ezETH plummets and decouples

The liquid re-pledge token ezETH issued by Renzo, the latest project of Binance Launchpool, suffered from insufficient liquidity this morning, and many ezETH positions for leveraged mining were liquidated, causing the price of ezETH to ETH to decouple significantly, with the lowest falling to 0.2132 ETH. .

However, under the aura of Binance and re-staking, market liquidity quickly took the opportunity to intervene and pull back the price. According to information shared by on-chain analyst @ai_9684xtpa, the giant whale that bought 50,000 ETH since September 2023 took this opportunity to spend 2,400 ETH to buy 2,499 ezETH (worth approximately US$6.98 million), making a net profit of 99 ETH.

Airdrop rules have been criticized

The listing of Renzo on Binance brought great excitement to many users who participated in the points activity. However, when the airdrop rules were announced, the community was quite dissatisfied.

1/ We are excited to announce that April 30th, 2024 will be the beginning of the decentralization of the Renzo Protocol.$REZFull details in the post below: pic.twitter.com/jQ7pFStsM4

— Renzo (@RenzoProtocol) April 23, 2024

According to the official airdrop rules, 250,000 users who have deposited a total of $3.5 billion in ETH for 6 months will be allocated an airdrop share of 5% of the total supply, and half of them will be locked up for six months. This means that users who take risks to participate in points activities are initially allocated the same tradable shares as users who deposit risk-free for seven days in Binance Launchpool.

In addition, Binance will be listed on April 30, but airdrop withdrawals will need to wait until May 2. If you sell ezETH at any time before May 2, all points will not count. These rules have made it difficult for many users who took the risk of the protocol to participate in Renzo ETH staking in the early days to accept it. They all said that this was the worst airdrop distribution plan in recent times.

This article ezETH plummeted and decoupled sharply, and Binance Launchpool’s new project Renzo was controversial before the currency was issued. It first appeared on Zombit.