- Renzo Protocol’s REZ has witnessed significant market turbulence.
- The token plunged moments after two events.
- REZ still depicted volatile trading patterns at press time.
Renzo Protocol’s native token REZ lost nearly half its value on Tuesday moments after listing on Binance, the world’s largest crypto exchange by trading volume.
On April 23, Binance listed REZ on its Launchpool as the 53rd project as part of the token distribution plan. Renzo allocated 250,000,000 REZ for the Binance Launchpool reward program, equivalent to 2.5% of the token’s maximum supply.
REZ Braces Market Headwinds After Listing
According to CoinMarketCap data, the price of REZ dropped from an initial $0.2578 to $0.1908 40 minutes after the token began trading on Binance on April 30. The token then slightly recovered before paring some gains to trade south of $0.12.
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As of press time, REZ had plunged 35.787% and was exchanging hands at $0.1615.
REZ’s price drop coincided with Renzo Protocol opening the token’s airdrop on Tuesday at 11:00 UTC, an hour before Binance’s listing. The airdrop distributed 7% of REZ’s maximum supply to over 100,000 eligible users, including those who had accumulated a minimum of 360 ezPoints before the snapshot on April 26.
The token’s dismal performance on its first day of trading comes on the heels of Renzo Protocol’s restaked Ether (EZETH) price depeg on April 24 following a broader sell-off triggered by the conclusion of Renzo’s Season 1 airdrop.
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Despite the market headwinds in the past week, DefiLlama data shows that Renzo Protocol remains the second-largest liquid restaking protocol after Ether.fi, with over $3.3 billion in total value locked (TVL).
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