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The Renzo airdrop has sparked dissatisfaction in the community.

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Post time 8-5-2024 20:43:42 | Show all posts |Read mode
On April 24th, the popular liquidity re-staking project Renzo officially announced detailed token distribution rules, which, however, sparked dissatisfaction among many in the community. The price of Renzo's ETH deposit certificate token ezETH once plunged, experiencing a severe deviation from its peg, dropping to around $1600.

Early sale of ezETH results in zero points
According to the official rules, Renzo Season 1 incentives will end on April 26th, and users who sell their ezETH holdings before this date may not qualify for the airdrop. Users can claim REZ on May 2nd through the official claim website.

Major holders lock up 50%, benefiting small holders
It is worth noting that large depositors on Renzo may be most affected, as the official statement indicates that 5 billion REZ tokens (5% of the total) will be distributed linearly based on users' accumulated ezPoints. The top 5% of addresses will have 50% of the tokens unlocked immediately at TGE, with the remaining portion released linearly over 6 months. While this move may have upset major holders, it is beneficial to small holders, as it reduces the selling pressure from major holders.

Only 5% distributed, deposit users feel "let down"
Arguably the most controversial aspect of Renzo's token distribution is the proportion allocated to protocol depositors.

Crypto KOL @0xCaptainLevi stated that the Renzo protocol airdrop is a joke. Their entire business is built on the foundation of depositors, yet they only give customers 5%, half of which is locked up, so the real airdrop is only 2.5%. It is absolutely clear that over the past 6 months, the 250,000 users who have deposited $3.5 billion worth of ETH into Renzo will ultimately only receive a 2.5% airdrop, the same amount allocated to Binance's new coin mining, while the team and investors receive 65% of the token distribution. Moreover, selling ezETH (Renzo's deposit certificate token, with a 1:1 exchange rate with ETH) early will disqualify users from receiving the airdrop. Users are risking their funds by depositing them into your protocol, yet the community is not receiving appropriate rewards.
Perhaps the above view is not entirely fair, but the community's dissatisfaction is real. Coupled with the low liquidity pool depth of ezETH tokens on Uniswap, the price of ezETH has just experienced a significant deviation, plunging by 50% to approximately $1600.

Deviation as a buying opportunity?
The period of significant deviation was short, but many took advantage of this opportunity to buy low successfully. According to on-chain analyst @ai_9684xtpa's monitoring, a whale bought 2499 ezETH using 2400 ETH during the deviation period, worth $6.98 million, netting 99 ETH.
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Post time 9-5-2024 07:41:01 | Show all posts
Everyone is discontent because they're being so stingy.
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Post time 9-5-2024 07:41:26 | Show all posts
Even if it's brief, it's still quite thrilling.
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Post time 9-5-2024 08:48:59 | Show all posts
Anchor loss is a serious matter too.
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