Renzo's REZ dips after airdrop and Binance listing

• Renzo users could claim their airdrop based on accumulated ezPoints.
• REZ dips about 35% after listing on Binance and several other exchanges.
• Renzo seems to have gotten over an earlier scare from ezETH depeg last week.

Ethereum liquid restaking protocol, Renzo, plunged nearly 35% on Tuesday after it went live on Binance and opened airdrop claims for its REZ token.

Also read: Ethereum dips slightly amid Renzo depeg, BlackRock spot $ETH ETF amendment

REZ debuts on Binance

REZ went live on Binance on Tuesday, one hour after opening airdrop claims for participants in its Season 1 campaign.

Binance Launchpool had earlier listed REZ as part of its distribution plan, allocating 250 million REZ to the reward program.

The airdrop saw Renzo distribute 7% of REZ's total supply to over 103,500 eligible users who garnered a minimum of 360 ezPoints before the updated snapshot date of April 26. Users have 30 days to claim their tokens, after which unclaimed tokens will be added to the Season 2 airdrop. The Season 2 campaign has begun, and 5% of REZ will be distributed to participants.

Also read: EigenLayer to launch airdrop in May following the introduction of the Eigen Foundation

Wallets that have accumulated more than 500,000 ezPoints will unlock only 50% of their airdrop value while the remainder will be available through a three-month vesting period, noted Renzo.

Renzo's initial supply is 1.15 billion, with the remaining 8.85 billion token unlock following key criteria. 32% of REZ will go to the community, 20% to core contributors—subject to a one-year lockup and two-year vesting period—and 31% to investors.

REZ dips after going live

After REZ began trading on Binance and other exchanges, it crashed from a high of $0.2638 to $0.1604. However, it has managed to recoup a small percentage of the lost value and is now trading around $0.1701, down 34.5% in the past 24 hours, according to data from Coinmarketcap.

Also read: OMNI post nearly 50% loss after airdrop and exchange listing

Meanwhile, Renzo faced a massive $ETH exodus from its platform last week after Renzo restaked $ETH (ezETH) briefly failed to maintain its peg. The depeg follows an error in Renzo's initial announced tokenomics, which allocated only a tiny portion of its token supply to users. However, Renzo seems to have gotten over the incident, as its total value locked stands tall above $3 billion, according to data from DeFiLlama.