- Renzo Protocol’s REZ has seen significant market turmoil.
- The token plummeted after two incidents.
- REZ still depicted volatile trading patterns at press time.
Renzo Protocol’s native token REZ lost nearly half its value on Tuesday after being listed on Binance, the world’s largest cryptocurrency exchange by trading volume.
On April 23, Binance listed REZ as the 53rd project on Launchpool as part of its token distribution plan. Renzo has allocated 250,000,000 REZ, equivalent to 2.5% of the token’s maximum supply, for the Binance Launchpool rewards program.
REZ corrects market headwinds after listing
According to CoinMarketCap data, the price of REZ fell from an initial $0.2578 to $0.1908 40 minutes after the token began trading on Binance on April 30. The token then recovered slightly before taking some gains to trade south of $0.12.
As of press time, REZ has plummeted 35.787% and is trading at $0.1615.
REZ’s price decline coincided with the Renzo Protocol. open Token airdrop will be held at 11:00 UTC on Tuesday, 1 hour before Binance listing. The airdrop distributed 7% of REZ’s maximum supply to over 100,000 eligible users, including those who accumulated at least 360 ezPoints prior to the April 26 snapshot.
The token’s dismal performance on its first day of trading comes after the price of Renzo Protocol’s re-staked ETH (EZETH) fell on April 24 following widespread selling triggered by the end of Renzo’s Season 1 airdrop.
Despite last week’s market headwinds, the Renzo protocol remains the second-largest securitized resale protocol after Ether.fi, with total value locked (TVL) of over $3.3 billion, according to Defillama data.
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