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Renzo Madness

Renzo's ezETH token depegged, here's what you need to know.
Renzo Madness
Jack Inabinet Jack Inabinet
Apr 24, 2024 • 2 min read
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Depeg Discount. Renzo’s ezETH liquid restaking token (LRT) suffered a monstrous 80% depeg last night! What prompted the dislocation, and how has the token price responded?

Yesterday afternoon, the Renzo Protocol unveiled the final plans for its airdrop, indicating that 5% of the total REZ supply will be distributed to early users who had participated in the first season of their ezPoints Campaign. It was also revealed that the snapshot for the first distribution would be taken this Friday, on April 26.

Following the announcement, ezETH was able to retain its peg for several hours, but the token began gradually depegging at 10 PM EST, reaching discounts as low as 0.22 ETH during the peak of the madness, which lasted for approximately one hour.

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Jack Inabinet

Written by Jack Inabinet

932 Articles • View all      

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.

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