Wednesday, April 24, 2024
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Are you happy with Renzo's tokenomics? If not, then you're not alone. In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | |
Buckle up and get ready! CoinGecko's Virtual Meetup is back again! For Meetup #31, we'll be diving into our 2024 Q1 Crypto Industry Report and peering into the Polkadot ecosystem!
Date: Thursday, 25 April 2024 Time: 08:30 AM EDT (UTC -4) [Check your local time]
Tune in for our Virtual Meetup #31, featuring an exciting panel of speakers: | | | Top NFT Lending Platforms | | Total NFT lending volume reached a quarterly high of $2.13 billion in Q1 2024, as 5 of the top 6 NFT lending platforms saw higher volumes.
Blend continues to be the biggest NFT lending platform with 92.9% market share. | | | Can Renzo repeg? 📉 Renzo, a liquid staking protocol that will soon be listed on Binance, just published a new article about the launch of its REZ token, and airdrop farmers were furious, to say the least.
Besides the misleading tokenomics pie chart, users were appalled at the seemingly tiny allocation they were going to receive.
Only 5% of the total supply of 10B REZ tokens will be allocated for Renzo users, which will be linearly distributed to Renzo points holders.
Furthermore, the top 5% of wallets will have half of their airdrop vested over the next six months.
While the amount allocated to users may be a tad less than that of previous airdrops from other protocols, users were more angry that team members and insiders controlled 70% of the token supply.
Additionally, the team had also decided to partially or fully disqualify airdrop farmers who engaged in 'looping' , the practice of selling ezETH for ETH to redeposit into the protocol to gain increased rewards, causing users to exit by selling large amounts of Renzo restaked ETH (ezETH).
The mass selling of ezETH led to a temporary depeg as the price of ezETH plummeted by 15.1% from $3,214 to $2,728 but has since recovered to $3,190.
Editor's Take:
Even though the Renzo community is largely made of mercenary airdrop farmers who will probably move on after a token is launched, users are still vital to the longevity of any protocol. As we've seen in the past, failure to meet their expectations, particularly when it comes to an airdrop, does not usually turn out well. However, at the end of the day, you can't please everyone, and perhaps there is still hope that Renzo can make a compromise on its tokenomics to turn things around. | | | If you're looking for a powerhouse mobile crypto wallet that has wide support for Ordinals and BRC-20s, check out this OKX Mobile wallet guide. | | | Crisis on Cosmos averted! ☄️ The Cosmos ecosystem has dodged a bullet after developers fixed a critical security bug in its Inter-Blockchain Communication (IBC) protocol.
Asymmetric Research, a private blockchain security firm, disclosed the vulnerability through the Cosmos HackerOne Bug Bounty Program, which, had it been abused, could have cost users more than $126M.
The bug would have allowed hackers to mint an infinite number of tokens on IBC-connected blockchains, allowing them to drain liquidity from Cosmos-based protocols. Asymmetric Research also stated that the bug has existed since 2021 but only recently became exploitable due to the addition of a third-party application known as IBC middleware.
Thankfully, no funds were actually lost or stolen before the fix was implemented. | | | | Celebrate CoinGecko's 10th Year Anniversary with us with weekly giveaways in April, and learn more about our anniversary partners, Zeebu, Polkadot and Pixels! | | | | Learn about Solana Telegram trading bots and how they allow users to execute trades at a faster speed than connecting manually to a DEX. | | | In Other News... Go Green. PayPal wants to give green Bitcoin miners extra BTC rewards.
More delays. The SEC has again delayed a decision on the spot ETH ETF from Grayscale and Franklin Templeton.
Cardano founder's new plaything. Cardano founder Charles Hoskinson's studio releases its first game on GalaChain called Voyager: Ascension.
Harsher than expected. US DoJ seeks a 3-year jail sentence for former Binance CEO CZ, above federal sentencing guidelines that would have seen him jailed for 18 months.
Copy trading soon. Binance is rolling out a spot copy trading tool from May, enabling users to follow and automatically execute the same trades as eligible "lead traders."
Deflationary asset. The Injective community has approved the INJ 3.0 tokenomics, increasing its deflation by 400%.
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