Renzo announces integration of Chainlink Price Feeds right onto the Ethereum mainnet. Chainlink is known for its solid, secure data, and now Renzo utilizes ChainLink's oracles for ezETH. ezETH is Renzo's way to make it easier to deal with ETH that is been restaked, and it's all about getting users smart ways to earn more with their crypto.
Renzo's first big step was to get stETH prices from Chainlink, and they picked Chainlink because it is the leading oracle solution in the web3 industry. A lot of the top DeFi names trust Chainlink to keep their contracts safe from all sorts of price oracle manipulations, like exchange crashes or flash loan attacks.
Renzo's ETH staking solution is similar to a shortcut that lets people stake their ETH without the headache of choosing and managing everything. By holding ezETH, you get rewards like ETH, USDC, and other tokens without extra costs or wait times. Plus, users become eligible for receiving points from both Renzo and Eigenlayer, which is a sweet bonus.
But to make sure everything stays on the up and up with prices, Renzo needed a reliable way to check the prices of assets. That's where Chainlink comes in. Their oracle network gets price data from various sources to ensure decentralized applications remain stable.
Chainlink's data is considered more than solid thanks to various sources and smart nodes that add another layer of security to the provided data.
Looking ahead, Renzo's got plans to use more of what Chainlink offers. Apart from price feeds and oracles, Renzo plans on using Chainlink's Automation and CCIP down the line.