- Binance has announced the 53rd project in its Launchpool.
- The exchange invited users to farm the project’s native token for a limited time.
- Binance will then become the first exchange to list the token for trading.
The world’s biggest crypto exchange by trade volume, Binance, has announced liquid restaking protocol Renzo as its 53rd project in the Binance Launchpool.
Founded in 2023 by James Poole and Lucas Kozinski, Renzo is a liquid restaking token (LRT) and strategy manager for EigenLayer. The protocol allows users to obtain exposure to restaking while maintaining liquidity through its ezETH token.
Binance’s 53rd Launchpool Project
In an announcement dated April 23, Binance lined up Renzo (REZ) as the 53rd Launchpool project and invited users to farm the protocol’s native token, REZ, over six days. Users can farm EZ by staking BNB and FDUSD into separate pools from April 24 to April 29.
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The Launchpool token reward for Renzo is 250,000,000 REZ, an equivalent of 2.5% of the token’s maximum supply. BNB staking pool will feature 85% of the Launchpool token reward (212,500,000 REZ), while the FDUSD pool will have 37,500,000 REZ in rewards (15%).
Per the statement, Binance anticipates listing REZ after farming ends.
“Binance will be the first platform to list the token mentioned herein, with trading starting at 2024-04-30 12:00 (UTC). Any claims to offer this token for sale before the stated timeline are false advertising. Please do your own research to ensure safety of your funds.” The exchange cautioned.
While REZ has a maximum supply of 10 billion, the token will launch with an initial circulating supply of 1,050,000,000 EZ (10.50% of max token supply). It will debut trading with EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY trading pairs.
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