Original | Odaily Planet Daily

Author | Azuma

On the evening of April 23, Binance officially announced that the liquidity re-staking protocol Renzo (EZ) will become the 53rd project for new coin mining on the platform.

Starting from 8:00 on April 24, Beijing time, users can stake BNB and FDUSD into Launchpool to receive EZ rewards. The EZ mining will last for 6 days, and the Launchpool website will be updated before the mining activity opens.

After the end of Launchpool, Binance will list Renzo (EZ) at 20:00 on April 30, Beijing time, and open EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY trading markets. EZ will be subject to seed label trading rules.

Overview of Renzo's Business Model

Earlier this year, Odaily Planet Daily wrote an article titled "TVL increased by 100 million, how did Renzo occupy a place in the Restaking track?" shortly after Renzo's launch, detailing Renzo's business model.

In short, Renzo is positioned as a liquidity re-staking protocol based on EigenLayer. The project aims to solve two major pain points of direct re-staking through EigenLayer: first, the issue of locking ETH liquidity after re-staking. Renzo's solution is to use the derivative token ezETH to release the liquidity of re-staked ETH; second, as the number of Active Verification Services (AVS) of EigenLayer increases, different AVS configuration strategies will present significantly different profit and risk situations. At this point, Renzo can use its algorithm to balance real-time profits and risks, replacing users in making complex configuration choices, and helping users achieve stable high returns.

EZ Token Economic Model

Shortly after Binance officially announced the listing of Renzo, an overview of EZ's token economic model was also disclosed for the first time.

The total supply of EZ will be 10 billion, and the circulating supply at the time of listing will be 1.05 billion, accounting for approximately 10.50% of the total token supply. The specific allocation mechanism is as follows:

• Binance Launchpool will allocate 2.50%;

• Airdrops will allocate 10.00%;

• Investors and advisors will allocate 31.56%;

• The team will allocate 20.00%;

• The foundation will allocate 13.44%;

• The DAO treasury will allocate 20.00%;

• Liquidity budget will allocate 2.50%;

Looking at the token unlocking progress, the circulation ratio of EZ will remain relatively low in the next year after the initial circulation, mainly composed of Binance Launchpool and airdrop shares. However, starting from the end of Q1 next year, the circulation supply of EZ will enter an accelerated stage, and investors should pay attention to this time point.

Valuation Overview

Compared to Binance's previous Launchpool projects, the valuation logic of Renzo is relatively simpler because Renzo has a very clear benchmark—ether.fi.

As the two direct competitors in the liquidity re-staking track, Renzo and ether.fi not only overlap in business type but also have several similarities.

• First, the TVL of both is almost equal. According to Defillama data, the current TVL of ether.fi is $3.8 billion, ranking first in the LRT track; Renzo's TVL is $3.3 billion, ranking second in the LRT track.

• Second, the initial circulation ratio of the tokens ETHFI and EZ is also almost the same. The initial circulation supply of ETHFI is 115.2 million, accounting for approximately 11.52% of the total token supply; the initial circulation supply of EZ will be 1.05 billion, accounting for approximately 10.50% of the total token supply.

• Third, both ETHFI and EZ were first launched through Binance Launchpool, with ether.fi being the 49th project before.

Based on these points, we can speculate on Renzo's valuation based on the price performance of ether.fi after its launch, as detailed below.

Using the real-time price of ETHFI at $3.9, the corresponding price of EZ calculated with the same FDV will be $0.39, with a weighted FDV difference of $0.34; the corresponding price of EZ calculated with the same MC will be $0.43, with a weighted FDV difference of $0.37.

Of course, the above prices are only static estimates we made based on the market competition situation of Renzo. Considering that there are also certain differences in business focus between the two, and the market sentiment at the time of the two launches is slightly different, the price performance of EZ still needs to wait for the opening to have a definitive answer.

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