Renzo was one of the loudest names of the 2024 restaking boom. ezETH deposits rose into the billions, ezPoints seasons came one after another, and the REZ airdrop arrived together with a sharp ezETH depeg. In 2026 the picture is very different. The ezPoints program has been formally shut down, ezETH is now backed only by native ETH, and in September 2026 the company rebranded as Renzo Finance with a new basis-trading product on Hyperliquid. This guide explains what an ezETH holder actually earns today, how to check it, and where old claim pages and fake airdrop links still catch people.
What Renzo and ezETH are
ezETH is Renzo’s liquid restaking token. Deposit ETH and you receive ezETH, a reward-bearing token that represents a restaked position on EigenLayer. Rewards are not paid out as separate tokens. Instead, the value of ezETH rises against ETH as staking and restaking rewards are added. Renzo’s docs say it takes a 10% fee on restaking-generated rewards, split evenly between the protocol treasury and node operators, and passes on 100% of EigenLayer rewards with no extra fee.
The original staking app and documentation are still on the Renzo Protocol domain: renzoprotocol.com, docs.renzoprotocol.com and the app at app.renzoprotocol.com. The company itself now presents as Renzo Finance, with a new blog and separate docs for its newer products. Both domains are official. Most phishing tries to exploit that confusion.
The ezPoints seasons: what was paid and when
Every Renzo airdrop was based on ezPoints, earned per day for each ezETH held, with multipliers for DeFi integrations. Here is the record, taken from Renzo’s own docs and announcements:
| Season | Period | REZ allocated | Key rules |
|---|---|---|---|
| Season 1 | Up to 26 April 2024 | 7% of supply | About 103,500 wallets with at least 360 ezPoints. Claims opened 30 April 2024 for 30 days. |
| Season 2 | 26 April to 26 July 2024 | 5% (500M REZ) | 10% bonus for Season 1 users who kept or grew their ezETH. 4x boosts on Pendle, Balancer/Aura, Curve and others. |
| Season 3 “Amore” | 26 July to 30 November 2024 | 4% (400M REZ) plus 100M REZ for liquidity | 81,684 wallets with at least 1,000 ezPoints. Claims from 17 December 2024 to 17 March 2025. A small group of large wallets vested over three months. |
| Season 4 | 1 December 2024 to 31 March 2025 | 50M REZ (0.5%) | 8,529 wallets with at least 4,703 ezPoints. No vesting. Claims on Base from 28 April to 28 May 2025. |
Season 4 was the last one. Renzo’s governance proposal RP-4 deprecated ezPoints and ended the points program. Incentives shifted to direct REZ liquidity rewards for chosen DEX pools. Every claim window above has closed. At the time of writing Renzo has not announced a Season 5, a new points program or a retroactive REZ distribution.
What ezETH holders earn in 2026
Without points, the reward for holding ezETH is the token’s own exchange rate. ETH staking yield, plus whatever EigenLayer and AVS rewards the restaked ETH earns, minus Renzo’s 10% fee on restaking rewards, is built into the ezETH/ETH rate. You can measure your return by comparing the ezETH exchange rate shown in the Renzo app on the day you minted with today’s rate.
Two changes affect what you are holding. First, Renzo says ezETH has been backed only by native ETH since April 2026. It moved away from Lido’s stETH, and Renzo reported that just 214.75 stETH, around 0.5%, was still in the withdrawal queue when it confirmed this. Second, separate yields from DeFi integrations, such as LP fees or Pendle yield tokens, depend on where you put your ezETH, not on Renzo.
Renzo Finance’s new flagship, Renzo Basis, is a separate product. It holds spot BTC or HYPE and shorts the matching perpetual on Hyperliquid to earn funding rates. It has no link to ezETH and, at the time of writing, no announced points or REZ rewards.
How to check your ezETH position and old claims
- Open the right app. ezETH minting and withdrawals run through app.renzoprotocol.com, reached from renzoprotocol.com. Renzo Basis runs on app.renzofinance.com. Do not mix up the two.
- Check which chain you are on. ezETH exists on Ethereum and on several L2s through bridges. The deposit screen’s network dropdown lists the supported chains. Withdrawals to ETH happen on Ethereum mainnet.
- Look at the exchange rate, not your token count. Your ezETH balance stays the same while its ETH value rises. Note the rate on the day you mint so you can work out your yield later.
- Check old season claims in the docs. The “Status and campaigns” pages in docs.renzoprotocol.com list each season’s dates and outcome. If you missed a window, the tokens are gone. No legitimate page reopens it.
- Plan withdrawals around the queue. Renzo’s docs say withdrawals can take up to 15 days because of EigenLayer’s slashing-era withdrawal delay and the time it takes to exit the beacon chain. If you need ETH faster, a DEX swap is the alternative, at whatever discount the market charges that day.
Risks that are specific to ezETH
- Depeg on secondary markets. In April 2024, around the Season 1 snapshot and before withdrawals were enabled, ezETH briefly traded far below ETH on DEXs. Leveraged positions using ezETH as collateral were liquidated. Withdrawals now exist, but the 15-day queue means a DEX price can still drift below fair value when many holders want out at once.
- Restaking and slashing. ezETH is exposed to EigenLayer slashing conditions for the AVSs Renzo’s operators secure. A slashing event reduces the ETH behind every ezETH.
- Bridged versions. ezETH on L2s depends on the bridge and messaging setup Renzo uses. A bridge failure affects those tokens even if mainnet ezETH is fine.
- Leverage loops. Lending markets that accept ezETH as collateral let you borrow ETH and loop. Without points, a loop only pays if restaking yield is higher than your ETH borrow rate, and the depeg history shows how fast a loop can unwind.
- REZ itself. REZ is a governance token whose emissions now go to liquidity incentives. Holding REZ is separate from holding ezETH and carries its own price risk.
Spotting fake Renzo claim pages
Official Renzo addresses are renzoprotocol.com (with the app and docs subdomains) and renzofinance.com (with app, docs and blog subdomains). Announcements have come from @RenzoProtocol on X, with governance updates from @RenzoGov. Use the X link shown in the footer of renzofinance.com, since the brand has changed. Warning signs include “Season 5 ezPoints claim” pages, “REZ unclaimed allocation recovery” sites, and anything presenting Renzo Basis as an airdrop. None of these exist. A legitimate ezETH withdrawal only asks you to approve ezETH to the Renzo withdrawal contract. A signature request for unrelated tokens, or a Permit2 approval for your whole wallet, is a drainer.
FAQ
Do I still earn ezPoints for holding ezETH?
No. ezPoints were deprecated under RP-4 after Season 4, which ended on 31 March 2025.
I never claimed my Season 3 REZ. Can I still get it?
No. The Season 3 claim window ran from 17 December 2024 to 17 March 2025 and has closed.
Is ezETH still backed by stETH?
Renzo says ezETH has been backed only by native ETH since April 2026, with a small amount of stETH left in the withdrawal queue.
Does Renzo Basis give REZ rewards?
No such program has been announced. Basis is a funding-rate product on Hyperliquid.
Verdict
Renzo’s rewards story is now history. Four seasons were paid out, the points program is officially over, and the company is betting on structured yield products rather than restaking points. Holding ezETH today means accepting EigenLayer restaking risk in exchange for a yield built into the exchange rate, with up to 15 days to exit through Renzo itself. That can be a reasonable trade, but it is not an airdrop farm. Anyone claiming there is still a Renzo allocation waiting for you is not affiliated with Renzo.
For information only, not financial advice. Liquid restaking tokens can depeg and restaked ETH can be slashed.
