Binance Launchpool Unveils Renzo As 53rd Project, Initiates BNB And FDUSD Staking For EZ Tokens
In Brief
Binance Launchpool to enable users stake BNB and FDUSD to earn Renzo’s EZ tokens starting at 00:00 UTC on April 24th.
Cryptocurrency exchange Binance revealed its choice of the liquid restaking protocol Renzo (EZ) as the 53rd project to be featured on its Launchpool platform. Users now have the opportunity to stake BNB and FDUSD to earn EZ tokens during a 6-day farming period, commencing at 00:00 UTC on April 24th.
Renzo serves as both a liquid restaking token (LRT) and a Strategy Manager within the EigenLayer ecosystem. Acting as the gateway to EigenLayer, it secures Actively Validated Services (AVSs) while providing a more significant yield compared to ETH staking. Renzo protocol simplifies user interactions by abstracting away technical intricacies, fostering connection between users and EigenLayer node operators.
Following farming, Binance plans to list EZ for trading at 12:00 UTC on April 30th. EZ tokens will be available in pairs with various tokens, encompassing BTC, USDT, BNB, FDUSD, as well as TRY.
Renzo’s EZ Tokenomics, Supply, And Utility Revealed
The total supply of EZ stands at 10 billion, while an initial circulating supply is set at 1.05 billion tokens. Within this allocation, Renzo has earmarked 250 million tokens for distribution as Launchpool token incentives, constituting 2.5% of the maximum token supply.
EZ is the native utility and governance token for the Renzo protocol, that provides its holders with the opportunity to take part in voting on governance proposals that affect the protocol’s operations. These proposals may include decisions crucial to the protocol’s functionality. Additionally, ezETH, Renzo’s liquid restaking token, offers users the opportunity to engage in restaking activities while simultaneously retaining liquidity.
In delineating EZ tokenomics, Renzo intends to allocate 40% of the total token supply to the DAO treasury and the team while earmarking 31.56% for investors and advisors. Additionally, 13.44% is designated for the foundation, with 10.00% allocated for airdrops and the remaining 5% evenly distributed between liquidity and the Binance Launchpool.
Earlier in the year, Binance’s venture capital division, Binance Labs, provided Renzo with an undisclosed sum of funding, reaffirming the company’s ongoing commitment to startups focused on staking and restaking. As of the present, the total value locked (TVL) in Renzo amounts to $3.31 billion, as reported on the project’s website.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
