Renzo · interactive mechanism simulation

ETH/stETH deposits mint ezETH, which restakes into EigenLayer AVSs for yield. A slice loops through money markets for leverage. ezETH's only pre-withdrawal exit is the DEX pool — so a bad airdrop announcement can crash the peg even while redemption value stays intact.
Depositors ETH / stETH Renzo mint ezETH : ETH 1.000 EigenLayer AVSs restaking yield 4% DEX pool (peg) price 1.000× redemption Money market looped leverage Looped vault 0.0 ETH at risk REZ buyback & burn 0 REZ burned
Deposits simulated
0
TVL
0.0 ETH
DEX peg
1.000×
Liquidated (loopers)
0.0 ETH
Parameters — edit me
1.6/s
4%
35%
4
Controls

Illustrative simulation. Mirrors the researched Renzo mechanism (ezETH mint against ETH/stETH, EigenLayer restaking yield, leveraged looping, DEX-only pre-withdrawal exit, REZ buyback-and-burn) but flows and timing are randomized for visualization — not live onchain data. The "trigger depeg" button replays the April 2024 dynamic: redemption value stays intact while the thin DEX pool price crashes and looped positions liquidate. Part of The Onchain Experiment Atlas.