ezETH: redemption value, spread and APY
ezETH is Renzo Protocol's liquid restaking token. ArbScreener compares what ezETH costs on a DEX with the ETH it redeems for on-chain, and shows the gap as a spread and an APY — priced in ETH, not USD.
Redemption at a glance
| Chain | Redeems into | Redeem time | Token address |
|---|---|---|---|
| Ethereum | ETH | Up to 15 days | 0xbf5495Efe5DB9ce00f80364C8B423567e58d2110 |
| Ethereum | ETH | Instant | 0xbf5495Efe5DB9ce00f80364C8B423567e58d2110 |
Verify any address against the protocol's own documentation before using it.
Live status
| Chain | Spread | APY | Redeem time | Enter | Exit |
|---|---|---|---|---|---|
| Ethereum | +0.12% | at least 3.0% | Up to 15 days | Buy on a DEX | Redeem via the protocol |
| Ethereum | n/a | n/a | n/a | n/a | n/a no reliable quote right now |
As of 20:42 UTC (1 min ago); refreshed while the board is in use. A positive spread means redeeming returns more than buying costs. Gross estimates, not advice. The exact size of each verdict, a quote at your own position size and Telegram alerts are on Pro.
How ArbScreener prices ezETH
The ETH value of one ezETH is ezETH x totalTVL / totalSupply, with the TVL from Renzo's RestakeManager.
Renzo's instant withdrawal pays a variable fee that depends on how the withdrawal changes the fullness of the withdrawal buffer (linear between a minimum and a maximum fee), computed from the WithdrawQueue's own parameters.
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in ETH, never USD.
The board's full method is in the Ethereum LSTs guide.
Official links
- Mint / stake: https://app.renzoprotocol.com/ezeth
- Redeem: https://app.renzoprotocol.com/ezeth?fromToken=0xbf5495Efe5DB9ce00f80364C8B423567e58d2110&toToken=0x0000000000000000000000000000000000000000&fromTokenAmount=1&instantWithdraw=false
Questions
What is ezETH?
ezETH is Renzo Protocol's liquid restaking token.
How does ArbScreener value ezETH?
The ETH value of one ezETH is ezETH x totalTVL / totalSupply, with the TVL from Renzo's RestakeManager. Renzo's instant withdrawal pays a variable fee that depends on how the withdrawal changes the fullness of the withdrawal buffer (linear between a minimum and a maximum fee), computed from the WithdrawQueue's own parameters.
How long does it take to redeem ezETH?
Ethereum: up to 15 days; Ethereum: instant. The wait is priced into the APY, so a slow redemption needs a bigger discount to rank high.
What does the ezETH redemption spread mean?
The redemption spread is what redeeming returns minus what buying costs on a DEX, as a fraction of the cost, at a standard quote size and net of the protocol's fee. The APY annualizes that spread over the redeem wait (counted as at least one day), so a discount that takes weeks to collect ranks below the same discount collected today. Everything is in ETH, never USD.
Risks
These are gross estimates for research, not financial advice. They do not include gas, bridge fees, slippage beyond the quote, or smart-contract and depeg risk, and a redemption value can move during the wait. ArbScreener is read-only and never signs, routes or custodies anything. See the Terms of Service.
Other tokens on this board
stETH · wstETH · rETH · weETH · rsETH · oETH · superOETHb · frxETH · all tracked tokens