LRT · REZ · $0.09B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BBB, Growth CCC. ezETH depeg episode Apr 2024; restaking-beta decline.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.8B | $0.09B |
| 12-month TVL change | -45% | -92% |
| Worst 90-day drawdown | 50% | 30% |
| Drawdown scored | 50% (90-day only, v1.0) | 92% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | B · 44.5 | BB · 45 |
| Growth | B · 31.3 | CCC · 26 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates. Since then, some of those inputs have been checked against public data (November 13, 2026); see Input Sources. Where that changed a scored value, the grades in the right-hand column include it.
Solvency screens at BB (45 / 100), previously B in the July 27, 2026 screen. The worst 90-day TVL drawdown is 30% and 12-month TVL change is -92%. TVL stability is scored on the 12-month decline of 92%, because it is worse than the latest 90 days. Sustainability ratio (0.8x) and risk quality (6 / 10) are carried over from July 27, 2026. Unlock pressure (4.3%) was taken from public data on November 13, 2026 (see Input Sources).
Legitimacy screens at BBB (61 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026. All four inputs are analyst judgment; the evidence behind each is linked under Input Sources.
Growth screens at CCC (26 / 100), previously B in the July 27, 2026 screen. TVL is $0.09B, -92% over twelve months (it was -45% at the previous screen). Category share (10%) and momentum (3 / 10) are carried over from July 27, 2026.
Of the 11 scored inputs, 3 are taken from public data, 6 are analyst estimates with the evidence linked, and 2 are under review because the public data disagrees with the estimate or the definition is not settled. An input under review keeps its previous scored value until the review is published.
| Input | Scored Value | Status | Source Or Evidence |
|---|---|---|---|
| Sustainability ratio Solvency | 0.8x | Under review | DefiLlama: protocol revenue $1.33M over 12m; total fees $8.72M. The unlock schedule has no allocation labelled as incentives; the Community allocation released about 478M REZ over 12m (about $1.6M). The methodology does not yet say whether "revenue" means what the protocol keeps or all fees paid by users, so the July estimate is still the scored value. |
| TVL stability Solvency | 30% / -92% | Sourced | Worst 90-day drawdown and 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Unlock pressure (next 12 months) Solvency | 4.3% | Sourced | Core Contributors unlock a further 416.7M REZ over the next 12 months, against 9.58B unlocked to date: 4.3%. The July estimate was 10%. |
| Risk quality Solvency | 6 / 10 | Estimate | Analyst judgment. DefiLlama's hacks database lists no incident for Renzo. |
| Audit coverage Legitimacy | 7 / 10 | Estimate | Analyst judgment. Audit reports are published by the protocol, including a Nethermind review. |
| Team & transparency Legitimacy | 7 / 10 | Estimate | Analyst judgment. |
| Delivery vs stated roadmap Legitimacy | 7 / 10 | Estimate | Analyst judgment. |
| Governance & decentralization Legitimacy | 4 / 10 | Estimate | Analyst judgment. DefiLlama lists no governance space for this protocol; no forum or voting record has been linked yet. |
| TVL 12-month trend Growth | -92% | Sourced | 12-month TVL change, from DefiLlama, parent-level listing, as of November 12, 2026. |
| Category market share Growth | 10% | Under review | Renzo holds $87M of the $937M in DefiLlama's Liquid Restaking category, about 9%, but that category no longer includes ether.fi; with ether.fi in the peer set the share is about 2%. The peer set has not been settled, so the July estimate is still the scored value. |
| Momentum & users Growth | 3 / 10 | Estimate | Analyst judgment. Evidence: fees in the last 30 days were $0.05M, an annual run rate about 93% below the 12m total of $8.72M. |
"12m" is the twelve months to November 13, 2026. Token amounts are valued at DefiLlama prices on that date. Found an error? Tell us; corrections are published with a date.
The credit grade is Solvency BB. Legitimacy is BBB and the Growth outlook is CCC; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Renzo survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Renzo (this page) | BB | BBB | CCC |
| ether.fi | A | A | BB |
| Kelp DAO | BB | BBB | B |
| Puffer | B | BB | CCC |
| Bedrock | B | BB | CCC |
Renzo rode the restaking wave to top-tier LRT status with ezETH, then became the category's cautionary tale: the April 2024 depeg — when ezETH briefly traded far below intrinsic value amid a chaotic token-launch weekend — remains the reference event for LRT liquidity risk.
Solvency screens at B. Sub-1x fee coverage, a 50% drawdown, and a 10% unlock schedule describe a protocol shrinking faster than it earns. The depeg exposed how thin exit liquidity gets exactly when everyone wants it; withdrawals have since been enabled, which structurally improves the picture.
Legitimacy screens at BBB. The team communicated and remediated through the episode, and audits are adequate — but the depeg was at root a design-and-communication failure, and the framework prices it there rather than in Solvency alone.
Growth screens at B with the weakest momentum in the LRT cohort (3/10): -45% TVL and a 10% share that continues to leak toward ether.fi.
Composite B. The screen's read: a protocol permanently marked by one bad weekend, competently managed since. A full rating would stress exit liquidity above all else.
