Liquid restaking provider Renzo bags $150m volume following airdrop

Liquid repurchase protocol Renzo launched its token airdrop with a market cap of approximately $300 million after users requested REZ coins.

CoinMarketCap data showed that Renzo (REZ) achieved over $230 million in trading volume on centralized exchanges (CEX) such as Binance, Bitget, HTX, KuCoin, and Gate.

During the token’s debut on April 30, the Renzo team said that the REZ token could only be traded through CEXs supported on Ethereum’s (ETH) mainnet. It was also emphasized that trading pairs are not yet available on decentralized exchanges (DEX).

However, the official REZ token contract is available on the protocol’s website and traders have operated on Uniswap. At the time of writing, users had traded over $14 million in volume on the Uniswap v3 REZ/WETH pair option.

REZ token data | Source: CoinMarketCap

REZ arrived with an initial circulating supply of 1.15 billion out of a possible maximum supply of 10 billion. The remaining 8.85 billion tokens are locked and subject to vesting schedules of up to two years.

Investors were entitled to receive 31% of REZ’s offering, while 20% was reserved for core contributors. As reported by crypto.news, the community will receive 32% of the supply after adjustments to Renzo’s airdrop distribution plan.

Renzo solidifies its position as the second largest liquid repurchaser

Like other liquid repurchase protocols, Renzo offers access to the EigenLayer platform and allows users to earn returns by depositing ETH. Additionally, the project provides ezETH as a derivative token to generate more revenue for participants in the defi ecosystem.

According to DefiLlama, the REZ team has built Ethereum’s second largest liquid repurchase platform. The startup has achieved over $3 billion in total locked value, surpassed only by liquid restocking leader Ether.fi.

Best liquid repurchase platforms | Source: DefiLlama