Binance, the world’s largest cryptocurrency exchange, announced last night that it has launched the 53rd coin mining project on its Launchpool: the Renzo (EZ) liquidity restaking protocol. Users are allowed to participate in the 6-day mining activity starting from 8:00 am on April 24, 2024, Taiwan time by depositing BNB and FDUSD into the EZ mining pool on the Launchpool website. Additionally, Binance will list Renzo (EZ) spot trading on April 30, 2024, at 8:00 pm and enable trading pairs such as EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY, with seed labels added.
Binance emphasized that it will be the first platform to list the token and warned investors to be cautious of false advertisements claiming to sell the token before the specified timeline.
Details of Renzo Launchpool are as follows:
Token Name: Renzo (EZ)
Maximum Token Supply: 10,000,000,000 EZ
Initial Circulating Supply: 1,050,000,000 EZ (10.50% of the maximum token supply)
Total Mining Supply: 250,000,000 EZ (2.5% of the maximum token supply)
Smart Contract Details: Ethereum
Restrictions: KYC required
Individual Hourly Mining Cap: BNB Pool: 147,569.44 EZ; FDUSD Pool: 26,041.67 EZ
Renzo is a liquidity restaking protocol based on the Ethereum staking protocol EigenLayer, designed to facilitate easy Ethereum restaking on EigenLayer. Lucas Kozinski, one of the main contributors to Renzo, stated that Renzo was created to enhance user participation on EigenLayer.
According to Binance, the token economics of Renzo are as follows:
Total Token Supply: 10,000,000,000
Initial Circulating Supply: 1,050,000,000
Binance Launchpool: 2.5% of the total token supply
Airdrop: 10% of the total token supply
Investors and Advisors: 31.56% of the total token supply
Team: 20% of the total token supply
Foundation: 13.44% of the total token supply
DAO Treasury: 20% of the total token supply
Liquidity: 2.5% of the total token supply
Coinciding with the launch of Renzo’s coin mining, BNB, the platform’s native coin, experienced a price surge, reaching a high of $619.8 from around $600. However, at the time of writing, it has retraced most of the gains and is currently trading at $605.9, a decrease of 0.34% in the past 24 hours.