Renzo Launches ezUSDC Token on Jito Platform for Restaking
2024-09-20
Bittime - Renzo launched ezUSDC token on the platform restaking, jito. The launch of this token will enable tokens USDC into a stablecoin that can be staked.
What is ezUSDC token? This article will discuss the meaning and details of the launch of this token. Read this article to find out more!
What is ezUSDC Token?
The ezUSDC token is an innovation that brings liquidity to staked USDC, allowing Solana users to use USDC as a stable guarantee.
It means, stakers or fund lockers can use USDC without having to worry about price fluctuations, in contrast to other crypto assets that tend to be more volatile, such as SOL or governance tokens.
With the launch of the ezUSDC token, Node Consensus Networks (NCNs) can offer incentives or rewards in the form of USDC, so that the network is more resilient to market volatility.
Read Also: Renzo Protocol REZ Token Expansion from Ethereum to Solana
USDC Domination on the Solana Network
As one of the largest stablecoins in the world, USDC has become a mainstay on the Solana network. Until September 9, 2024, approx 70% from the total market value of stablecoins on the Solana network comes from USDC.
With a strong base in the Solana network, USDC is uniquely positioned as a reliable stablecoin to use as a guarantee in the restaking mechanism. Through the ezUSDC token, Renzo combines its liquid restaking expertise with Jito's innovative staking infrastructure, enabling the development of new solutions for the security and sustainability of NCNs on Solana.
Stablecoin USDC as an Emission Token
One of the main challenges faced by node operators is volatility crypto assets. When node operators receive rewards or incentives in the form of volatile tokens, they have difficulty predicting revenues and costs.
With ezUSDC tokens, this problem can be resolved because node operators will receive emissions in the form of stablecoins, which are much more stable and predictable.
Usage USDC as an emission token provides better economic clarity for node operators. This also helps keep operational costs stable and ensures that the network remains sustainable in the long term.
Read Also: Renzo Proposes Allocation of 500 Million REZ to Communities in 5 Months
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