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<p class="is-style-lead">Market data indicates that the liquid restaking protocol’s Renzo Token (REZ) has experienced a significant downturn over the past 24 hours, with this market drop coming up shortly after the Binance listing.</p> 
<p>Renzo Token’s debut on the market was marked by a market capitalization of $289 million. However, as of the latest update, REZ is valued at $0.1444, with a market cap of $169 million. This marks a staggering 43.4% decrease in value over the last day despite its volume hitting $396 million.</p> 
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  REZ price – May 1 | Source: Santiment
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<p>The token, serving as a strategy manager for EigenLayer, made its listing debut on Binance on April 30, as <a href="https://crypto.news/binance-to-list-renzo-as-53rd-launchpool-token/" rel="">disclosed</a> by crypto.news in a recent report. However, this positive development preceded a significant loss of nearly half of its value.</p> 
<p> You might also like: <a href="https://crypto.news/nigerian-central-bank-halts-fintech-new-accounts-to-curb-crypto-trading/" rel=""> Nigerian Central Bank halts fintech new accounts to curb crypto trading </a> </p> 
<p>Notably, REZ’s price decline coincided with the opening of Renzo Protocol’s token airdrop on Tuesday, just an hour before its Binance listing. The airdrop distributed 7% of REZ’s maximum supply to over 100,000 eligible users, including those who had accumulated a minimum of 360 ezPoints before the snapshot on April 26.</p> 
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   <p lang="en" dir="ltr">Get ready for <a href="https://twitter.com/search?q=%24REZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$REZ</a> on April 30th <br><br>1⃣ View eligibility starting at 10:30 UTC<br>2⃣Claim Page launch at 11:00 UTC<br>3⃣<a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" target="_blank" rel="">@binance</a> listing live at 12:00 UTC<br><br>Season 1 Stats<br>👩‍🌾Number of eligible users: ~103.5k<br>#⃣Total <a href="https://twitter.com/search?q=%24REZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$REZ</a> Allocation: 7%<br><br>The ONLY official claim page is accessible from<br>👉…</p>— Renzo (@RenzoProtocol) <a href="https://twitter.com/RenzoProtocol/status/1785142283383238890?ref_src=twsrc%5Etfw" target="_blank" rel="">April 30, 2024</a>
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<p>Renzo Token’s disappointing performance on its first day of trading follows the price depeg of its EZETH token on April 24, coinciding with the conclusion of the Season 1 airdrop. Notably, EZETH briefly dropped to $688 on Uniswap, essentially losing parity with Ethereum. This resulted in multiple liquidations.</p> 
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   <p lang="en" dir="ltr">Renzo ETH depegged yesterday causing a massive amount of liquidations in ezETH/WETH pools.<br><br>For example, 115 liquidations happened on <a href="https://twitter.com/GearboxProtocol?ref_src=twsrc%5Etfw" target="_blank" rel="">@GearboxProtocol</a> totaling around $3.5M in liquidated assets.<br><br>OEV is lost every time this happens.<br><br>(Dune creds @Sohwak: <a href="https://t.co/xRnrC3RhZM" target="_blank" rel="">https://t.co/xRnrC3RhZM</a>) <a href="https://t.co/WW76wyYXSu" target="_blank" rel="">pic.twitter.com/WW76wyYXSu</a></p>— bobby🥚 (@bobbay_b) <a href="https://twitter.com/bobbay_b/status/1783522111874535656?ref_src=twsrc%5Etfw" target="_blank" rel="">April 25, 2024</a>
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<p>This unfavorable occurrence triggered bearish sentiments across the board, with market participants swiftly selling off their allocations to hedge against any steeper drop in REZ’s value. In addition, the <a href="https://crypto.news/bitcoin-falls-below-57k-for-the-first-time-in-two-months/" rel="">turbulence</a> observed in the broader market has further exacerbated REZ’s downturn.</p> 
<p> Read more: <a href="https://crypto.news/crypto-community-reacts-to-changpeng-zhaos-4-month-sentence/" rel=""> Crypto community reacts to Changpeng Zhao’s 4-month sentence </a> </p>

Renzo (REZ) plummets 43% after Binance listing and airdrop

crypto.news

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