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RenzoProtocol's ezETH token experienced a significant depeg, dropping to $688 briefly due to poor liquidity on Uniswap. This led to liquidations and losses in DeFi, with over $60M in liquidations reported. Renzo introduced REZ tokenomics, aiming to distribute 500M REZ on May 2nd.
RENZO'S ezETH DEPEGS SIGNIFICANTLY AFTER TOKENOMICS ANNOUNCEMENT Renzo's ezETH experienced a sharp depeg of 18.3%. This significant drop reflects the market's reaction to changes in the underlying economic model of the ezETH token. Source: The Block https://t.co/GEpl0AHV9Q
This week, Renzo (ezETH), a $3bn coin which is soft-pegged to ETH, briefly crashed down 80% relative to ETH. It is still trading at a 3% discount to ETH, despite the peg. A bit about what happened. 1) Every ezETH is backed by 1 ETH which is in Eigenlayer, earning yield. A… https://t.co/brf0p6Awhv
Super helpful to understand why ezETH depegged yesterday Thanks @0xBreadguy for breaking it down 👇 https://t.co/JmMEbUdilo