Renzo (REZ), introduced as the 53rd project of Binance Launchpool, experienced an unexpected price drop before being listed on the exchange on April 30. According to Dex Screener data, Renzo Retaken ETH (ezETH), a liquid restaking token of Renzo, briefly dropped to $688, although it should normally follow the Ethereum price. This sudden price drop sparked concern among altcoin investors and sparked speculation about Renzo’s future.
The altcoin introduced by Binance for Launchpool has left the ETH constant
cryptokoin.com As we reported, the altcoin Renzo (REZ), which was introduced as the 53rd project of Binance Launchpool, experienced an unexpected price drop before being listed on the stock exchange on April 30. According to Dex Screener data, Renzo Retaken ETH (ezETH), a liquid restaking token of Renzo, briefly dropped to $688, although it should normally follow the Ethereum price.
Experts predict that ezETH’s value on Uniswap has decreased due to insufficient liquidity. Meanwhile, it was also determined that 2,400 Ethereum was spent by a whale investor to purchase 2,499 ezETH, thus making a profit worth 99 Ethereum. According to SpotOnChain’s analysis below, the price lost its hold after another whale bought 4,692 ezETH for 4,499 ETH.
What is Renzo?
Founded in 2023 by James Poole and Lucas Kozinski, Renzo is a liquid restaking token (LRT) and strategy manager of EigenLayer. The protocol allows users to gain exposure to repurchasing shares while maintaining liquidity through the ezETH token. As we reported yesterday, in an announcement dated April 23, Binance listed Renzo (EZ) as the 53rd Launchpool project and invited users to farm the protocol’s native token, EZ, for six days. Users will be able to farm EZ by staking BNB and FDUSD into separate pools from April 24 to April 29.
The Launchpool token reward for Renzo is 250,000,000 EZ, which is equivalent to 2.5% of the token’s maximum supply. The BNB staking pool will contain 85% (212,500,000 EZ) of the Launchpool token reward, while the FDUSD pool will have a 37,500,000 EZ (15%) reward. According to the statement, Binance expects EZ to be listed after farming ends. While the maximum supply of EZ is 10 billion, the token will launch with an initial supply of 1,050,000,000 EZ (10.50% of the maximum token supply) in circulation. It will begin trading with trading pairs EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD and EZ/TRY. Stock Exchange said:
Binance will be the first platform to list the token mentioned here and trading will begin on 30.04.2024 12:00 (UTC). Any claims that this token is available for sale before the stated timeline are false. Please do your own research to ensure the safety of your funds.
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