Renzo Revises Tokenomics to Calm Community
The restaking project Renzo, backed by Binance, has made several changes to its tokenomics in response to community criticism.
Renzo Revises Tokenomics to Calm Community
After facing backlash from the community, as previously reported by Coin68, Renzo - Binance's 53rd Launchpool project - has decided to adjust its tokenomics, airdrop schedule, and reward conditions to address the concerns.
We hear you! The Renzo team acknowledges feedback and the importance of our community who has made Renzo the leading restaking protocol.
— Renzo (@RenzoProtocol) April 24, 2024
Based on your feedback we’re updating:
1⃣Claim timeline
2⃣Tokenomics
3⃣Airdrop eligibility
Snapshot & Claim Timeline:
👉Snapshot date…
The snapshot date remains unchanged at April 26, 2024. However, the restaking project will now open the airdrop claim on April 30 (one hour before the Binance listing), instead of the originally scheduled May 2.
Updated Tokenomics:
- Community allocation: Increased from 30% to 32%
- Total airdrop allocation: Increased from 10% to 12%
- Airdrop season 1: Increased from 5% to 7% of total supply, with adjustments to the liquidity (MM) and Foundation categories
- Airdrop season 2: Remains at 5% of total supply
- Binance Launchpool: Remains at 2.5% of total supply
Airdrop Conditions:
- Minimum accumulation: 360 ezPoints
- For the majority of eligible wallets (over 99%): Tokens will be fully unlocked at the TGE (Token Generation Event).
- For wallets with more than 500k ezPoints: 50% of tokens will be distributed at TGE, with the remaining 50% unlocking gradually over the following three months.
Meanwhile, users can farm Renzo's REZ tokens by staking BNB or FDUSD on Binance from April 24 to April 30.
Renzo is a popular DeFi protocol in the liquid restaking sector. The project allows users to lock ETH and liquid staking tokens like stETH and WBETH for restaking on EigenLayer, earning interest and accumulating ezPoints for future airdrop distributions. Renzo also has support from Binance Labs through an undisclosed funding round.
