Renzo, a liquid restaking protocol, has initiated airdrop claims for its native token (REZ), marking its debut with a $289 million market cap as reported by CoinMarketCap.
The initial circulating supply of REZ amounts to 1.15 billion tokens, while the remaining 8.85 billion tokens are held in lockup until specific conditions are met. Allocation breakdown includes 31% for investors, 32% for the community, and 20% for core contributors, subject to a 1-year lockup and 2-year vesting period.
Functioning as a gateway to EigenLayer by securing Actively Validated Services (AVS), Renzo allows users staking ether (ETH) to earn yields and receive ezETH, the platform’s liquid restaking token. This token can be utilized to generate enhanced yields across various decentralized finance (DeFi) protocols.
Users accumulating over 500,000 ezPoints through staking on Renzo since its January launch face a 50% lockup over a three-month vesting period.
Despite Renzo’s tweet stating that REZ wasn’t tradable on any decentralized exchange, Dextools data revealed that the official token contract on Renzo’s website amassed $75 million in trading volume an hour after claims went live.
