The leading cryptocurrency exchange, #Binance , has announced Renzo as the next project featured on their Binance Launchpool staking platform.
Until April 30, you can earn #Renzo (REZ) tokens on Binance simply by staking your BNB or the FDUSD stablecoin. You can withdraw the coins you’ve staked at any time and keep the REZ token rewards.
You can earn REZ on Binance #Launchpool between April 24 (00:00 UTC) and April 29 (23:59 UTC). The amount of token rewards you earn will depend on how many coins you stake.
Binance plans to distribute 2.5% of the total REZ token supply to users on Launchpool. This translates to 250 million REZ tokens out of a total supply of 10 billion tokens.
85% of these rewards will be distributed to BNB stakers, while the FDUSD staking pool will receive 15%. However, this doesn’t necessarily mean that you will earn more REZ if you stake BNB rather than the stablecoin. It all depends on how big your stake is relative to the size of the entire staking pool.
In addition to featuring the REZ coin on its Launchpool platform, Binance will also be listing the token for trading on the Binance exchange. The token will be available for trading starting on April 30 at 12:00 UTC in trading pairs against BTC, USDT, BNB, FDUSD, and TRY.
It is worth noting that Binance will be listing REZ with the “Seed Tag”, which is used to label crypto projects that are still very early in their development. Cryptocurrencies with this tag were previously known in the “Innovation Zone.” The purpose of the Seed Tag is to let users know that the cryptocurrency might be more volatile and risky compared to most other cryptos listed on the exchange.
What is Renzo (REZ)?
Renzo is a liquid restaking protocol that aims to provide an easy-to-use interface to the EigenLayer ecosystem. Renzo can be used by ETH holders to earn higher yields compared to simply staking ETH. Users can deposit ETH or liquid staking tokens (for example Lido's stETH) to receive an equivalent amount of ezETH tokens.
ezETH is a reward-bearing token that reflects the rewards earned from decentralized services that use EigenLayer for economic security (in addition to the underlying rewards earned from ETH staking). In the EigenLayer ecosystem, these decentralized services are known as AVS (actively validated services). The Renzo protocol uses smart contracts and operator nodes to automatically identify the restaking strategy with the best risk to reward ratio on behalf of its users.
The Renzo protocol also has a utility and governance token called REZ. This is the token that users will be able to earn on Binance Launchpool. The total supply of REZ is 10 billion tokens. Here is the planned REZ token distribution:
Investors & Advisors: 31.56%
DAO Treasury: 20%
Team: 20%
Foundation: 13.44%
Airdrop: 10%
Liquidity: 2.5%
Binance Launchpool: 2.5%
How to earn REZ tokens on Binance Launchpool
If you want to earn Renzo farming rewards, you’ll need a Binance account.
Please keep in mind that only users who complete an identity verification process with Binance are eligible to participate in REZ token farming on Binance Launchpool.
Once your account is ready, you’ll need some BNB or FDUSD tokens to stake. If you already own these tokens, you can deposit some to your Binance account. Otherwise, Binance offers plenty of ways to buy them with crypto or fiat.
After your account is verified and loaded with BNB and/or FDUSD, go to the menu on the top side of the Binance interface and select "More." Then, go to "Launchpad & Launchpool."
Then, find the available Renzo farming pools. Depending on which tokens you want to stake, select the FDUSD Pool or BNB Pool. Then, follow the instructions provided by the exchange.
