Renzo Integrates Chainlink Price Feeds to Boost Eigenlayers Liquid Restaking Protocol Security
We are thrilled to announce that Chainlink Price Feeds have been incorporated into Renzo, the Eigenlayer restaking hub, on the Ethereum mainnet. Through the integration of the most advanced decentralized computing infrastructure in the market, Renzo now has access to the premium, tamper-proof price feeds required to provide safe and wider access to the most intelligent liquid restaking techniques through ezETH. The industry-standard pricing data streams required for Renzo DeFi integrations are ultimately made available to Renzo users via this.
The following Chainlink Price Feeds are used in Renzos first integration: StETH. Renzo selected Chainlink as its go-to oracle solution due to its production-tested architecture and ease of integration. Chainlink, the most widely used price data standard in Web3, already contributes to the security of leading DeFi protocols worth tens of billions of dollars in smart contract value. It does this by ensuring strong security and high availability even in the face of unforeseen events like exchange outages, flash crashes, and attacks using flash loans to manipulate data.
Through the ezETH token, Renzo offers smooth, liquid access to restaked ETH and LSTs. Renzo was developed as a layer on top of EigenLayer, taking care of the Actively Validated Services (AVS) and EigenLayer Node Operators selection and delegation issues.
Restaking incentives in the form of ETH, USDC, and reward tokens for actively validated services are available to ezETH holders. The benefits are immediately included into the cost of ezETH, eliminating any need of the recipients to worry about waiting periods or claim expenses. Compared to other LSTs, this not only offers more incentives, but Renzo users are also qualified to collect ezPoints and EigenLayer points.
To support the security of Renzos asset deposit and pricing logic, new asset prices that are reliably delivered directly on-chain have to be accessed. Prices of assets in the fair market should be based on a volume-weighted average across all trading conditions. In order to get aggregated pricing data off-chain and provide it on-chain for consumption, Renzo had to employ an oracle network.
Renzo adopted Chainlink Price Feeds after evaluating a number of oracle solutions because they provide a number of essential features like:
High-quality data: Chainlink Price Feeds get their price data from a number of premium data aggregators. This results in price data that is weighted according to volume, combined from hundreds of exchanges, and devoid of anomalies and wash trading. With its data aggregation architecture, Chainlink produces more accurate global market prices that are immune to manipulation of any one or small group of exchanges.
Secure Node Operators: Leading blockchain DevOps teams, data suppliers, and conventional businesses operate independent, security-reviewed, Sybil-resistant oracle nodes that safeguard Chainlink Price Feeds. Even at times of high gas costs and infrastructural disruptions, Chainlink nodes have shown a good track record of dependability.
Decentralized Network: Because feeds are decentralized at the levels of the data source, oracle node, and oracle network, there is robust protection against disruption and manipulation by the oracle network or data provider.
Reputation System: Users may independently confirm the past and present performance of oracle networks and node operators using Chainlinks strong reputation architecture and suite of on-chain monitoring tools.
Renzo intends to make use of a number of Chainlink platform services in the future, such as Chainlink Automation, new pricing data feeds, and the industry-standard Chainlink CCIP.
James, Founding Contributor at Renzo stated:
Ever since learning about Chainlink at ETH Denver 2018, Ive been following the protocol and have been impressed with how it has evolved to be the top provider for bringing real-world use cases to smart contracts. Our initial integration of Chainlink Price Feeds is just the beginning. Chainlink offers a whole platform of developer services that can help us move faster and focus on what matters while staying secure with the best infrastructure the blockchain industry has to offer.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
