Liquid Restaking Protocol Renzo Airdrops REZ Token, Debuts at $289M Market Cap

As a seasoned crypto investor with a keen interest in DeFi and yield farming projects, I find the developments surrounding Renzo, a liquid restaking protocol built on Ethereum, particularly intriguing. The project’s unique value proposition, which acts as a portal to EigenLayer by securing actively validated services (AVS), offers an appealing opportunity for generating passive income through staking and yield farming.

As a crypto investor, I’m excited to share that I recently received an email notification from the liquid restaking protocol Renzo. They have announced the opening of airdrop claims for their native token, REZ. The market capitalization of this promising project has already reached an impressive $289 million, as evidenced by CoinMarketCap’s latest data.

Approximately 1.15 billion REZ tokens are currently in circulation, while the rest, amounting to 8.85 billion, are secured and will only be released based on specific conditions being met. Among these tokens, 31% are designated for investors, 32% for the community, and 20% for core contributors. The core contributors’ allocation comes with a one-year restriction before they can access it fully, followed by a two-year vesting period.

As a data analyst, I would express it this way: If you have amassed over 500,000 ezPoints by staking with Renzo since its inception in January, be aware that these points are subject to a vesting schedule. Specifically, you will need to wait for a three-month period during which 50% of your total ezPoints remain locked up before they become fully accessible.

Renzo said in a tweet that REZ was not available to trade on any decentralized exchange, although the official token contract posted on Renzo’s website had racked up $75 million in trading volume an hour after claims went live, Dextools data shows.