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Team Renzo is updating the airdrop conditions for the REZ token amid community criticism. The initial distribution volume will be increased from 5% to 7% following critiques of the developers and the ezETH LRT token deposit. "We hear you! Renzo Team recognizes the feedback and the importance of our community that has made Renzo a leading restoration protocol. Based on your feedback, we are updating: 1️⃣ Claim timeline, 2️⃣ Tokenomics, 3️⃣ Airdrop eligibility. Snapshot date overview and timeline: 👉" - Renzo (@RenzoProtocol), April 24, 2024.
Additionally, the branding date has been moved to April 30. Tokens can be claimed one hour before the asset is listed on the Binance exchange, and the REZ share for the community will be 32% instead of 30%. The developers have also indicated that the minimum threshold for participation in the distribution will be 360 points, with 99% of addresses meeting this criterion. The requirements are higher for larger wallets. Addresses with a balance over 500,000 points will only receive 50% of the TGE drop, and the rest will be unlocked linearly over three months.
Renzo Team has been previously criticized, mainly due to revelations that developers and major investors constituted 65% of the REZ supply. Furthermore, according to some commentators, the protocol team attempted to distort the asset allocation using an incorrect chart. "Renzo Protocol really tweeted a distribution chart like this and thought we wouldn't notice." -Steven (@Dogetoshi), April 23, 2024. On April 24, Renzo's LRT token, ezETH, also lost its peg to Ethereum (ETH), with its current ratio falling to 1 to 0.5. "$ezETH briefly depegged to 0.5 $ETH or 1600$RIP leverage for farmers." - Wazz (@WazzCrypto), April 24, 2024. The Renzo project has become the 53rd project of the Binance Launchpool. Binance will be the first platform to list the REZ token, with trading beginning on April 30.