At a glance
Renzo ↗ and ether.fi ↗ are two of the best-known liquid restaking protocols built on EigenLayer (by TVL, ether.fi is the category leader while Renzo now ranks third behind Kelp — DefiLlama, 2026-07-15) ↗. Both let holders restake ETH or LSTs in exchange for liquid restaking tokens (ezETH vs. eETH/weETH) that can be used across DeFi while accruing rewards from Actively Validated Services (AVSs).
ether.fi established itself early (launched 2023) and has since grown to $3.3B TVL (DefiLlama, 2026-07-15), adding a Cash card and payments stack on top of restaking. Renzo launched on mainnet in December 2023 and has $0.09B TVL (DefiLlama, 2026-07-15), focusing on operator selection, AVS allocation, and bridging ezETH natively across more than a dozen networks via Connext and Hyperlane. Choose ether.fi for sheer scale and integrated financial services; pick Renzo for broader chain coverage and a self-managing restaking layer.
Key differences
TVL and liquidity
ether.fi ↗ holds $3.3B TVL compared to Renzo ↗’s $0.09B. The roughly 35× difference means ether.fi offers deeper liquidity for swapping, lending, and exiting positions. Larger TVL also signals stronger protocol adoption and trust among restakers.
Chain coverage
Renzo ↗ has TVL live on 13 networks per DefiLlama (2026-07-15): Ethereum, Arbitrum, Linea, Base, BNB Chain, Mode, Blast, Optimism, Solana, Zircuit, Fraxtal, Monad and Sei. ether.fi ↗ is overwhelmingly concentrated on Ethereum, with deployments tracked on Arbitrum, OP Mainnet, Base and Scroll. Renzo’s wider reach — including non-EVM Solana — gives it an edge for users who need multi-chain composability beyond Ethereum and its major L2s.
Product scope
ether.fi has broadened into a financial services stack with the Cash card and Liquid vaults. Renzo remains focused purely on restaking mechanics, including automated operator selection and AVS allocations. This makes ether.fi a more versatile DeFi hub, while Renzo is a specialist restaking provider.
Audit portfolios
Renzo was reviewed by Halborn and Sigma Prime. ether.fi engaged Certik, Nethermind, and Solidified. Both protocols have been audited by multiple reputable firms and neither has disclosed a smart-contract exploit as of July 2026, so audit quality is comparable but not identical in vendor selection.
Security and track record
Neither protocol has suffered a smart-contract exploit. Renzo did, however, see ezETH sharply depeg on 24 April 2024 — briefly trading near $700 on Uniswap after its airdrop window closed, triggering roughly $56M of liquidations for leveraged holders across DeFi (DL News, CoinDesk). That was a market-structure incident, not a hack, and the peg recovered. Renzo ↗ has audits from Halborn and Sigma Prime; ether.fi ↗ from Certik, Nethermind, and Solidified. Both have undergone extensive code reviews, but ether.fi’s earlier start in production (early 2023 vs. Renzo’s December 2023 mainnet) gives it a slightly longer battle-testing period.
The liquid restaking category still carries inherent risks tied to EigenLayer AVS slashing conditions and operator behavior, which apply equally to both protocols. The edge goes to ether.fi for maturity, though the margin is small.
Fees and costs
Specific fee structures for minting, redeeming, or holding ezETH and eETH are not disclosed in our data. Typically, liquid restaking tokens earn a share of AVS rewards minus a protocol fee; these rates vary dynamically based on EigenLayer allocations. Compare current fees on each protocol’s documentation or dashboard before staking.
Which should you choose
Pick ether.fi ↗ if:
- You want the deepest liquidity with $3.3B TVL for minimal slippage.
- You value integrated financial services like the Cash card and Liquid vaults.
- You prefer a protocol with a longer operational history (early 2023).
Pick Renzo ↗ if:
- You need ezETH on a dozen-plus networks — including BNB Chain, Mode and Solana — for maximum DeFi composability.
- You want a protocol that automates operator selection and AVS allocation on your behalf.
Verdict
ether.fi wins for most users due to its dominant TVL ($3.3B vs $0.09B) and expanding financial services beyond restaking. Renzo remains a strong choice for those who need multi-chain ezETH, especially on networks not covered by ether.fi. Both are safe, audited protocols—choose based on liquidity needs versus chain breadth.