On April 23, according to the official announcement, Binance's new coin mining launched the 53rd project, using BNB and FDUSD to mine Renzo (REZ). There was a small episode where Renzo's native token was originally called EZ, but it was renamed to REZ a few hours after the Binance mining announcement was released. According to the official rules, the Renzo Season 1 incentives will end on April 26, and users who sell their ezETH holdings before this date may not be eligible for the airdrop. Users can claim REZ on the official website on May 2.

Related reading: "Analyzing Binance's Latest Project Renzo: Token Economic Model and Valuation Expectations"

However, last night, Renzo's token economics sparked controversy. The total supply of REZ tokens is 10 billion, with an initial circulation of 1,050,000,000 REZ, accounting for 10.50% of the maximum supply. The specific allocation mechanism is as follows:

• Investors and advisors will be allocated 31.56%;
• The team will be allocated 20.00%;
• The DAO treasury will be allocated 20.00%;
• The foundation will be allocated 13.44%;
• Airdrops will be allocated 10.00%;
• Binance Launchpool will be allocated 2.50%;
• The liquidity budget will be allocated 2.50%.

In the first version of the announcement released by Renzo, the token distribution pie chart is as follows. It is obvious that the person who created the chart "didn't do well in math," as the two 2.5% shares are depicted as almost equal to 20%, and the "half" at the bottom is 62%. The community bluntly stated that this is "chart crime, no different from falsifying token economics."

Subsequently, Renzo officials deleted the announcement, but have not yet updated the new token distribution. What made the market even more resentful is that Renzo's token distribution is also unsatisfactory. Crypto KOL @WazzCrypto retweeted the original announcement, stating "boasting about 'decentralized protocol,' but only a 5% airdrop, this is a complete joke, 70% of the supply is still held by insiders."

Furthermore, someone humorously updated the token distribution pie chart for Renzo. "Almost all tokens are prepared for the team, making it one of the most manipulated token economics in history," social media is filled with dissatisfaction with Renzo's token distribution.

In addition, earlier today, due to insufficient liquidity and large sell-offs, Renzo LRT token ezETH plummeted to $688. As of the time of writing, the liquidity pool for EZETH/WETH is only $3.2 million, and EZETH is quoted at $3148.58 on the Ethereum mainnet on Uniswap.

During the plummet, a whale used 2400 ETH to buy 2499 ezETH, worth $6.98 million, and made a net profit of 99 ETH. This plummet event also made the community aware of the risks of LRT, and the DeFi composability leverage protocol Gearbox stated that some users were liquidated due to the ezETH plummet.

According to Nancen data, in the past 24 hours, 5806 and 6010 ezETH tokens were respectively withdrawn from the Morpho: Morpho Blue and Zircuit: LST Staking Pool contract addresses.

This series of events has led to a negative view of Renzo's airdrop in the community. As the EigenLayer mainnet gradually goes online, related LRT projects have begun to accelerate the pace of token listing, but the subsequent market performance still needs to be observed over time.

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