{"id":12918,"date":"2024-04-25T11:07:12","date_gmt":"2024-04-25T08:07:12","guid":{"rendered":"https:\/\/forklog.com\/en\/renzos-ezeth-loses-peg-to-ethereum-following-rez-tokenomics-disclosure\/"},"modified":"2024-04-25T11:07:12","modified_gmt":"2024-04-25T08:07:12","slug":"renzos-ezeth-loses-peg-to-ethereum-following-rez-tokenomics-disclosure","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/renzos-ezeth-loses-peg-to-ethereum-following-rez-tokenomics-disclosure\/","title":{"rendered":"Renzo&#8217;s ezETH Loses Peg to Ethereum Following REZ Tokenomics Disclosure"},"content":{"rendered":"<p>The ezETH token from Renzo&#8217;s liquid restaking protocol has lost its peg to Ethereum. On Uniswap v3, the rate momentarily plummeted nearly 80% against ETH.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"617\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/EZETHWETH_2024-04-25_10-21-13-1024x617.png\" alt=\"EZETHWETH_2024-04-25_10-21-13\" class=\"wp-image-231404\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/EZETHWETH_2024-04-25_10-21-13-1024x617.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/EZETHWETH_2024-04-25_10-21-13-300x181.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/EZETHWETH_2024-04-25_10-21-13-768x463.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/EZETHWETH_2024-04-25_10-21-13.png 1327w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute ezETH\/ETH chart on Uniswap v3. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/EZETHWETH\/?exchange=UNISWAP3ETH\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Aggregators did not record such a significant depeg. According to <a href=\"https:\/\/www.geckoterminal.com\/blast\/pools\/0x7be481d464cad7ad99500ce8a637599eb8d0fcdb?utm_source=coingecko&#038;utm_medium=referral&#038;utm_campaign=searchresults\">CoinGecko<\/a>, at its peak, it did not reach even 3%. At the time of writing, the disparity remains at about this level.<\/p>\n<p>The day before, Binance Labs, which supports the project, <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/introducing-renzo-rez-on-binance-launchpool-farm-rez-by-staking-bnb-and-fdusd-b1e64410cc9c4ab29687392f5581a61b\">published<\/a> the distribution plan for the governance token REZ. It was proposed that out of the total 10 billion issuance, the initial market circulation would be 1.05 billion. Of this amount, 10.5 million (10%) are allocated for an airdrop, which will occur in two seasons in equal shares.<\/p>\n<p>A user named Tommy speculated that the sell-off might have been triggered by the end of the first phase of the token distribution. Some traders chose to exit their positions in the protocol, he suggested.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">An objective analysis on what happened on <a href=\"https:\/\/twitter.com\/RenzoProtocol?ref_src=twsrc%5Etfw\">@RenzoProtocol<\/a> (Depeg, airdrop, token pie chart)<\/p>\n<p>0) Overview<br \/>Renzo is the second largest LRT with 1mn ETH staked, 33.5% market share (Etherfi has 37.9% share)<\/p>\n<p>Renzo announced it&#8217;s token <a href=\"https:\/\/twitter.com\/search?q=%24REZ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$REZ<\/a> and airdrop plan on Apr 23, together with\u2026 <a href=\"https:\/\/t.co\/HNh1nQHVRv\">pic.twitter.com\/HNh1nQHVRv<\/a><\/p>\n<p>\u2014 Tommy (@0xtommy_eth) <a href=\"https:\/\/twitter.com\/0xtommy_eth\/status\/1783018222759055529?ref_src=twsrc%5Etfw\">April 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Among additional factors that might have contributed to the asset&#8217;s &#8220;dump,&#8221; Tommy highlighted the following:<\/p>\n<ul class=\"wp-block-list\">\n<li>BNB stakers will have the opportunity to sell their tokens on Binance Launchpool two days earlier than ezETH holders;<\/li>\n<li>part of the REZ from the airdrop is intended for NFT holders from Milady and SchizoPosters, unrelated to the protocol, raising concerns about insider trading;<\/li>\n<li>the Renzo team confirmed before distribution that the airdrop is based solely on points \u2014 alleviating concerns about selling ezETH;<\/li>\n<li>the airdrop volume was smaller than expected.<\/li>\n<\/ul>\n<p>Tommy also noted that the published pie charts with distorted share values could have been misleading. One suggested that developers, venture investors, and advisors would control 66% of the REZ issuance.<\/p>\n<p>Following negative community feedback, the Renzo team amended the token distribution terms. The community&#8217;s share increased from 30% to 32%, and the airdrop from 10% to 12%. Additionally, the priority shifted in favor of the first season: from 50% of the distribution volume to 70%.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">After the recent backlash, Renzo Protocol has updated its airdrop terms.<\/p>\n<p>? Allocation changes:<br \/>\u2022 Community from 30% to 32%<br \/>\u2022 Airdrop from 10% to 12%<br \/>\u2022 Season 1 from 5% to 7% of total supply<\/p>\n<p>\u2728 Eligibility and unlocking changes:<br \/>\u2022 Minimum 360 ezPoints<br \/>\u2022 Full TGE unlock for\u2026 <a href=\"https:\/\/t.co\/R1pEyxrwND\">pic.twitter.com\/R1pEyxrwND<\/a><\/p>\n<p>\u2014 Airdrop Official ?? (@its_airdrop) <a href=\"https:\/\/twitter.com\/its_airdrop\/status\/1783383466437935351?ref_src=twsrc%5Etfw\">April 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/renzo\">DeFi Llama<\/a>, the value of assets locked in the EigenLayer-based protocol is approximately $3.2 billion.<\/p>\n<p>Back in January, Renzo <a href=\"https:\/\/forklog.com\/en\/news\/renzo-raises-3-2-million-in-seed-funding-valued-at-25-million\">raised $3.2 million<\/a> in a seed funding round.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ezETH token from Renzo&#8217;s liquid restaking protocol has lost its peg to Ethereum. On Uniswap v3, the rate momentarily plummeted nearly 80% against ETH. 15-minute ezETH\/ETH chart on Uniswap v3. Data: TradingView. Aggregators did not record such a significant depeg. According to CoinGecko, at its peak, it did not reach even 3%. At the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1262,1263],"class_list":["post-12918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-eigenlayer","tag-restaking"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12918"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12917"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}