with slashing stated plainly
ether.fi (eETH / weETH)
MIT-licensed, three-way reward split published
Mellow
Six named auditors on a Symbiotic-and-EigenLayer vault
Symbiotic
Twelve named auditors and a stated risk framework
Kelp DAO (rsETH)
10% fee and a delayed-open licence
Karak
Nine-day withdrawal with a slashing window, docs blocked
Swell Restaking (rswETH)
Value-accruing rswETH, no licence file
EigenLayer
The restaking layer itself, opt-in slashing stated
Eigenpie (mLRT)
Isolated per-LST restaking, little else documented
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Renzo — ezETH product (fee and receipt token) — checked
- 2.Renzo — withdrawals — checked
- 3.Renzo — LICENSE (BUSL-1.1) — checked
- 4.Renzo — audits — checked
- 5.Renzo — governance documentation — checked
Frequently asked questions
What does Renzo charge?
10% of restaking rewards, split evenly between the treasury and node operators, while 100% of EigenLayer rewards are passed through to holders.
How long does it take to withdraw from Renzo?
About 7 days with Renzo's buffer, or 10 to 15 without, combining the beacon-chain exit, EigenLayer's 14-day minimum and Renzo's 3-day buffer.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.