On April 23rd Renzo, a well-known protocol for restaking the Ethereum ecosystem, announced with a post on X all the details related to the airdrop of its governance token REZ, and the listing on major exchanges.
Just 2 days later, however, after the project community complained loudly, Renzo decided to change some details regarding the distribution of the new token.
In particular, users complained that those who farmed REZ from the Binance launchpool would receive greater privileges compared to farmers who used the protocol.
The claim for the airdrop and the official launch are now scheduled for April 30, 2024.
All the details below.
Summary
Airdrop scheduled for Tuesday, April 30: everything you need to know
Renzo’s restaking protocol is about to officially launch the REZ token on April 30th on the largest cryptocurrency exchanges in the industry, along with a dedicated airdrop for early users of the project.
After achieving impressive results in just 4 months, including a TVL of 3.5 billion dollars with a market share of 33.5% in the liquid restaking sector, and a user base of 250,000, the protocol has decided to celebrate these milestones by introducing its own governance token.
Renzo also turns out to be the most distributed protocol in this particular niche, being present on 7 different chains, and the only one to have introduced the possibility of making deposits with stETH, wbETH and other LST in addition to native ETH.
As mentioned, the launch will be accompanied by a launchpool organized by Binance where users will be able to farm REZ by staking BNB and FDUSD.
Focusing vertically on Renzo’s airdrop, we can see how the snapshot was taken on April 26th, revealing how only users who have accumulated at least 360 ezPoints (the platform’s airdrop points) are eligible to redeem the REZ token reward.
The claim will start on April 30th: eligible users will be able to request rewards within the website suclaim.renzoprotocol.com.
All REZ balances will be unlocked at TGE except for those of users with more than 500,000 ezPoints, who will have 50% unlocked at TGE and another 50% in linear vesting with a maturity of 3 months.
This initiative will see 700 million REZ tokens, which is 7% of the total supply, being released for the airdrop. However, starting from April 26th, a new season will begin with another 500 million tokens (5% of the total supply) up for grabs for the protocol restakers.
The circulating supply at launch will be 1,150,000,000, which is 11.5% of the total supply.
The official contract of REZ is the following: 0x3B50805453023a91a8bf641e279401a0b23FA6F9
Renzo’s foundation has thought about a precise allocation of the new token REZ, which will have to be distributed to different entities that have allowed the protocol to grow in recent months, as well as to the team itself.
Specifically, the tokenomics is as follows:
- VC Investors: 31.56%: a large portion of tokens is allocated to investors who supported the initial development of the project. Investor tokens are subject to a total lock-up of 2 years: 1 year cliff followed by a 10% unlock and then 1 year of linear monthly vesting;
- Community: 32%: capital dedicated to various community campaigns and new projects. This includes the 12% share for the two airdrop seasons;
- Main collaborators: 20%: Renzo’s team and consultants who worked on the protocol to bring ezETH to the market. All main contributors are locked on a cliff for 1 year with a linear monthly maturity of 2 years. No token of the main collaborator is unlocked before the 1-year cliff;
- Foundation 12.44%: tokens that will be used to finance further developments on ezETH and risk assessments on the platform;
- Binance Launchpool: 2.5%: rewards for Binance stakers;
- Liquidity: 1.5%: liquidity campaigns, exchange partnerships (CEX and DEX) and market makers.
Renzo makes some changes to the details for the REZ token airdrop after listening to the community
All the details of the launch of the REZ crypto just reported in the previous paragraph refer to the latest official announcement from Renzo’s team, which, after observing several complaints from the community, has decided to adjust its course.
Many have indeed pointed out how the timeline for the airdrop would have favored users of the Binance launchpool rather than those who had deposited on the platform. Initially, the date for eligible users to claim the airdrop was set two days after the listing on Binance.
This has infuriated the community, which immediately lashed out against this outrageous situation on X.
In addition to all this, there is also an error (we do not know if in good faith or bad faith) in the creation of the pie chart outlining the tokenomics of REZ in the first official announcement.
What is jarring are the blatantly incorrect proportions.
The reaction of Renzo’s team took only 2 days to arrive. After many opposed the situation by selling their ezETH token shares and causing a “depeg” with the equivalent value of ETH, it was decided to change some details.
First of all, the claim for airdrop participants has been moved to April 30, 1 hour before the claim for those who participated in the Binance launchpool, in order to offer a potentially higher price at which to sell.
Furthermore, the allocation of REZ tokens to the community has been modified, giving more weight to the community, in particular to the airdrop program which has increased from 10% to 12% overall.
