By
Bena Ilyas
May 17th, 2024
While the total supply of the REZ token is 10 billion, the initial circulating supply is pegged at 1.05 billion.
With the end of Renzo’s Season 1 ezPoints campaign drawing closer, the liquid staking protocol has released REZ tokenomics and the claiming details of the ezPoints.
According to the Renzo Protocol, the Season 1 ezPoints campaign will end on April 26. The protocol confirms that it has experienced immense growth in the volume of active users and the Total Value Locked (TVL). The growth in its TVL has placed Renzo amongst the top 10 Decentralized Finance (DeFi) protocols.
Renzo Season 2 Starts on April 26
Notably, Season 2 will kick off almost immediately as the current season ends on Friday, April 26. The decentralization process will follow on April 30 and this will be marked by the launch of REZ, the native token of the Renzo Protocol.
Users cannot claim their REZ until May 2 when 5% of the total REZ supply will be distributed, representing 500 million units. The distribution would be done based on each user’s accumulated ezPoints. Notably, 2% of the earmarked 5% airdrop will go to Milady Maker and SchizoPosters communities respectively.
While the total supply of the REZ token is 10 billion, the initial circulating supply is pegged at 1.05 billion. The largest percentage of the token distribution will be allocated to investors and the smallest (2.5%) to Launchpool like Binance which recently announced the restaking protocol as its 53rd project.
Most of the largest wallets will be subjected to a 50% unlock at TGE and another 50% linear, vesting over six months. Renzo Protocol plans to relocate unclaimed or unvested tokens to loyal users who maintain their relationship with the platform. Eligible wallets from Season 1 will get additional boost for the next phase but this is based on a condition.
“…..as long as your ezETH balance from Season 1 remains in your wallet or in any of the Renzo DeFi integrations,” the protocol noted.
The REZ token can be used for several activities including for voting on governance proposals, precisely for matters involving the Renzo Protocol.
Renzo Season 1 Comes to an End
Some of the highlights from Season 1 are a deposit of $3.5 billion, restaking market share of 33.5%, and over 250,000 users.
For a liquid staking protocol that launched barely four months ago, Renzo has hit several significant milestones. In this short time, the protocol was able to unlock native restaking on seven networks including Ethereum, Coinbase’s Base, Arbitrum, Mode, Blast, BNB Smart Chain, and Linea. Renzo also recorded ezETH on Layer-2 accounts for 24% of the total Renzo TVL.
Per a published statement, Renzo stated that it is the first restaking protocol to bring both native ETH and LST deposits, with stETH and wBETH making up about $110 million of the TVL in a matter of two weeks of its launch.
Since January till now, Renzo has been integrated into Morpho Blue, Balancer, Curve, Pendle, and some other platforms.