Renzo (REZ) is one of the largest liquidity re-staking protocols designed to provide an easy-to-use interface for the EigenLayer ecosystem. ETH holders can use Renzo to earn higher returns than simply staking ETH.
This project is also the 53rd project on the cryptocurrency exchange Binance Launchpool. Users can obtain Renzo’s native token REZ through staking from April 24 to 29 (UTC).
So, is Renzo (REZ) worth investing in? What are its future prospects? In this article, we will introduce the Renzo (REZ) cryptocurrency in detail.
Founded in 2023 by James Poole and Lucas Kozinski, Renzo is a liquidity staking protocol designed to connect users to the EigenLayer ecosystem. The protocol allows participants to participate more actively in staking, while their role as policy managers helps manage the assets staked on EigenLayer.
ETH holders can use Renzo to earn higher returns than simply staking ETH. Users can deposit ETH or liquid staking tokens (such as Lido’s stETH) to receive an equal amount of ezETH tokens.
ezETH is a reward token that reflects the rewards earned from decentralized services that use EigenLayer for economic security (in addition to the base rewards earned from ETH staking). In the EigenLayer ecosystem, these decentralized services are called AVS (Active Verification Services). The Renzo protocol uses smart contracts and operator nodes to automatically identify re-staking strategies with the best risk-reward ratio on behalf of users.
As of now, Renzo has become the largest liquidity staking protocol, second only to Ether.fi, and its total locked position value remains at around US$3.3 billion.
According to previous reports by The Block, on January 15, Renzo raised US$3.2 million in seed funding, led by investment fund Maven11, with a valuation of US$25 million. Binance Labs also participated in investing in the project, but the amount of investment has not been disclosed.
The Renzo protocol framework enhances the functions of the Ethereum network. Its operating mechanism mainly has the following points:
According to the Renzo team, Renzo stands out in the crowded DeFi field due to its unique multi-chain functionality, which allows users to access a wider range of assets and services across multiple blockchain environments. This interoperability facilitates asset transfers, enhancing liquidity and connectivity across the crypto ecosystem.
$REZ is the utility and governance token of the Renzo protocol.
According to the Binance announcement, REZ tokens will be used to vote on governance proposals related to the Renzo protocol. Some of these proposals are critical to the protocol's operational procedures.
Renzo code replacement
Renzo originally used EZ as its currency code. However, since there are tokens with the same name on the market, in order to avoid confusion, Binance changed Renzo’s code after communicating with the Renzo team. Code updated from EZ to REZ.
The total supply of REZ is 10 billion, and the initial circulation is 1.05 billion. Its initial token allocation is as follows:
Update: Due Renzo’s original token distribution was strongly dissatisfied by the community. Renzo updated its token economics on April 25 and increased its total community token distribution from 30% to 32% and its total airdrop distribution from 10% to 12%. (Total supply increased from 5% to 7% in Q1, with liquidity and foundations covering the additional 2%).
Renzo Season 1 rewards will end on April 26, and any users who sell their ezETH holdings before this date may not be eligible for the airdrop. Users can claim REZ on May 2 via claim.renzoprotocol.com.
The community will linearly distribute 500 million REZ (accounting for 5% of the total) based on the ezPoints accumulated for users. The top 5% of addresses will have 50% of their tokens unlocked immediately, and the remainder will be released linearly within 6 months.
The second season rewards will start immediately on April 26th. In addition, 2% of the first quarter 5% airdrop (i.e. 0.1% of the total token supply) has been allocated to the following NFT communities: Milady Maker and SchizoPosters.
Renzo’s new airdrop rules
According to Renzo’s announcement on April 25, the current airdrop share will be increased to 12%, and the claim date will be changed to 19:00 on April 30.
In addition, the minimum qualification for each wallet airdrop is 360 ezPoints, and most airdrop addresses can be fully unlocked after TGE. Wallets with more than 500,000 ezPoints will unlock 50% at TGE, and the remainder will be unlocked linearly within 3 months.
As mentioned above, 2.5% of Renzo tokens (250 million) will be used for Binance Launchpool.
Introducing@RenzoProtocol$REZon#BinanceLaunchpool!
Farm REZ by staking#BNBand$FDUSD.
➡️https://t.co/0F044uAPIqpic.twitter .com/hNBlZs6R5R
— Binance (@binance)April 23, 2024
From 8am on April 24th to 7:59am on April 30th, users can Earn REZ rewards by staking BNB and FDUSD. Among them, the BNB pledge pool occupies 85% of the share, which is 212,500,000 REZ; the FDUSD pledge pool occupies 15% of the share, which is 37,500,000 REZ.
Since the REZ coin has not yet been launched, it is difficult to predict its future price.
However, re-staking is one of the focuses of attention this year. With its own strength and its launch on the Binance exchange, Renzo is likely to occupy a place in the DeFi protocol.
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