Renzo Airdrop Distributes Tokens, Market Cap Soars to Almost $300M

The launch of liquid restaking protocol Renzo, accompanied by its token airdrop, has attracted significant attention, with a market capitalization approaching $300 million. Renzo's REZ token has garnered over $230 million in trading volume on centralized exchanges, while on Uniswap, users have executed over $14 million in volume through the REZ/WETH pair.

Renzo Airdrop Distributes Tokens with Market Cap Approaching $300 Million

Renzo, a liquid restaking protocol, has initiated its token airdrop, distributing REZ coins to users and attracting significant interest in the market.

According to CoinMarketCap, Renzo (REZ) has generated over $230 million in trading volume on major centralized exchanges (CEXs) such as Binance, Bitget, HTX, KuCoin, and Gate.

Despite initially only being tradable on Ethereum's mainnet through supported CEXs, the REZ token contract has emerged on the protocol's website, facilitating activity on decentralized exchanges (DEXs). Traders have reportedly swapped over $14 million in volume on Uniswap's REZ/WETH pair option.

REZ has a circulating supply of 1.15 billion tokens, with a maximum potential supply of 10 billion. The remaining 8.85 billion tokens are subject to vesting schedules for up to two years.

Investors are allocated 31% of REZ's supply, while core contributors hold 20%. The community was initially entitled to 17% of the supply, but following adjustments to the airdrop distribution plan, now receives 32%.

Renzo Consolidates Position as Second-Largest Liquid Restaker on Ethereum

Similar to other liquid restaking protocols, Renzo provides exposure to EigenLayer's platform and enables users to earn yield by depositing ETH. The project also offers its ezETH token as a derivative to generate additional income within the decentralized finance (DeFi) ecosystem.

As per DefiLlama, Renzo has established itself as the second-largest liquid restaking platform on Ethereum, with over $3 billion in total value locked. This value surpasses all liquid restaking competitors except the industry leader, Ether.fi.

Conclusion

Renzo's token airdrop has been met with notable success, propelling its market capitalization to nearly $300 million. The protocol's competitive position in the liquid restaking landscape, coupled with its integration with EigenLayer and its ezETH token offering, positions it as a significant player in the evolving DeFi market.