The Renzo team announced some changes to the conditions for the REZ token airdrop.
According to the project, several changes are expected regarding the REZ airdrop. The Renzo team elected to increase the initial distribution volume from 5% to 7% after criticism towards the developers and the deposit of the ezETH LRT token.
We hear you! The Renzo team acknowledges feedback and the importance of our community who has made Renzo the leading restaking protocol. Based on your feedback we’re updating:1⃣Claim timeline2⃣Tokenomics3⃣Airdrop eligibilitySnapshot & Claim Timeline:👉Snapshot date…
— Renzo (@RenzoProtocol) April 24, 2024
In addition, the branding date has been postponed to April 30. Tokens can be requested an hour before the asset is listed on the Binance exchange, and the REZ share for the community will be 32% instead of 30%.
The developers also stated that the minimum threshold for participation in the distribution would be 360 points, with 99% of addresses fitting this criterion. Requirements are higher for larger wallets.
Addresses with a balance of more than 500,000 points will receive only 50% of the TGE drop, and the rest will be unlocked linearly over three months.
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The Renzo protocol team has previously been criticized, mainly due to the revelation that developers and large investors accounted for 65% of the REZ supply.
Additionally, according to some commentators, the protocol team attempted to misrepresent the asset allocation by using an incorrect chart.
Renzo Protocol really tweeted a distribution chart like this and thought we wouldn't notice. pic.twitter.com/KpGBVRoRGT
— Steven (@Dogetoshi) April 23, 2024
On April 24, the LRT token of the Renzo protocol, ezETH, also lost its connection to Ethereum (ETH). Its current ratio to the underlying asset fell to 1 to 0.5.
$ezETH depegged briefly to 0.5 $ETH or $1600RIP leveraged points farmers pic.twitter.com/wbgwqpmxh7
— Wazz (@WazzCrypto) April 24, 2024
The Renzo project has become the 53rd project in the Binance Launchpool. Binance will be the first platform to list the REZ token, and trading will begin on April 30.
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