- What happened?
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ezETH is Liquid reStaking Token (LRT) from the Liquid Staking Renzo protocol. Allows users to earn ezETH by reStaking Ether or other Liquid Staking Token on the platform. Thus, ezETH will keep peg maintaining the same value as ETH.
Ethereum fluctuated at $3,179 at 11:42 PM (UTC) on April 24 as ezETH lost its peg.
What happened?
Binance Labs yesterday announced plans to distribute REZ tokens (Renzo's Governance Token ). Of the total 10 billion token supply and 1.05 billion circulating supply, 10% of the REZ (105 million REZ) will be Airdrop. Half of that 10% will go to the season 1 Airdrop .
Renzo user Tommy explained that users staking on Launchpool will have the opportunity to Token Sale before ezETH holders. So, a sell-off occurred due to buyers wanting to liquidation ezETH, where users may want to restore ETH to farm other Liquid reStaking Token after learning about the REZ Airdrop details.
An objective analysis on what happened on @RenzoProtocol (Depeg, Airdrop, Token pie chart)
— Tommy (@0xtommy_eth) April 24, 2024
0) Overview
Renzo is the second largest LRT with 1mn ETH staked, 33.5% market share (Etherfi has 37.9% share)
Renzo announced it's Token $REZ and Airdrop plan on Apr 23, together with… pic.twitter.com/HNh1nQHVRv
Additionally, Renzo Chia other token distribution information with incorrectly sized pie chart slices, causing confusion as to where the REZ tokens outside of the Airdrop actually go? When revised, the pie chart depicted more than 60% of the Token going to Team, Investor, and Advisor.
Additionally, Renzo also Airdrop Token to Non-Fungible Token holders from collections unrelated to the protocol, raising user concerns about insider transactions.
VIC Crypto compiled
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