Restaking protocol Renzo Protocol has rebranded as Renzo Finance and unveiled Renzo Basis, its first on-chain structured yield product. The product is set to launch on Hyperliquid, with BTC and HYPE as the first supported assets. Lucas Kozinski, founder of Renzo Labs, said the strategy is built around basis trading: holding a spot long while taking a perpetual futures short to capture funding-rate income. Because the long and short positions offset each other, he said, returns are designed to come from fees paid hourly by perpetual traders rather than from asset price moves. Renzo said the product uses three automated protection layers — hedge protection, yield protection and a safety buffer. It added that the system does not currently use AI automation. Instead, it relies on Hyperliquid agent wallets, or API wallets, to execute trades and monitor strategies with user authorization, while user funds remain self-custodied. Renzo also drew a contrast with products from Ethena and Bitwise-owned Superstate, saying Renzo Basis is fully on-chain, self-custodial, and lets depositors choose assets, trading venues and risk parameters. The team said it plans to expand support to all assets on Hyperliquid that have both spot and perpetual markets, then move into other DeFi venues, with Lighter on Robinhood named as the next stop for on-chain stock perpetual basis trading.
Restaking protocol Renzo Protocol has rebranded as Renzo Finance and introduced Renzo Basis, its first on-chain structured yield product. The product is scheduled to launch on Hyperliquid, with initial support for BTC and HYPE.
Basis trade strategy targets funding-rate income
Lucas Kozinski, founder of Renzo Labs, said the product uses a basis trading strategy that holds a spot long and a perpetual futures short at the same time to earn funding-rate yield. Because the long and short positions hedge each other, he said, swings in the asset price do not affect the return. Users instead collect the fees paid hourly by perpetual traders.
Three protection layers and no custody of user funds
Renzo said Renzo Basis automates the strategy with three layers of protection: hedge protection, yield protection and a safety buffer. The company added that the product does not currently use AI automation. It uses Hyperliquid agent wallets, also described as API wallets, to place trades and monitor the strategy with user authorization.
Renzo said the product does not take custody of user funds, and users can customize the relevant protection parameters.
How Renzo positions the product against rivals
Renzo said its product differs from competitors including Ethena and Bitwise-owned Superstate in three areas: it is fully on-chain, it is self-custodial, and it allows depositors to choose their own assets, trading venues and risk settings.
Looking ahead, Renzo Basis is planned to support every asset on Hyperliquid that has both spot and perpetual markets. Renzo also said it will expand to other DeFi platforms. The next destination is Lighter on Robinhood, where the product is expected to introduce on-chain stock perpetual basis trading.
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