Renzo, an Ethereum restaking protocol built on EigenLayerl, raised USD 17 million in a Series A funding round led by Galaxy Ventures and Brevan Howard Digital Nova Fund.

The company plans to use the funds to expand its restaking services and integrate ERC-20 tokens into its protocol.

Analyst QuickTake: The Ethereum restaking space (particularly the EigenLayer ecosystem) has seen a recent boom in investor interest, with protocols such as Kelp DAO , Ether.fi , and EigenLayer raising USD 9 million , USD 23 million , and USD 100 million , respectively. Notably, this new funding comes only one week after Symbiotic, which aims to provide an alternative to Eigenlayer’s staking infrastructure, emerged from stealth with a USD 5.8 million funding round . Symbiotic differentiates itself from EigenLayer by offering support for the restaking of any ERC-20 token. Therefore, Renzo’s initiative to integrate ERC-20 tokens into its restocking protocol will enable EigenLayer to compete indirectly with Symbiotic via its ecosystem.