Binance to List REZ from Renzo, Liquid Reststaking Innovator

Binance, the leading crypto exchange, announces its plan to list REZ, a token associated with the Renzo liquid restaking protocol. The token will debut on Binance's Launchpool on April 24, with a subsequent listing on April 30. REZ tokens will be utilized for governance voting and will initially have a circulating supply of 1.05 billion out of a maximum supply of 10 billion.

Binance to List REZ Token from Renzo Liquid Reststaking Protocol

Leading cryptocurrency exchange Binance has announced the upcoming listing of REZ, the native token of the liquid restaking protocol Renzo, as part of its ongoing token distribution plan.

Launchpool and Listing Details

The Binance team will initially incorporate REZ into its Launchpool program on April 24 at 00:00 UTC. During this six-day period, users can stake Binance's native token BNB and the stablecoin FDUSD into designated pools to farm REZ tokens.

The official listing of REZ on Binance is scheduled for April 30 at 12:00 UTC. Upon listing, traders will have access to various trading pairs, including REZ/BTC, REZ/USDT, REZ/BNB, and REZ/FDUSD.

Token Distribution and Supply

The REZ tokens allocated to the Binance Launchpool represent 2.5% of the total token supply. The distribution plan includes 10% allocated to airdrops, 31.65% to investors and advisors, 20% to the team, 20% to the decentralized autonomous organization (DAO) treasury, 13.44% to the Renzo foundation, and 2.5% for liquidity allocation.

REZ has a maximum supply of 10 billion tokens, with a circulating supply of 1.05 billion.

Utility and Protocol

The REZ token serves as a governance token within the Renzo protocol, allowing holders to participate in voting on proposals that shape the protocol's operations.

Binance's Involvement and Renzo's Position

Binance's venture capital arm participated in an undisclosed investment round for Renzo. The token's ticker symbol was initially EZ, but it was subsequently changed to REZ by Binance and Renzo developers to address community confusion.

Renzo's Significance in Liquid Reststaking

Renzo has established itself as a prominent player in the liquid restaking space, ranking second only to Ether.fi stake. According to DeFiLlama, Renzo currently holds approximately $3.3 billion in total value locked.

Renzo's Restaking Mechanism

By leveraging the EigenLayer restaking protocol on Ethereum, Renzo enables users to restake their staked Ether and receive ezETH, a liquid restaking token. This ezETH token can then be utilized in other DeFi applications to generate additional yield.

Previous Funding

In January 2023, Renzo secured $3.2 million in seed funding led by Maven11 at a valuation of $25 million.