Ether.fi vs Renzo: 2026 Comparison

Last reviewed: 2026-05-03

Ether.fi and Renzo are two of the largest liquid-restaking-token (LRT) protocols on Ethereum. Ether.fi (~$5B TVL) is the leader by size, with self-custodial validator keys (hardware-key-backed), eETH (rebasing) and weETH (wrapped, non-rebasing) as its two LST/LRT outputs, an ETHFI governance token, and a focus on native EigenLayer restaking. Renzo (~$2B TVL) issues ezETH (non-rebasing), aggregates restaking across both EigenLayer and Symbiotic, deploys natively on multiple L2s, and is the LRT most deeply integrated as collateral in DeFi protocols. The choice usually comes down to size + self-custody (Ether.fi) vs multi-protocol aggregation + DeFi composability (Renzo).

Side-by-side comparison

Feature	Ether.fi	Renzo
Launched	2023 (Ether.fi V1)	2024
TVL (2026-05, approx.)	~$5B	~$2B
LRT issued	eETH (rebasing) + weETH (wrapped, non-rebasing)	ezETH (non-rebasing)
Restaking layer	Native EigenLayer (operator delegation)	Aggregator across EigenLayer + Symbiotic
Self-custody of validator keys	Yes — hardware-key-backed, user-controlled keys	No — operator-managed (typical LRT model)
Governance token	ETHFI	REZ
Points / incentive program	Loyalty Points + EigenLayer Points (program ended Q1 2025)	ezPoints + EigenLayer Points + Symbiotic Points
Chain deployments	Ethereum mainnet (primary) + L2 wrappers	Ethereum + Arbitrum + Linea + Base + BNB + Mode
DeFi integrations (lending/DEX)	weETH widely integrated (Aave, Morpho, Pendle, Curve)	ezETH widely integrated (Pendle, Morpho, Curve, Balancer, Velodrome)
Operator set	Curated, smaller — focused on solo/home stakers	Broader — institutional + permissionless operators across two AVSs
Withdrawal queue	EigenLayer 7-day exit + protocol queue	Aggregated exit queue across underlying AVSs
Audit footprint	Spearbit + Certora + Nethermind + others	Halborn + Code4rena + Sigma Prime
Best for	Self-custody-first users + native EigenLayer maximalism	Multi-protocol restaking + multi-chain L2 DeFi composability

Where Ether.fi wins

Largest LRT by TVL — ~$5B vs Renzo ~$2B in 2026, with the deepest weETH liquidity on Curve, Balancer and Pendle.
Self-custody of validator keys is genuinely unique among LRTs — Ether.fi nodes are backed by hardware keys the user controls, not the operator. No other top-5 LRT offers this property.
Pure-play EigenLayer exposure — for users who specifically want native EigenLayer restaking without Symbiotic dilution, Ether.fi is the cleanest expression.
Rebasing eETH option — for users who prefer balance-rebases-daily over price-accrues-over-time, Ether.fi is one of few LRTs to offer both formats.
Stronger institutional footprint — Ether.fi has been a launch partner on most major LRT integrations (Aave eMode for weETH, Morpho weETH markets, Pendle PT-weETH).

Where Renzo wins

Multi-protocol aggregation — Renzo restakes across both EigenLayer and Symbiotic, giving users diversified AVS exposure rather than EigenLayer-only concentration.
Native multi-chain deployment — ezETH ships canonically on Arbitrum, Linea, Base, BNB and Mode, not just bridged from mainnet. Materially better UX for L2-first users.
Deeper DeFi composability for the size — ezETH is integrated as collateral in more L2 lending markets and DEX pools than weETH on equivalent chains.
More open operator set — Renzo onboards a broader, less curated operator pool across two AVSs, which some users prefer for decentralisation.
Lower share of total LRT market — at ~$2B vs Ether.fi's ~$5B, Renzo does not contribute as much to LRT-concentration concerns at the EigenLayer level.

Best for which user

Choose Ether.fi if:

You are serious about self-custody and want hardware-key-backed validator keys, want pure-play EigenLayer exposure, prefer rebasing eETH, or value the largest LRT market cap and deepest mainnet liquidity.

Choose Renzo if:

You want multi-protocol restaking across EigenLayer + Symbiotic, deploy DeFi strategies natively on L2s (Arbitrum, Base, Linea), or value the deepest L2-side ezETH composability.

Use both if:

You diversify LRT counterparty risk across two of the largest issuers — split allocation between weETH (mainnet, EigenLayer-pure) and ezETH (L2-native, multi-AVS) to avoid concentration in either protocol.

Pricing detail

Both protocols charge a fee on staking + restaking rewards rather than upfront. Ether.fi takes a 10% protocol fee on rewards (split among node operators and treasury). Renzo takes ~10% on rewards aggregated across EigenLayer + Symbiotic operators. User-facing all-in APR is therefore very similar — eETH/weETH and ezETH track within ~10-30bps of each other most of the time, with the spread driven mostly by which AVSs each protocol is restaking to. Neither charges a deposit or withdrawal fee beyond network gas; standard EigenLayer/Symbiotic exit queues apply.

Frequently asked questions

Is Renzo a fork of Ether.fi?

No. Renzo is independently built and uses a different architecture — it aggregates restaking across both EigenLayer and Symbiotic, while Ether.fi focuses on native EigenLayer with self-custodial validator keys. The two protocols share the LRT category but the underlying smart-contract code, operator model and AVS set are different.

Which is bigger, Ether.fi or Renzo?

Ether.fi by a wide margin — roughly $5B TVL vs Renzo at ~$2B as of 2026-05. Ether.fi is the largest LRT in the category; Renzo is the second or third largest depending on the week.

What's the difference between weETH and ezETH?

weETH is Ether.fi's wrapped (non-rebasing) form of eETH — it accrues value over time as rewards compound. ezETH is Renzo's LRT and is also non-rebasing / value-accruing. Both behave similarly for DeFi integration purposes; the deeper difference is what they are restaking to underneath (EigenLayer-only vs EigenLayer + Symbiotic).

Does Ether.fi self-custody really matter?

For most users, marginally — your eETH/weETH still depends on EigenLayer operators behaving correctly. But for users who care about validator-key custody specifically (e.g., to avoid trusting the LRT issuer with the underlying keys), Ether.fi's hardware-key-backed model is the only top-tier LRT that offers it. Most other LRTs (Renzo included) have operators custody the keys.

Did the points programs end?

Ether.fi's Loyalty Points program closed in Q1 2025 with the ETHFI airdrop; some lower-tier point earning continues for new deposits. Renzo runs ongoing ezPoints + AVS-level points (EigenLayer + Symbiotic) tied to its REZ tokenomics. Points-farming yield has compressed materially across all LRTs since the 2024 peak.

Audit history side-by-side

Ether.fi:
No public audits indexed.

Renzo:
halborncode4rena

Switch from Ether.fi to Renzo

Export your data from Ether.fi. Download trade history, address book, and tax CSVs from the account-settings export panel before disabling 2FA or rotating keys.
Set up your Renzo account. Complete KYC if required, enable hardware-backed 2FA, fund a small test deposit, and verify withdrawal works end-to-end before moving size.
Migrate balances and recreate workflows. Move funds in tranches rather than one transfer; re-create recurring orders, watchlists, API keys and alerts on Renzo; keep Ether.fi live for 30 days as a fallback.

Reverse direction works the same way — see Renzo vs Ether.fi if you're moving the other way (page may not exist; the steps above invert cleanly).