Renzo’s Ethereum ETH
-2.45%
-Fixed Assets 
ezETH
-6.47%
Data from The Block shows there has been significant depegging over the past 24 hours.
ezETH fell about 18.3% to around $2,642 in a matter of minutes, with some cryptocurrency data trackers showing ezETH falling as low as around $700. The token has recovered significantly since the depeg, but is down 5.6% in the last 24 hours, trading at $3,077 at 12:40 PM ET.
Price performance of ezETH on April 24th. Image: Block Price
ezETH is the Liquid Restaking Token (LRT) of Renzo, a liquid restaking protocol. Users earn ezETH by back-staking ether or other liquid staking tokens on the platform. Therefore, ezETH must maintain equal value to Ether.
According to The Block’s Ethereum price page, the value of Ethereum was $3,179 at 12:42 PM ET on April 24.
What happen
Binance Labs, the cryptocurrency venture arm of cryptocurrency exchange giant Binance, yesterday announced token distribution plans for Renzo’s governance token, REZ. Of the total token supply of 10 billion and circulating supply of 1.05 billion, 10% of REZ (105 million) will be used as airdrops. Half of that 10% will be used for the Season 1 airdrop.
As a passing user screwdriver It explains that Binance stakers using Launchpool will have the opportunity to sell their tokens before ezETH holders. Therefore, the selling occurred because buyers want to exit ezETH and users will most likely want to reclaim their ETH to get other liquid re-staking tokens after knowing the REZ airdrop details. Binance Launchpool allows users to stake tokens and receive rewards.
Renzo also depicted different token distribution quotas as disproportionately sized pieces of a pie chart, which users commented on When corrected for size, the pie chart actually represents over 60% of the tokens going to the team, investors and advisors.
Renzo may also have airdropped tokens to holders of NFT collections unrelated to the protocol, raising concerns about insider trading, Tommy added.
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