{"id":290575,"date":"2024-04-26T19:42:30","date_gmt":"2024-04-26T14:12:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=290575"},"modified":"2024-04-26T19:42:30","modified_gmt":"2024-04-26T14:12:30","slug":"renzo-updates-airdrop-terms-after-explosive-ezeth-depeg-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/renzo-updates-airdrop-terms-after-explosive-ezeth-depeg-crypto-news\/","title":{"rendered":"Renzo Updates Airdrop Terms After Explosive ezETH Depeg – Crypto News"},"content":{"rendered":"

Renzo updated its token allocation to Season 1 points farmers by 2%.<\/p>\n

\n

Renzo, the second-largest liquid restaking protocol with $3.23 billion in TVL,\u00a0made changes to allocations for its forthcoming REZ airdrop following community pushback and a recent violent depeg event.<\/p>\n

In an April 24\u00a0tweet,<\/a>\u00a0Renzo announced it\u00a0will\u00a0move the claim date forward for its airdrop, increase its allocation to Season 1 ezPoints holders, and expand the number of wallets eligible to claim.<\/p>\n

Points holders will now be able to claim their tokens one hour before Binance Launchpool\u00a0participants<\/a>\u00a0on April 30 after\u00a0originally\u00a0being scheduled for May 2, with the tokens allocated to Season 1 of its points campaign increasing to 7% from 5% \u2014 also upping the tokens earmarked for both seasons of its point campaign to 12% from 10% and its overall community allocation to 32% from 30%. Binance Launchpool will still receive 2.5% of the\u00a0token’s\u00a0supply.<\/p>\n

\u201cThe Renzo team acknowledges feedback and the importance of our community, who has made Renzo the leading restaking protocol,\u201d\u00a0Renzo said.<\/p>\n

Renzo added that wallets holding at least 360 ezPoints will qualify for the airdrop, meaning 99% of points holders\u00a0are included\u00a0in the event. Half of the tokens allotted to whales holding more than 50,000 ezPoints will\u00a0also\u00a0vest over three months.<\/p>\n

Depeg<\/h2>\n

The news comes after\u00a0Renzo\u2019s\u00a0liquid restaking token, ezETH, suffered a\u00a0violent depeg\u00a0<\/a>as farming for the first season of its points campaign\u00a0came to a close\u00a0earlier on the same day. EzETH abruptly tumbled more than 70%, wiping out many degens farming points via leverage\u00a0in the process.<\/p>\n

Gytis Trilikauskis, the COO of MEV Capital, told The Defiant that the depeg\u00a0was fuelled\u00a0by farmers moving to offload their ezETH holdings as inaccurate interpretations of the\u00a0project\u2019s\u00a0airdrop allocation spread across social media.<\/p>\n

\u201cA\u00a0misunderstanding of the airdrop pie chart of Renzo documentation [informed] threads wrongly mentioning that\u00a0only 2.5% of $REZ supply would be given\u00a0away to early contributors,\u201d\u00a0Trilikauskis said.\u00a0\u201cSome ezETH restakers decided to sell ezETH holdings on secondary markets as a reaction.”<\/p>\n

Trilikauskis added that\u00a0Renzo\u2019s\u00a0decision not to enable ezETH redemptions until after its token generation event exacerbated the degen by giving holders seeking to unwind exposure no option other than to sell on secondary exchanges. He noted that the depeg\u00a0was further intensified\u00a0by\u00a0the majority of\u00a0available liquidity residing within a single pool on the Balancer decentralized exchange.<\/p>\n

\u201cIf redemptions for ezETH were already in place, the selling pressure would have been significantly lower\u00a0and\u00a0the peg would have remained intact,\u201d\u00a0Trilikauskis said.<\/p>\n

Renzo\u00a0is expected\u00a0to enable ezETH redemptions in roughly four\u00a0weeks’\u00a0time once ongoing code audits have\u00a0been completed.<\/p>\n

Trilikauskis added that MEV Capital remains\u00a0\u201cfully confident\u201d\u00a0in\u00a0Renzo\u2019s\u00a0ability to deploy its redemption\u00a0module,\u00a0and is now purchasing ezETH to capitalize on its 2% discount relative to Ether.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Renzo updated its token allocation to Season 1 points farmers by 2%. Renzo, the second-largest liquid restaking protocol with $3.23 billion in TVL,\u00a0made changes to allocations for its forthcoming REZ airdrop following community pushback and a recent violent depeg event. In an April 24\u00a0tweet,\u00a0Renzo announced it\u00a0will\u00a0move the claim date forward for its airdrop, increase its […]<\/p>\n","protected":false},"author":2,"featured_media":290576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-290575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/290575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=290575"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/290575\/revisions"}],"predecessor-version":[{"id":290581,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/290575\/revisions\/290581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/290576"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=290575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=290575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=290575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}