Renzo expands REZ governance token to Solana via Wormhole

Renzo Protocol has announced the launch of its governance token — which will carry the ticker REZ — on Solana to boost its presence in the blockchain's ecosystem and leverage Wormhole's native token transfers framework.

REZ was initially deployed on Ethereum and will be transferred to Solana using Wormhole's framework. The multichain protocol's Guardian network utilizes secure cross-chain attestations to ensure problem-free token transfers between Ethereum and Solana.

"By leveraging Wormhole's open NTT framework, Renzo lays the groundwork for a dynamic multichain ecosystem for REZ," Wormhole Foundation COO and co-founder Robinson Burkey said. "This integration expands the reach of Renzo's LRT technology and brings Renzo to a new user base on Solana and beyond," he added.

LRT is an acronym for "liquid restaking token." Such tokens are minted to provide access to liquidity while participating in restaking.

REZ on Solana will maintain a 1:1 peg with REZ on Ethereum, according to a press release, which also notes that the token will adhere to Solana's token standards and be compatible with the blockchain's decentralized finance ecosystem.

REZ's initial liquidity will be provided on Solana's major automated market makers. According to the team, the token may be integrated with the blockchain's lending protocols—meaning it may be used as collateral—and there will be liquidity incentives for REZ/SOL and REZ/USDC pairs.

Finally, the release states that Solana-based REZ will be distributed through community airdrops and liquidity incentive programs.