Renzo's REZ dips after airdrop and Binance listing

Ethereum liquid restaking protocol, Renzo, plunged nearly 35% on Tuesday after it went live on Binance and opened airdrop claims for its REZ token.

Also read: Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment

REZ debuts on Binance

REZ went live on Binance on Tuesday, one hour after opening airdrop claims for participants in its Season 1 campaign.

Binance Launchpool had earlier listed REZ as part of its distribution plan, allocating 250 million REZ to the reward program.

The airdrop saw Renzo distribute 7% of REZ's total supply to over 103,500 eligible users who garnered a minimum of 360 ezPoints before the updated snapshot date of April 26. Users have 30 days to claim their tokens, after which unclaimed tokens will be added to the Season 2 airdrop. The Season 2 campaign has begun, and 5% of REZ will be distributed to participants.

Also read: EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation

Wallets that have accumulated more than 500,000 ezPoints will unlock only 50% of their airdrop value while the remainder will be available through a three-month vesting period, noted Renzo.

Renzo's initial supply is 1.15 billion, with the remaining 8.85 billion token unlock following key criteria. 32% of REZ will go to the community, 20% to core contributors—subject to a one-year lockup and two-year vesting period—and 31% to investors.

REZ dips after going live

After REZ began trading on Binance and other exchanges, it crashed from a high of $0.2638 to $0.1604. However, it has managed to recoup a small percentage of the lost value and is now trading around $0.1701, down 34.5% in the past 24 hours, according to data from Coinmarketcap.

Also read: OMNI post nearly 50% loss after airdrop and exchange listing

Meanwhile, Renzo faced a massive ETH exodus from its platform last week after Renzo restaked ETH (ezETH) briefly failed to maintain its peg. The depeg follows an error in Renzo's initial announced tokenomics, which allocated only a tiny portion of its token supply to users. However, Renzo seems to have gotten over the incident, as its total value locked stands tall above $3 billion, according to data from DeFiLlama.