Bittime - Renzo, a well-known restaking protocol in the Ethereum ecosystem, announced details of its REZ governance token airdrop and listing on major exchanges via a post on X on April 23. However, just 2 days later, the project decided to change the distribution details of the new token after receiving many complaints from the community.
The main problem is that users who farm REZ from Binance Launchpool are considered to get more benefits than users who use the Renzo protocol directly.
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Official Airdrop Launch and Claim Scheduled for April 30, 2024
The Renzo restaking protocol will officially launch the REZ token on April 30 on the largest crypto asset exchange. The launch will be accompanied by a special airdrop for early adopters.
Also read: Renzo Announces REZ Airdrop Details and Important Deadline for ezETH
The decision to launch the REZ token was taken after Renzo achieved impressive achievements in just 4 months. These achievements include a total value locked (TVL) of 3.5 billion US dollars with a market share of 33.5% in the liquid asset restaking sector, as well as a user base reaching 250,000 users.
As a token of appreciation, Renzo introduced its own governance token. Renzo is also the most distributed protocol in the sector, present on 7 different blockchains. Additionally, Renzo became the first protocol to allow its users to make deposits with stETH, wbETH, and other LSTs in addition to native ETH.
The REZ launch will be accompanied by a launchpool hosted by Binance. Users can farm REZ by staking BNB and FDUSD.
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Renzo Airdrop: Focus on Details
Snapshot for the airdrop was taken on April 26. Users who collect a minimum of 360 ezPoints (platform airdrop points) are eligible to claim REZ tokens.
Claims begin on April 30. Users who meet the requirements can request rewards via the site suclaim.renzoprotocol.com.
All REZ holdings will be unlocked at launch (TGE) except for users with more than 500,000 ezPoints. Users with ezPoints over 500,000 will get 50% at TGE and the rest will be unlocked gradually over 3 months.
Also read: Binance will list Renzo (REZ) tokens on Launchpool, here are the details!
A total of 700 million REZ tokens (7% of total supply) were allocated for the airdrop. However, starting April 26, a new airdrop season opened with the allocation of another 500 million REZ tokens (5% of the total supply) to users restaking on the protocol.
The circulating supply of REZ at launch was 1,150,000,000 tokens (11.5% of total supply).
Here is the official contract REZ:0x3B50805453023a91a8bf641e279401a0b23FA6F9.
REZ Token Allocation
Renzo allocates REZ tokens to various parties contributing to the protocol's growth, including early investors and the development team. Following are the details of the REZ token allocation:
- VC Investors: 31.56% (locked for 2 years)
- Community: 32% (includes 12% allocation for airdrop)
- Key collaborators: 20% (locked for 1 year with monthly distribution for 2 years)
- Renzo Foundation: 12.44%
- Binance Launchpool: 2.5%
- Liquidity: 1.5%
Renzo Listened to the Community and Changed the Airdrop Details
All the previously mentioned REZ token launch details are based on the latest official announcement from the Renzo team. However, after receiving complaints from the community, the Renzo team decided to adjust its plans.
Many users consider the previous airdrop claim schedule to be detrimental. Initially, users who were entitled to claim the airdrop could only do so 2 days after listing on Binance.
This made the community furious and immediately voiced their dissatisfaction with
In just 2 days, Renzo's team responded. After many users disagreed with the initial plan by selling their ezETH tokens and causing the price to drop, Renzo changed some details.
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The first change made is the airdrop claim schedule. Now, airdrop participants can make claims on April 30, 1 hour before Binance Launchpool participants. This allows airdrop participants to sell their REZ at a potentially higher price.
Additionally, REZ token allocation for the community was increased. The airdrop program gets a larger portion, namely from 10% to 12% of the total REZ supply. This is a form of Renzo's appreciation for the community who has voiced their concerns.
By listening to user complaints and making adjustments, Renzo hopes to build better relationships with the community and create a more sustainable ecosystem.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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