Hello everyone, I am Huolang. The new round of Binance IEO projects has arrived as scheduled, and BNB holders have another chance to "get free" benefits. Next, let's take a deeper look at this new project - Renzo (REZ), and see what it is and what its background and strength are!
First, we need to understand what Renzo is. Renzo is a re-staking protocol built on EigenLayer. It simplifies the complex process of re-staking for end users, so that stakers do not need to worry about operator selection and reward strategy management. ezETH, as Renzo's liquid re-staking token, can automatically obtain rewards and ensure liquidity, allowing users to retain re-staking rewards while participating in DeFi.
In simple terms, Renzo is doing something similar to ETHFI - a re-staking agreement. But compared with ETHFI, we can see some differences in data. The locked value of ETHFI has reached 3.78B, while the locked value of Renzo's ezETH is 2.49B. In terms of the circulating market value of tokens, the market value of ETHFI is 451 million, while the expected market value of Renzo is 300-500 million.
Let’s take a look at the project team. Kratik Lodha, a founding contributor of Renzo Protocol, worked as the head of investment and research at Woodstock and holds a master’s degree in economics from the Birla Institute of Technology and Science in Pilani. Another founding contributor, Lucas Kozinski, has worked at companies such as Tokensoft, Tezos, and Point B, and has an academic background from the University of Maryland School of Business.
In terms of financing, Renzo has also demonstrated certain strength. On January 15, the project completed its seed round of financing, with Maven11*, SevenX Ventures, IOSG Ventures, OKX Ventures, Robot Ventures, Bitscale Capital, Figment Capital and other institutions participating. The financing amount reached 3.2 million, and the market valuation was 25 million US dollars. On February 22, Binance Labs also invested in the project, and the specific financing amount has not yet been disclosed.
Next, let's take a look at the information on the token economy. The project name is Renzo, the token name is REZ, and the total token amount is 10 billion. The initial circulation volume is 1.05 billion, of which Binance Launchpool accounts for 2.5%. From the perspective of token distribution, airdrops account for 10% of the total, which may have a certain impact on the price in the early stage of listing. Referring to the market value of ETHFI, we expect the launch price of REZ to be between 0.2-0.4, and the market value is about 200-400 million. Of course, if the market conditions are good, the peak market value may reach 500-600 million.
In summary, although Renzo does not seem to have much uniqueness, the investment of the investment institutions and Binance behind it still adds a lot of highlights to it. However, due to the large amount of airdrops in the early stage, it is recommended that you be cautious when participating in BNB and FDUSD mining, and do not blindly buy new ones. So, what do you think of this new coin? Feel free to leave a message in the comment area to share your views!
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