As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of projects making changes to their token distributions based on community feedback. In the case of Renzo Protocol and its REZ airdrop, I believe the team is taking steps in the right direction.
The Renzo team announced some changes to the conditions for the REZ token airdrop.
Based on the plan for the project, there will be some modifications concerning the REZ airdrop. The Renzo group decided to enhance the initial distribution amount from 5% to 7%, in response to criticisms directed at the developers and the submission of the ezETH LRT token as deposit.
I’m here to listen and understand your valuable feedback, Renzo community. Your contributions have played a significant role in making Renzo the foremost restaking protocol in the industry. In response, we’re making some updates based on your suggestions:
— Renzo (@RenzoProtocol) April 24, 2024
The branding event has been pushed back to April 30th. Before an asset is available on Binance, tokens can be obtained an hour in advance. Additionally, the REZ community share will now amount to 32% instead of the initial 30%.
I’ve noticed that the developers have set a minimum participation requirement of 360 points for the distribution. Approximately 99% of the wallet addresses meet this standard. However, the threshold rises for larger wallets.
For addresses holding over 500,000 points, they’ll get half of the token generation event (TGE) allocation right away. The remaining portion will gradually release over a three-month period.
Critics have raised concerns about the Renzo protocol team in the past, primarily because it was disclosed that over two-thirds (65%) of the REZ supply is held by developers and major investors.
Some observers have pointed out that the protocol team allegedly distorted the asset allocation representation through the use of a faulty chart.
Renzo Protocol really tweeted a distribution chart like this and thought we wouldn’t notice.
— Steven (@Dogetoshi) April 23, 2024
On April 24th, the ezETH token within the Renzo protocol’s LRT system disconnected from Ethereum (ETH), causing its value ratio to plummet down to half of the original Ethereum value.
I’ve noticed that the Renzo project has recently joined the ranks of Binance Launchpool, now making it the 53rd project in this innovative incubation program. As an observer, I’m excited to share that Binance will be the pioneering exchange to list the REZ token. Mark your calendars for April 30, as trading on this new token will officially commence.
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2024-04-25 20:34