# Renzo ezETH Tracker: Supply, Restaked Assets and L2 Deposits

> Renzo ezETH tracker: supply, the on-chain price behind it, restaked ETH and stETH, withdrawals waiting and ezETH minted on layer 2s against ETH in transit.

Markdown copy of https://voltfincrypto.com/apps/renzo-ezeth-tracker

**Question:** What backs ezETH, and how much ezETH on layer 2s is still waiting for its ETH to reach Ethereum?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Staking and restaking](https://voltfincrypto.com/topics/staking)
- Chains: Ethereum, Arbitrum, Base, Linea, Blast, BNB Chain
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Renzo issues ezETH against ETH and stETH that it restakes through EigenLayer operators, and prices it on-chain: its restake manager adds up everything Renzo holds and divides by ezETH supply. This dashboard repeats that calculation every day and shows its parts, along with the withdrawals waiting and the ezETH minted on layer 2s.

Layer 2s are where Renzo works differently from most restaking tokens. On several of them, users deposit ETH and receive ezETH on the spot; Renzo later bridges that ETH to Ethereum in batches and restakes it. Until a batch lands, the layer 2 ezETH is backed by ETH in transit, so the dashboard shows that ETH beside the ezETH locked on Ethereum for each chain.

ezETH's market price is shown apart from its protocol price. In April 2024, before withdrawals were open, ezETH briefly traded far below its price on DEXs and set off liquidations in lending markets; the chart keeps that episode for context. Every figure names its block and call.

## Blueprint

### ezETH

Supply, the on-chain price, the assets behind it and withdrawals waiting.

- **ezETH supply** (ezETH): ezETH totalSupply() on Ethereum at the day's last block, including the ezETH locked for layer 2s.
- **ezETH price** (ETH): Renzo's total restaked value divided by ezETH supply, from the restake manager's own calculation at the same block.
- **Restaked assets** (ETH): ETH and stETH held through Renzo's operator delegators, EigenPods and buffers, as the restake manager counts them.
- **Withdrawals waiting** (ezETH): ezETH in withdrawal requests still within their cooldown or not yet claimed, at the latest block.
- **Where the assets sit**: Restaked assets by place: native ETH in EigenPods and validators, stETH in EigenLayer strategies and ETH or stETH in Renzo's buffers.
- **Market price and protocol price** (ETH): ezETH's DEX price by day beside its protocol price, with the April 2024 depeg kept on the chart.

### Layer 2 deposits

ezETH minted on layer 2s and the ETH still on its way to Ethereum.

- **ezETH on layer 2s** (ezETH): The sum of ezETH supply on every layer 2 at each chain's day-end block.
- **ETH in transit** (ETH): ETH deposited for ezETH on layer 2s that has not yet reached Ethereum, from deposit contract balances and batches in flight.
- **ezETH by layer 2** (ezETH): ezETH supply on each layer 2 beside the ezETH locked for it on Ethereum and the ETH still in transit.
- **Layer 2 deposits by day** (ETH): ETH deposited for ezETH directly on each layer 2 per day, beside the batches Renzo sweeps to Ethereum.

Filters: Period (Last 30, 90 or 365 days).

## How it will be measured

- ezETH's price is the restake manager's calculateTVLs() total divided by ezETH totalSupply() at each day's last block, the same calculation the contract uses to mint.
- Assets are broken down by operator delegator: ETH in its EigenPod and validators, stETH in EigenLayer strategies and balances waiting in Renzo's buffers.
- On each layer 2, minted ezETH is the token's totalSupply, and ETH in transit is the deposit contract's balance plus batches sent but not yet received on Ethereum.
- The market price is ezETH's price in its deepest DEX pools at the same block, kept apart from the protocol price.
- Withdrawals come from the withdraw queue's request and claim events and the size of its buffer.

## Data it needs

- `lst_rates_daily` (to build): Exchange rates of liquid staking and restaking tokens (wstETH, rETH, cbETH, weETH and others) at day end, and the realized yield they imply.
- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `restaking_daily` (to build): Assets restaked per restaking protocol, strategy and operator per day, and what is delegated to each service.
- `bridge_flows_daily` (to build): Deposits into and withdrawals out of canonical and major third-party bridges by chain, token and day, plus escrow balances at day end.
- `dex_swaps_daily` (to build): Swap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- Source: Restake manager: calculateTVLs() and ezETH totalSupply() at day-end blocks
- Source: Operator delegator balances, their EigenPods and EigenLayer strategy shares
- Source: Withdraw queue: requests, claims, cooldown and buffer balances
- Source: Layer 2 deposit contracts: deposits, ezETH minted and batches bridged to Ethereum
- Source: ezETH locked for each layer 2 on Ethereum and ezETH totalSupply on each layer 2
- Source: ezETH/WETH pool prices on DEXs at the same blocks

## Questions

### What is ezETH?

ezETH is Renzo's liquid restaking token. Renzo takes ETH and stETH, restakes them through EigenLayer operators and issues ezETH, whose value in ETH is the protocol's restaked assets divided by ezETH supply.

### Why did ezETH depeg in April 2024?

At the time ezETH could not be redeemed through Renzo. When many holders sold at once, DEX liquidity ran out and the market price fell far below the protocol price for some hours, which triggered liquidations in lending markets that accepted ezETH. Withdrawals opened later in 2024.

### How does ezETH work on layer 2s?

On several layer 2s users can deposit ETH and receive ezETH there. Renzo bridges that ETH to Ethereum in batches and restakes it, so for a while layer 2 ezETH is backed by ETH in transit. The layer 2 page shows that ETH and the ezETH locked on Ethereum for each chain.

### How long does an ezETH withdrawal take?

A withdrawal request locks ezETH, waits out a cooldown and is then claimed in ETH or stETH from the withdraw queue's buffer, which Renzo refills by unwinding restaked positions. The dashboard shows what is waiting and how long recent requests took.

### How is ezETH's price calculated?

On-chain, by the restake manager: it adds up the value of every asset held across its operator delegators, EigenPods and buffers and divides by ezETH supply. The dashboard repeats that read at each day's last block and shows each part.

## Glossary

- **Restake manager**: Renzo's core contract that accepts deposits, mints ezETH and calculates the value of everything Renzo holds.
- **Operator delegator**: A Renzo contract that holds part of the deposits and delegates them to one EigenLayer operator.
- **xERC20**: A token standard that lets approved bridges mint and burn a token on other chains within set limits; Renzo uses it for ezETH on layer 2s.
- **Withdrawal cooldown**: The wait between an ezETH withdrawal request and the moment it can be claimed.

## Related apps

- [Liquid Restaking Tokens: Backing and Exchange Rates](https://voltfincrypto.com/apps/liquid-restaking-backing)
- [EigenLayer Restaking: TVL, Operators, AVSs and Slashing](https://voltfincrypto.com/apps/eigenlayer-restaking-dashboard)
- [Kelp rsETH Tracker: Backing, Supply by Chain and Withdrawals](https://voltfincrypto.com/apps/kelp-rseth-tracker)
- [ether.fi Staking: eETH and weETH Supply, Validators and Withdrawals](https://voltfincrypto.com/apps/etherfi-eeth-weeth-tracker)
- [Bridged Token Backing: Locked vs Minted Supply](https://voltfincrypto.com/apps/bridged-token-backing)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F