$REZ is the utility and governance token of the Renzo protocol. According to the Binance announcement, the REZ token will be used to vote on governance proposals related to the Renzo protocol. These proposals are essential to the operation of the protocol. Initially, the currency code used by Renzo was EZ, but in order to avoid confusion with other tokens of the same name on the market, Binance changed Renzo's code from EZ to REZ after communicating with the Renzo team.
The total amount of REZ tokens is 10 billion, and the initial circulation is 10.50%, that is, 1,050,000,000 REZ. The specific distribution is as follows:
Investors and advisors: 31.56%
Team: 20.00%
DAO Treasury: 20.00%
Foundation: 13.44%
Airdrop: 10.00%
Binance Launchpool：2.50%
Liquidity budget: 2.50%
Renzo token economics has been controversial, and one of the events that has attracted attention is the sharp drop in the price of ezETH, which has led to the depegging phenomenon. In the first version of the announcement released by Renzo, there was an error in the token distribution pie chart, which caused dissatisfaction in the community. Although Renzo officials later deleted the announcement, the token distribution still failed to meet market expectations.
Some in the crypto community believe that 70% of Renzo's token supply is still controlled by insiders, which is far from its claimed "decentralization." Renzo's token distribution has been ridiculed and criticized, calling it one of the most manipulated token economics in history.
In addition, after some events, the price of ezETH decoupled significantly, causing some users to suffer losses. A whale bought 2,499 ezETH for $6.98 million, netting 99 ETH. DeFi portfolio leverage protocol Gearbox said that due to the decoupling of ezETH, some users were forced to liquidate.
According to Nancen data, in the past 24 hours, 5,806 and 6,010 ezETH flowed out of the contract addresses of Morpho: Morpho Blue and Zircuit: LST Staking Pool respectively.
This series of events has led to the community's negative attitude towards Renzo's airdrop. As the EigenLayer mainnet is gradually launched, related LRT projects have begun to accelerate the pace of token launches, but the subsequent market performance still needs time to observe.
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