How to participate in Renzo’s Binance Launchpool?
The Binance platform welcomes the liquid restaking protocol Renzo and its token REZ for its 53rd Launchpool , providing an opportunity for users to acquire tokens before their listing on the market.
By temporarily committing BNB and/or FDUSD to Binance Launchpool pools, users will be able to obtain REZ tokens at the end of the farming period . It will be open until April 29 at 11:59 p.m. UTC.Earn REZ tokens by participating in Renzo’s Binance Launchpool
To take part in this initiative, simply create an account on Binance , hold BNB and/or FDUSD then navigate to the “ More ” tab and select “ Launchpad and Launchpool ”.
There, you can immediately stake BNB and/or FDUSD, without fees, in order to initiate farming of REZ tokens.
Once the farming period ends, Binance will distribute a total of 250 million REZ tokens (or 2.5% of the total supply) to participants . The latter will benefit from an allocation proportional to their engagement in the BNB and FDUSD pools.
Subsequently, the REZ token will be listed on Binance on April 30 at 12:00 UTC. Thus, all participants in Renzo’s Binance Launchpool will have the opportunity to sell their new tokens if they wish, thus making a profit.
Here is the information to remember about Renzo’s Binance Launchpool:
- The farming period will be open until April 29 at 11:59 p.m. UTC;
- 212.5 million REZ tokens will be distributed to participants who have locked BNB (85% of the Launchpool), while 37.5 million will go to FDUSD holders (15% of the Launchpool);
- The number of tokens allocated to each user will depend on the amount of BNB and/or FDUSD placed in the pools, as well as the total farming duration;
- The REZ token will be listed on Binance on April 30 at 12:00 UTC, with trading pairs including BTC, USDT, BNB, FDUSD and TRY.
What is Renzo and what is the REZ token used for?
Renzo is a liquid restaking protocol and strategy manager for EigenLayer . Concretely, Renzo acts as an interface to the EigenLayer ecosystem which secures Actively Validated Services (AVSs) via ETH deposited by users.
By depositing native ETH or liquid restaking token (LRT), users receive ezETH, which represents their position on Renzo. This therefore makes it possible to generate additional yield while collecting points for EigenLayer which will probably be used during the distribution of the highly anticipated EIGEN token.
Earn REZ tokens by participating in Renzo’s Binance Launchpool
Regarding the REZ token, it can be used by its holders to vote on governance proposals linked to the Renzo protocol.
