Liquid restaking protocol Renzo has opened airdrop claims for its native token (REZ), which has debuted at a $289 million market cap, according to CoinMarketCap.
The initial circulating supply of REZ is 1.15 billion, with the remaining 8.85 billion tokens remaining locked up until various criteria are met. 31% of the tokens have been allocated to investors, 32% to the community and 20% to core contributors, who are subject to a 1-year lock up and 2-year vesting period.
Renzo is a protocol that acts as a portal to EigenLayer by securing actively validated services (AVS). Users that stake ether (ETH) on the platform generate a yield and automatically receive ezETH, Renzo’s liquid restaking token, which can be used to generate a higher yield across various decentralized finance (DeFi) protocols.
Users holding more than 500,000 ezPoints, which were accumulated by staking on Renzo following its launch in January, are subject to a 50% lockup over a three-month vesting period.
Renzo said in a tweet that REZ was not available to trade on any decentralized exchange, although the official token contract posted on Renzo’s website had racked up $75 million in trading volume an hour after claims went live, Dextools data shows.