Renzo has adjusted its token allocation for Season 1 points farmers by 2%.
Renzo, the second-largest liquid restaking protocol boasting $3.23 billion in Total Value Locked (TVL), responded to community feedback and a recent depeg incident by revising allocations for its upcoming REZ airdrop.
In a tweet on April 24, Renzo announced several changes, including an earlier claim date for the airdrop, an increased allocation to Season 1 ezPoints holders, and an expanded eligibility for claimants.
Now, points holders can claim their tokens one hour before Binance Launchpool participants on April 30, a change from the original date of May 2. The allocation for Season 1 of the points campaign has been bumped up to 7% from 5%, and tokens earmarked for both seasons of the campaign increased to 12% from 10%. Additionally, the overall community allocation has risen to 32% from 30%, with Binance Launchpool still receiving 2.5% of the token supply.
Renzo stated, “The Renzo team values community feedback and acknowledges the importance of our community, which has propelled Renzo to become the leading restaking protocol.”
To qualify for the airdrop, wallets need to hold at least 360 ezPoints, ensuring the inclusion of 99% of points holders. Furthermore, half of the tokens allocated to whales holding over 50,000 ezPoints will vest over three months.
The adjustment follows a sharp depeg of Renzo’s liquid restaking token, ezETH, which plummeted more than 70% as the first season of the points campaign ended on the same day. This downturn was exacerbated by misconceptions about the project’s airdrop allocation, leading some ezETH restakers to sell their holdings in response.
MEV Capital’s COO, Gytis Trilikauskis, explained that delaying ezETH redemptions until after the token generation event compounded the depeg by limiting holders’ options, forcing them to sell on secondary exchanges. Trilikauskis noted that Renzo plans to enable ezETH redemptions in about four weeks, after completing ongoing code audits.
Despite the depeg incident, MEV Capital remains confident in Renzo’s ability to deploy its redemption module, even capitalizing on ezETH’s discounted price compared to Ether by purchasing it.
