Only 5% allocated to deposit users? Renzo airdrop caused dissatisfaction in the community, and ezETH was seriously decoupled for a short time

24-04-24 12:35

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Original title: "Renzo airdrop distribution leads to community dissatisfaction, ezETH suffers serious depegging"

Original source: Followin

On April 24, Renzo, a popular liquidity re-staking project, officially announced detailed token distribution rules, but it caused dissatisfaction among many people in the community. The price of Renzo's ETH deposit certificate token ezETH once plunged and suffered a serious depegging, falling to around $1,600.

Sell ezETH in advance, points will be reset to zero

According to official rules, Renzo Season 1 incentives will end on April 26, and users who sell their ezETH holdings before this date may not be eligible for airdrops. Users can claim REZ on May 2 through the official claim website.

Large depositors lock up 50%, which is good for retail investors

It is worth noting that large depositors on Renzo may be the most affected. The official said that 500 million REZ (5% of the total) will be distributed linearly based on the ezPoints accumulated by users. The top 5% of addresses will have 50% of their tokens unlocked immediately at TGE, and the rest will be released linearly within 6 months. Although this move offends large depositors, it is beneficial to small investors. After all, without the crazy dumping of large depositors, the selling pressure will be much lower.

Only 5% is allocated, and depositors say they are "let down"

The most controversial part of Renzo token distribution is undoubtedly the proportion of tokens allocated to protocol deposit users.

The official distribution chart is like this:

But in fact it may be like this:

More intuitive, like this:

Crypto KOL @0xCaptainLevi said that the Renzo protocol airdrop is a joke. Their entire business is based on depositors, but they only give customers 5%, half of which is locked, so the real airdrop is only 2.5%. It is absolutely clear that in the past 6 months, the 250,000 users who deposited $3.5 billion worth of ETH for Renzo will only get 2.5% of the airdrop in the end, which is the same amount allocated to Binance's new coin mining, while the team and investment get 65% of the token distribution. And those who sell ezETH (Renzo deposit certificate token, with a 1:1 exchange ratio with ETH) in advance will not receive airdrops. Users take the risk of depositing funds into your protocol, but the community does not receive appropriate rewards.

Perhaps the above view is not entirely pertinent, but the community's dissatisfaction does exist. Coupled with the low depth of the liquidity pool of ezETH tokens on Uniswap, the price of ezETH has just experienced a significant depegging, and once there was a spike, the price fell by as much as 50%, about $1,600.

Depegging becomes a good opportunity to pick up leaks?

The time of significant depegging is very short, but many people took this opportunity to successfully buy the bottom. According to the monitoring of on-chain analyst @ai_9684xtpa, a whale used 2,400 ETH to buy 2,499 ezETH during the depegging period of ezETH, worth $6.98 million, and made a net profit of 99 ETH.

Many people also posted their own results of picking up leaks.

The window of opportunity is short and only for those who are prepared. As of press time, the ezETH anchoring situation has improved significantly and almost restored the anchoring.