Original author: Azuma
原文来源：Odaily 星球日报
On the evening of April 23, Binance officially announced that Renzo (EZ), a liquidity restaking protocol, will be the 53rd project of new coin mining on the platform.
Starting from 8:00 a.m. Beijing time on April 24, users can invest BNB and FDUSD in the Launchpool to get EZ rewards, and EZ mining will last for a total of 6 days, and the Launchpool website will be updated before the mining event opens.
After the end of the Launchpool, Binance will list Renzo (EZ) on April 30 at 20:00 CST, and open EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY trading markets, and EZ will be subject to seed tag trading rules.
Overview of Renzo's business model
Earlier this year, Odaily wrote an article on Renzo shortly after its launch, "Why did Renzo occupy a place in the restaking track with a monthly increase of 100 million TVLs?", in which Renzo's business model was broken down in detail.
In short, Renzo's positioning is based on the liquidity repledge protocol of EigenLayer, and the project mainly wants to solve the two major pain points of re-staking directly through EigenLayer: one is that the liquidity of ETH will be locked after re-staking, and Renzo's solution is to use the derivative token ezETH to release the liquidity of re-pledged ETH, and the other is to increase the number of EigenLayer active verification services (AVS), different AVS Renzo can use its algorithm to balance returns and risks in real time, replacing users with complex allocation choices and helping users achieve robust and high returns.
EZ tokenomics model
Shortly after Binance officially announced that it would be listing Renzo, EZ's token economic model profile was also revealed for the first time.
The total supply of EZ will be 10 billion, and the circulating supply at listing will be 1.05 billion, which is about 10.50% of the total token supply. The specific distribution mechanism is as follows.
- 币安 Launchpool 将分配 2.50% ；
- The airdrop will distribute 10.00%;
- Investors and advisors will be allocated 31.56%;
- The team will allocate 20.00%;
- The Foundation will distribute 13.44%;
- DAO 金库将分配 20.00% ;
- The liquidity budget will be allocated 2.50%;
From the perspective of token unlocking progress, since the beginning of circulation, the circulation proportion of EZ will remain relatively low in the next nearly a year, and the token supply during this period is mainly composed of Binance Launchpool and airdrop shares. However, by the end of Q1 next year, the circulating supply of EZ will enter an accelerated phase, and investors need to pay attention to this timeline.
Valuation Overview
Compared with Binance's previous Launchpool projects, Rezon's valuation logic is relatively simpler, because Renzo has a very clear comparison target - ether.fi.
As two direct competitors in the liquidity restaking track, Renzo and ether.fi have several similarities in addition to overlapping business types.
- First, the TVL of the two is almost equal. Defillama data shows that ether.fi currently ranks first in the LRT circuit with a TVL of $3.8 billion, and Renzo ranks second in the LRT circuit with a TVL of $3.3 billion.
- Second, the initial circulation ratio of the two tokens, ETHFI and EZ, is almost the same. The initial circulating supply of ETHFI is 115.2 million, accounting for approximately 11.52% of the total token supply; The initial circulating supply of EZ will be 1.05 billion, which is about 10.50% of the total token supply
- Thirdly, both tokens ETHFI and EZ were launched on Binance Launchpool, and ether.fi was the 49th project.
Based on the above points, we can speculate on Renzo's valuation based on the price performance of ether.fi after its launch, as detailed below.
Based on the ETHFI real-time price of $3.9, the corresponding EZ price would be $0.39 with a weighted FDV difference of $0.34 and a corresponding EZ price of $0.43 with a weighted FDV difference of $0.37 based on the same MC.
Of course, the above price is only a static estimate based on the competitive situation of Renzo market, considering that there are certain differences in business focus between the two, and the market sentiment at the time of the two IPOs is also slightly different, EZ's price performance still needs to wait for the opening of the market to have a definitive answer.