Liquid restaking protocol Renzo launched its token airdrop, which has a market cap of nearly $300 million, as users claimed REZ coins.
CoinMarketCap data showed that Renzo (REZ) garnered over $230 million in trading volume across centralized exchanges (CEX) like Binance, Bitget, HTX, KuCoin, and Gate.
Around the tokenâs debut on April 30, the Renzo team said its REZ token was only tradable on Ethereumâs (ETH) mainnet via supported CEXs. It was also emphasized that trading pairs were not yet available on decentralized exchanges (DEX).Â
However, the official REZ token contract is available on the protocolâs website, and traders executed activity on Uniswap. Users had swapped over $14 million of volume on the Uniswap v3 REZ/WETH pair option at press time.Â
REZ token data | Source: CoinMarketCap
REZ arrived with an initial 1.15 billion circulating supply of a possible 10 billion max supply. The outstanding 8.85 billion tokens are locked up and subject to vesting schedules for up to two years.Â
Investors are entitled to 31% of REZâs supply, while 20% was earmarked for core contributors. As reported by crypto.news, the community will receive 32% of the supply after adjusting Renzoâs airdrop distribution plan.Â
Renzo solidifies spot for second-largest liquid restaker
Like other liquid restaking protocols, Renzo offers exposure to EigenLayerâs platform and allows users to earn yield by depositing ETH. Additionally, the project provides its ezETH as a derivative token to unlock more income for participants within the defi ecosystem.Â
According to DefiLlama, the REZ team built Ethereumâs second-largest liquid restaking platform. The initiative has amassed over $3 billion in total value locked and is only outclassed by liquid restaking leader Ether.fi.
Top liquid restaking platforms | Source: DefiLlama
Read more: Glassnode: Restaking brings new yield opportunities for Ethereum community