Binance to list Renzo token EZ on Launchpool as part of token distribution plan

The crypto exchange giant Binance intends to list EZ, a token from the liquid restaking protocol Renzo, as part of the token's distribution plan.

Binance will first incorporate the token into its Launchpool today at 8 p.m. ET (April 24 at 00:00 UTC) before listing the token on April 30 at 8 a.m. ET (12:00 UTC). In the six days before its listing, users can stake the exchange's token BNB +1.29% and stablecoin FDUSD -0.092% into separate pools to farm the token, according to a company release.

After listing, individuals can trade with the EZ/BTC, EZ/USDT, EZ/BNB and EZ/FDUSD, among other trading pairs.

The EZ tokens in the Binance Launchpool comprise 2.5% of the total token supply, which was also announced Tuesday. Ten percent will go to airdrops, 31.65% to investors and advisors, 20% to the team, 20% to the DAO treasury, 13.44% to Renzo's foundation and 2.5% to liquidity allocation. EZ will have a maximum supply of 10 billion tokens with a circulating supply of 1.05 billion.

"EZ tokens will be utilized for voting on governance proposals associated with the Renzo protocol. Some of these proposals will be pivotal to the operating procedure of the protocol," Binance wrote in a Tuesday post.

Binance's incubation and venture capital arm had previously invested an undisclosed amount into Renzo.

Renzo is one of the largest liquid restaking protocols, second only to Ether.fi stake, and maintains around $3.3 billion in total value locked, according to the crypto data tracking platform DeFiLlama.

Renzo uses the Ethereum ETH +1.53% restaking protocol EigenLayer to let users restake ether to get Renzo's liquid restaking token ezETH. Individuals can then use ezETH across other DeFi applications for extra yield.

On Jan. 15, Renzo raised $3.2 million in seed funding led by the investment fund Maven11 at a valuation of $25 million, The Block previously reported.