On April 30, 2024, the Renzo protocol will reach a major milestone - the beginning of decentralization, and will launch its native token REZ. Since its launch in January 2023, Renzo has become the most liquid and widely distributed liquidity rehypothecation protocol, attracting a large number of users and funds. This article will detail the four seasons of the Renzo protocol, the conditions for claiming and distributing REZ tokens, the token economics and vesting plan, and the practical functions of REZ.
Renzo · Q4
Season 1 Achievements Renzo's Season 1 ezPoints event ended on April 26, 2023. During this period, Renzo achieved a series of impressive achievements:
Total deposits reached $3.5 billion
Market share regained 33.5%
Became a top 10 DeFi protocol by TVL
With more than 250,000 users
Renzo unlocked native rehypothecation functionality on 7 networks (Ethereum, Arbitrum, Blast, Linea, Mode, Base, and BNB Smart Chain). ezETH on L2 accounts for 24% of Renzo’s total TVL. In addition, Renzo is the first recollateralization protocol to introduce both native ETH and LST deposits, with stETH and wbETH accounting for over $110M of TVL within 2 weeks of launch.
Claiming REZ
Renzo’s ezPoints will distribute 700M REZ, or 7% of the total REZ supply, on April 30, 2024 in a linear fashion based on each user’s accumulated ezPoints. Users can claim REZ at claim.renzoprotocol.com on April 30, 2024. Users with vested airdrop wallets can claim tokens at the end of each month.
Note: The official Renzo claim link can be accessed via renzoprotocol.com > “Claim REZ” in the navigation bar! Do not click on any third-party links.
REZ Allocation Conditions
Season 1 airdrops will be distributed linearly based on users’ ezPoints balances. Renzo has worked with a third-party data analytics firm to identify sybil wallets and determine the minimum number of ezPoints each wallet needs to hold as of the snapshot date to be eligible for token distribution.
The largest wallets holding over 500k ezPoints will have 50% unlocked at the TGE and 50% linearly vested over 3 months.
A small portion of the initial 7% airdrop (0.1% of total supply) has been allocated to the following communities: Milady Maker and Schizophrenia Posters.
Eligibility will be valid for one month from the date of eligibility, after which unclaimed $REZ will be used for Season 2 activities.
REZ Token Economics and Vesting Plan
Renzo is focused on the long-term development of the protocol and its community; therefore, a vesting plan will be applied to the largest airdrop recipients to align long-term incentives with the Renzo community.
Token Economics
Tick: $REZ
Contract: 0x3B50805453023a91a8bf641e279401a0b23FA6F9
Total Supply: 10,000,000,000
Initial Circulating Supply: 1,150,000,000
Fundraising
Proportion: 31.56%
Allocation: Token rights for investors who supported the early development of Renzo. Investor tokens will be subject to a total of 2 years of lockup - 1 year cliff, followed by a 10% unlock and 1 year of linear monthly vesting.
Community
Proportion: 32%
Allocation: For development and support of the growth of the Renzo ecosystem. The first 7% represents the share of REZ distributed to Renzo users in the first season of the ezPoints campaign. The remaining allocation will be used for various community activities, including 5% allocated for the upcoming second season incentive campaign, as well as various cross-chain initiatives, etc.
Core Contributors
Ratio: 20%
Allocation: Allocated to the Renzo Labs team and advisors working on the protocol to bring ezETH to market. All core contributors are locked into a 1-year cliff period, with linear monthly vesting for 2 years thereafter. No core contributor tokens will be unlocked before the 1-year cliff period.
Foundation
Ratio: 12.44%
Allocation: Foundation grants will be used to fund initiatives to expand ezETH's reach, such as: further development, risk assessment, and audits.
Exchange Issuance Pool
Ratio: 2.5%
Liquidity
Ratio: 1.5%
Allocation: Liquidity activities, exchange (CEX and DEX) partnerships, ecosystem partners, and market makers.
REZ Utility
REZ will be used to vote on governance proposals for Renzo Protocol-related matters, some of which will become key measures for the operation of the protocol, such as:
General Risk Management Framework
Deposits, Collateralized Assets, and Concentrated Amounts
Operator Whitelist
Active Verification Service (AVS) Whitelist
Treasury and Community Grants
Summary: Renzo Protocol is rapidly emerging as a leader in the liquidity rehypothecation space. With the launch of the REZ token and the beginning of decentralization, Renzo will continue to drive the development of the DeFi ecosystem and provide users with more opportunities and benefits.