Crypto news: Binance Launchpool plans to add the governance token REZ, associated with the liquid restaking protocol Renzo, on April 30th. 

Furthermore, starting from around April 24th, Binance Launchpool will receive 2.5% of the total supply of REZ tokens as part of the distribution plan. Let’s see all the details below. 

The Binance Launchpool crypto exchange will receive 2.5% of the total REZ token supply

As anticipated, Binance, the crypto exchange giant, intends to list the REZ token, part of the Renzo liquid restaking protocol, as part of its distribution plan.

For the first time, Binance will introduce the token in its Launchpool today at 8:00 PM ET (00:00 UTC on April 24), before officially listing it on April 30 at 8:00 AM ET (12:00 UTC).

During the six days leading up to the listing, users can stake BNB exchange tokens and the stablecoin FDUSD in separate pools to earn the REZ token, as stated by the company.

Once quoted, the token will be available for trading with different pairs including REZ/BTC, REZ/USDT, REZ/BNB, and REZ/FDUSD. The REZ tokens in the Binance Launchpool represent 2.5% of the total supply, which was also confirmed on Tuesday. 

The token distribution includes 10% for airdrops, 31.65% for investors and advisors, 20% for the team, 20% for the DAO Treasury, 13.44% for the Renzo foundation, and 2.5% for liquidity.

The total supply will be 10 billion tokens, with an initial circulation of 1.05 billion.

Binance has stated that the REZ tokens will be used to vote on governance proposals related to the Renzo protocol, many of which will be essential for the protocol’s operational procedures. 

In addition, Binance’s incubation and venture capital branch has already invested an undisclosed amount in Renzo. Originally, the token was called EZ, but the name was changed to REZ by Binance and Renzo developers to avoid confusion in the community.

Renzo: what it is and other details 

Renzo is one of the main liquid restaking protocols, with a TVL of about 3.3 billion dollars, according to DeFiLlama data. It is second only to Ether.fi stake in terms of size.

Renzo adopts the Ethereum method, using the EigenLayer restaking protocol, which allows users to restake ether to receive the liquid restaking token ezETH.

With ezETH, users can participate in other DeFi applications to earn additional yields.

Already on January 15th, Renzo had received an initial funding of 3.2 million dollars, led by the investment fund Maven11, reaching a valuation of 25 million dollars. 

Binance introduces copy trading for spot pairs: new Lead Trading tournament

With an innovative update, Binance has introduced copy trading for spot pairs, offering millions of traders advanced tools for copy trading. 

This new tool, which will be fully available to all users by May 2024, allows experienced traders to share their strategies, enabling others to replicate their operations.

Binance has announced the launch of this new feature, allowing users to qualify as lead traders if they meet the minimum portfolio asset requirements. 

Copy trading spot expands Binance’s offering of automated trading tools, which already includes Spot Grid Trading, Dollar-Cost Averaging (DCA), and Rebalancing Bot.

The new automatic trading features enhance the experience for Binance’s spot exchange customers, offering them greater control in the order placement process, market dynamics monitoring, and position closing. 

Once the strategies are set, automated trading tools can handle large amounts of market data and execute orders quickly. Thus surpassing what a single user could do manually.

Rohit Wad, Chief Technology Officer of Binance, commented that the launch of spot copy trading was inspired by community feedback. 

The idea was born from the desire of users to have more effective tools to explore new trading strategies and diversify risk. 

Users can become both lead traders and copy traders. Each user can have a lead trader account and copy up to 10 different portfolios. 

Furthermore, lead traders receive a 10% share of the profits generated and a 10% discount on trading fees from users who copy their trades.