Renzo, a liquid restaking protocol, has airdropped its native token, REZ, which debuted at a market cap of $289 million. The airdrop was announced on Twitter, and users who had staked ether (ETH) on the platform generated a yield and automatically received ezETH, Renzo’s liquid restaking token. Users with more than 500,000 ezPoints were eligible to claim REZ tokens.
The initial circulating supply of REZ is 1.15 billion, with the remaining 8.85 billion tokens remaining locked up until various criteria are met. 31% of the tokens have been allocated to investors, 32% to the community, and 20% to core contributors. Core contributors are subject to a 1-year lock-up and 2-year vesting period.
Renzo is a protocol that acts as a portal to EigenLayer by securing actively validated services (AVS). The protocol allows users to generate yield and receive ezETH, which can be used to generate a higher yield across various decentralized finance (DeFi) protocols.
According to Dextools data, the official token contract posted on Renzo’s website had racked up $75 million in trading volume an hour after claims went live. However, Renzo tweeted that the token was not yet available on decentralized exchanges.
The airdrop comes at a time when liquid staking is gaining popularity in the DeFi space. Liquid staking allows users to earn yield on their staked assets while also maintaining their liquidity. This is in contrast to traditional staking, where assets are locked up for a certain period of time.
Renzo’s airdrop is just one example of the growing trend of protocols airdropping tokens to their users. Airdrops are a way for protocols to distribute tokens and incentivize users to participate in the ecosystem.
As with any investment, it’s important to do your own research before participating in an airdrop or investing in a new token. The crypto market is highly volatile, and prices can fluctuate rapidly.
