Renzo, a liquid staking provider on the Ethereum chain, has announced a reward program. In this article, we will go through a step-by-step guide to claim REZ airdrop. Also, we will cover the benefits of the airdrop, eligibility, withdrawal process, and more.
What is Renzo?
EigenLayer, a protocol built on Ethereum for restaking, and Symbiosis, a platform where you can easily swap any token and move your assets across different blockchains, have been around the crypto architecture for a long time. Renzo acts as a strategy manager and liquid restaking token provider for both EigenLayer and Symbiotic.
Renzo’s $ezETH and $pzETH wrapped token ecosystem serves as the interface to the EigenLayer and Symbiotic platforms. More than just merely staking the ETH, the $ezETH and $pzETH secure Actively Validated Services by restaking. Through this procedure, users can get a higher return than just ETH staking.
Renzo advocates for permissionless innovation on Ethereum. It strongly emphasizes trust in the ecosystem. Renzo uses REZ as its native token. It governs all the activities across the ecosystem.
The REZ Token
REZ token is the native token of the Renzo ecosystem. It is primarily used as a governance token. It will be used to vote on governance proposals on matters regarding the Renzo protocol, which include some key measures to the operations of the protocol. Here are some details of the token:
Release date | 30-04-2024 |
Algorithm | ERC20 |
Total supply | 10 billion tokens |
Issue price | $0.05 |
Current supply | 1.15 billion tokens |
The Airdrop Details
The Airdrop works by staking. You can stake through their app or the Binance launch pool. You can stake ETH on Renzo, and BNB or FDUSD in Binance. The launch pool campaign of Binance has ended and you can claim the tokens now. Also, you can visit the official website of Renzo, and navigate to the claim section to claim your tokens.
Eligibility Criteria for the Airdrop
- You should be at least 18 years old.
- You shouldn’t use any VPN to claim the airdrop.
- You should have ETH tokens in your wallet.
- People from the countries listed on any of the US Government’s prohibited countries lists cannot apply.
Step-by-Step Guide to Claim the Tokens
- Connect Wallet: Visit the official website of Renzo Protocol and navigate to the app. You can connect any wallet with an ETH balance. But if you are a PC user, then Metamask Chrome extension is preferred.
- Stake ETH: Click the stake ETH option, and sign the signature verification.
- Claim ezETH and pzETH: When you stake, you will start generating ezETH and pzETH. Claim both of them.
- Convert ezETH & pzETH to REZ: After getting a sufficient amount of pzETH and ezETH, navigate to the convert section and click “Convert to REZ”. You have to spend a small amount as a gas fee. That’s it. You now have REZ tokens.
How to Withdraw REZ Tokens
REZ is now being traded on popular platforms like Binance, Gate.io, KuCoin, Uniswap, and HTX. You can either send it to any of these platforms to cash out, or you can send it to your personal wallet. Anyway, I recommend you to HODL the tokens.
Is Renzo Trustable?
Yes, Renzo is 100% trustable. It started with the Binance launch pool and is backed by prominent ventures. Your staked coins are safe, and you can expect a significant amount of tokens as a reward.
Conclusion
Renzo Protocol is an exceptional platform to stake your tokens for rewards. The project is very active with its community backup. Renzo has allocated 32% of the total REZ tokens to the community. If you are looking for a staking platform with higher yields, this one is for you.
However, it is important to look for the best staking platform among those hundreds of platforms. It is up to you. You have to do your research. You should read their whitepaper, go through their blog articles, engage in their social media communities, and reach a conclusion by yourself. Thank you & good luck.
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