An Ethereum (ETH)-based liquid staking token is soaring in price after the top US-based crypto exchange platform Coinbase announced support for the altcoin.

In a new thread, Coinbase says it’s adding support for liquid staking protocol Renzo (REZ), a project that aims to streamline the process of staking Ethereum and other digital assets.

“Coinbase will add support for Renzo (REZ) on the Ethereum (ERC-20 token) network… Trading will begin on or after 9AM PT on 6 March, 2025, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our REZ-USD trading pair will launch in phases.”

News of the addition sent REZ flying, as the digital asset went from a low of $0.0170 on March 5th to a peak of $0.0243 just a day later. REZ has since stabilized in price and is trading for $0.0204 at time of writing, a 20.5% gain on the day.

Liquid restaking is when traders use digital assets they are already staked and further stake them on a different platform, enhancing their earned reward as well as the protocol’s security and liquidity.

Other notable digital assets available for restaking via the protocol include Solana (SOL), Jito (JTO), and EigenLayer (EIGEN), according to the project’s official webpage.

“Renzo is a restaking protocol that abstracts and manages AVS strategies for Liquid Restaking Tokens (LRTs), making Ethereum and Solana restaking ezpz and accessible to everyone.

The products ezETH, pzETH, and ezSOL serve as interfaces to the EigenLayer, Symbiotic, and Jito Network ecosystems, respectively. Renzo’s mission is to make restaking easy and accessible to everyone.”