Renzo increased the token REZ airdrop ratio to 12% under pressure from the community! Is this still called Web3?

This site (120BTc.coM): Ethereum liquidity re-pledge protocol Renzo announced the airdrop collection details and token economic model of its native token REZ yesterday (24th), airdrop The proportion only accounts for 10% of the total circulation, causing dissatisfaction in the community. Today (25th) Renzo once again announced that it will increase the airdrop ratio to 12%.

The airdrop allocation ratio has been increased to 12%. Is this due to pressure from the community?

According to Renzo’s updated documents, the first season event will airdrop 7% to participants. Before that, the airdrop allocation for the first season was 5%. As for the airdrop for the second season event, it was also 5%. According to the ratio, a total of 12% of the total supply will be airdropped to participants in the two-season event. At the same time, the time to apply for airdrops has been advanced from May 2 to April 30.

Interestingly, the first sentence of the tweet posted by Renzo’s I was very dissatisfied that only 5% of the quota was distributed in the first quarter of the event, so the team had to modify the allocation ratio.

In response, on-chain researcher 0xTodd tweeted on the He also said that the project requires an almost cult-like community: What exactly does a project need? Quite simply, an almost cult-like community is needed, not temporary miners and drop hunters who are wavering and ready to retreat. When you, as a project party, are surprised to find that the team owns 90% of the token allocation (the so-called thick safety cushion), while the community claims 10% (the so-called slight selling pressure). Then please stop complaining about why the community is not active and why the community does not support you.

Renzo’s updated airdrop rules and token economics

According to Renzo’s updated documents, Renzo’s airdrop rules and token economics are as follows:

Airdrop rules

Snapshot and claim schedule:

Snapshot date: April 26, 2024
Claim date: April 2024 March 30th (1 hour before Binance lists REZ tokens)
Airdrop allocation amount:

First quarter activity: % of total supply 7% of the supply, of which 0.1% is allocated to the Milady Maker and Schizo Posters communities (5% adjusted to 7%)
Second quarter activity: 5% of the total supply (not Change)
The airdrop claim period for the first season event is 1 month, and unclaimed REZ will be used for the second season event
Airdrop Price:

The minimum threshold for each wallet to obtain an airdrop is 360ezPoints, and more than 99% of wallets will be fully unlocked during the Token Generation Event (TGE)
Wallets with more than 500,000 ezPoints will unlock 50% in TGE, and the remaining 50% will be released linearly within 3 months
Token Economics

Total token supply: 10,000,000,000

• ##Initial liquidity: 1,050,000,000

• Binance Launchpool: % of tokens Total amount 2.5%

• Airdrop: 12% of total tokens (increased from 10% to 12%)

• Investors and advisors: Accounting for 31.56% of the total tokens

• Team: accounting for 20% of the total tokens

• Foundation: accounting for 12.44% of the total tokens (13.44% dropped to 12.44%)

• DAO Treasury: 20% of the total tokens

• Liquidity: 20% of the total tokens 1.5% (2.5% dropped to 1.5%)

• Internet satire: Is this still Web3?

Although adjusting the proportion of community airdrops is in the interest of participating interactive users, it also made people who watched the show ridicule: "Is token economics something that can be changed at will? It's embarrassing to say that I am Web3..." This move undoubtedly reduces users' credibility in the protocol.

The liquidity token ezETH was once decoupled to 0.2WETH

In addition, Renzo’s liquidity token ezETH was once decoupled to a minimum of 0.2132WETH yesterday (24th), and has now stabilized to 0.9823WETH. The reason for the decoupling may be related to the chain reaction caused by a series of liquidations of the lending agreement Morpho. Gearbox, the protocol that provides ezETH with up to 9 times leverage, also mentioned: "Due to the decoupling of ezETH quoted by the Red Stone oracle, some accounts were liquidated. "

The liquidity token ezETH was decoupled for a time, coupled with the community's dissatisfaction with the airdrop distribution ratio. With the negative impact of these two things, it remains to be seen whether Renzo can successfully restore users' lost confidence.

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