Renzo Protocol announced some changes to the terms of the REZ asset airdrop, notably increasing the initial distribution volume from 5% to 7%. This came after criticism directed at the developers and the depegging of the LRT token, ezETH.
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 timeline
2⃣Tokenomics
3⃣Airdrop eligibilitySnapshot & Claim Timeline:
👉Snapshot date…— Renzo (@RenzoProtocol) April 24, 2024
The overall list of changes is as follows:
- The claiming date is postponed to April 30, 2024. Tokens can be claimed an hour before the asset is listed on the Binance exchange.
- The community’s share of REZ will be 32% instead of 30%.
- The total distribution volume will increase to 12% — 7% in the first stage and 5% in the second.
- The portion of tokens for users on the Binance Launchpool will remain at the same 2.5% of the total supply.
Additionally, the developers stated that the minimum threshold for participation in the airdrop will be 360 points. 99% of addresses meet these criteria, with higher requirements for larger wallets, as indicated in the release.
Furthermore, addresses with more than 500,000 points will receive only 50% of the drop at TGE. The remaining portion will be unlocked linearly over three months, the developers noted.
Earlier, the Renzo Protocol team faced criticism, partly due to the fact that 65% of the REZ supply was allocated to developers and large investors.
Renzo is a failed launch.
– Mass Liquidation of ezETH Loopers around $340M due to Crazy Depeg few hours ago.
– 65% supply allocated to team, and investors — Pretty BAD.
– They raised the last disclosed round at $25M FDV… PURE VC GRAB PLAY.Stay Away from $REZ
— hitesh.eth (@hmalviya9) April 24, 2024
Additionally, some commentators believed that the team attempted to distort the representation of asset distribution through an inaccurate diagram. This sparked jokes within the community.
Renzo Protocol really tweeted a distribution chart like this and thought we wouldn't notice. pic.twitter.com/KpGBVRoRGT
— Steven (@Dogetoshi) April 23, 2024
It’s worth noting that amidst the loss of ezETH’s parity with ETH, the project’s total value locked (TVL) metric decreased, which could have also prompted a review of the airdrop terms.
