{"id":414504,"date":"2024-04-24T15:47:08","date_gmt":"2024-04-24T14:47:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=414504"},"modified":"2024-04-24T15:48:08","modified_gmt":"2024-04-24T14:48:08","slug":"renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms\/","title":{"rendered":"Renzo’s ezETH token depeg triggers liquidations across DeFi platforms"},"content":{"rendered":"

Renzo's liquid restaking token (LRT), ezETH, experienced a significant depegging event that liquidated millions from “loopers” using the token as collateral on leverage protocols like Gearbox.<\/p>\n

According to data<\/a> from CoinMarketCap, the digital asset's value plunged to a low of $2,755 before recovering to its current level of $3,178 as of press time.<\/p>\n

Notably, decentralized exchange Uniswap<\/a> witnessed a more severe depegging of ezETH, with its value dropping<\/a> to as low as $700, attributed to liquidity challenges.<\/p>\n

Renzo is a prominent liquid restaking protocol, with over $3 billion worth of assets locked on its platform, according to DeFillama data<\/a>.<\/p>\n

Liquidation galore<\/span><\/p>\n

The DeFi protocol Gearbox confirmed that the depeg led to the liquidation of several Credit Accounts.<\/p>\n

The protocol's founder, 0xmikko, provided more insights into the situation, saying<\/a>:<\/p>\n

“115 Credit Accounts were liquidated, 10,650 ezETH were sold on Balancer pool. Liquidation losses of 25.77 ETH were automatically covered by internal Gearbox reserve fund, no action needed.”<\/p><\/blockquote>\n

Simultaneously, Cork Protocol, another DeFi platform, explained<\/a> that the liquidations caused a substantial sell-off of ezETH previously held as collateral. This flood of supply overwhelmed the market, driving the price of ezETH down to 0.2.<\/p>\n

Interestingly, these liquidations occurred alongside the release of Renzo's native REZ token, sparking the emergence of Renzo-related phishing scams on social platform X (formerly Twitter).<\/p>\n

Web3 security firm Scam Sniffer identified<\/a> two instances where Renzo users cumulatively lost more than $500,000 to a malicious permit signature scam.<\/p>\n

Amidst this market turmoil, trader czsamsunsb.eth capitalized on the situation, investing 4,099 ETH<\/a> to acquire 4,221 ezETH. This move proved lucrative, as the trader earned a remarkable profit of 121.65 ETH, per Lookonchain's findings<\/a>.<\/p>\n

What does this mean for LRTs?<\/h2>\n

Crypto analyst Tommy explained<\/a> that the depegging represents a significant risk across all LRTs, even with withdrawal options enabled. He noted that a depegging event in a decentralized exchange (DEX) pool could occur due to temporary imbalances.<\/p>\n

Similarly, DeFi researcher Ignas warned<\/a> of potential exacerbation in LRT depegging, mainly if Eigenlayer<\/a>, the platform where these tokens operate, introduces two key upgrades of slashing and permissionless AVS.<\/p>\n

Ignas explained that an AVS malfunction leading to slashing could reduce restaked ETH balances by a hypothetical 5%. While this might seem manageable for direct Eigenlayer stakers, it could trigger substantial disruption to LRT pegs due to liquidity concerns and subsequent panic-driven mass withdrawals.<\/p>\n

He noted that while prices may stabilize post-slash, the interim period could witness harsh liquidations, and the risk of slashing grows as more AVSes come online.<\/p>\n

Consequently, he added:<\/p>\n

“It's all FUD right now as slashing won't derail Eigenlayer but LRTs 1) with low liquidity 2) and are widely accepted as collateral can cause disproportional damage.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Renzo’s liquid restaking token (LRT), ezETH, experienced a significant depegging event that liquidated millions from “loopers” using the token as collateral on leverage protocols like Gearbox. According to data from CoinMarketCap, the digital asset’s value plunged to a low of $2,755 before recovering to its current level of $3,178 as of press time. Notably, decentralized […]<\/p>\n","protected":false},"author":720,"featured_media":414524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,46940,77968],"tags":[76128,79449,77960],"post_folder":[],"acf":[],"yoast_head":"\nRenzo's ezETH token depeg triggers liquidations across DeFi platforms<\/title>\n<meta name=\"description\" content=\"Depegging of Renzo's liquid restaking ezETH token causes severe liquidation events across decentralized finance protocols.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renzo's ezETH token depeg triggers liquidations across DeFi platforms\" \/>\n<meta property=\"og:description\" content=\"Depegging of Renzo's liquid restaking ezETH token causes severe liquidation events across decentralized finance protocols.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-24T14:47:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-24T14:48:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/04\/ethereum-staking-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/renzos-ezeth-token-depeg-triggers-liquidations-across-defi-platforms\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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