REZ Airdrop: Increased Rewards and Early Access for Community

Increased Rewards for Loyal Users

Renzo, a leading liquid restaking protocol, listened to its community’s concerns and made significant adjustments to its upcoming REZ airdrop. Here’s a breakdown of the changes:

• More Tokens for Season 1 Farmers: The allocation for Season 1 ezPoints holders has been bumped up to 7% from the original 5%. This signifies a commitment to rewarding users who participated early in the project’s point campaign.
• Overall Community Boost: The total amount of REZ tokens allocated to the community has grown to 32%, up from the initial 30%. This demonstrates Renzo’s dedication to its user base.
• Earlier Claim Date: Points holders can now claim their tokens one hour before Binance Launchpool participants on April 30th. This grants them earlier access to their rewards.

These changes come after the Renzo team acknowledged valuable feedback from its community, recognizing their role in making Renzo a top restaking protocol.

Expanding Eligibility and Vesting for Whales

The airdrop is now even more inclusive:

• Wider Net: Wallets holding at least 360 ezPoints will be eligible for the airdrop, encompassing 99% of points holders. This ensures a broader distribution of rewards.
• Vesting for Large Holders: Half of the tokens allocated to wallets holding more than 50,000 ezPoints (whales) will be distributed over a three-month period. This aims to prevent a large market sell-off and promote long-term investment.

Understanding the ezETH Depeg Event

The REZ airdrop announcement coincided with a dramatic depeg event for Renzo’s ezETH token. Here’s what happened:

• Sharp Decline: ezETH’s value unexpectedly dropped by over 70% as the first season of the points campaign concluded. This decline impacted users heavily invested in farming points with leverage.
• Misinformation Spreads: Gytis Trilikauskis, COO of MEV Capital, attributed the depeg to inaccurate interpretations of the airdrop allocation circulating on social media. Misunderstandings about the percentage of tokens designated for early contributors led some ezETH holders to sell their holdings in panic.
• Limited Redemption Options: The inability to redeem ezETH until after the token generation event intensified the selling pressure. Users seeking to exit their positions had no choice but to sell on secondary markets, further amplifying the depeg.
• Shallow Liquidity: The majority of ezETH liquidity resided within a single pool on Balancer, a decentralized exchange. This limited pool depth exacerbated the price decline.

Trilikauskis believes that enabling ezETH redemptions earlier could have significantly reduced the selling pressure and maintained the peg. Renzo anticipates launching the redemption module in approximately four weeks upon completion of ongoing code audits. MEV Capital, despite the depeg event, remains confident in Renzo’s long-term potential and is actively buying ezETH at its current discount.

Airdrop Steps: How to Claim Your REZ

Here’s a quick guide to claiming your REZ airdrop:

1. Hold at least 360 ezPoints by the claim date (April 30th).
2. Connect your eligible wallet to the Renzo airdrop claim page (details to be announced).
3. Follow the on-screen instructions to claim your REZ tokens.

For whales with holdings exceeding 50,000 ezPoints, half of their allocated tokens will be distributed over three months following the claim date. Stay tuned for official announcements from Renzo regarding the airdrop claim process.