REZ and KMNO have both decreased substantially since their market debut early Tuesday, continuing a trend for recently airdropped tokens.
REZ and KMNO are the native tokens of DeFi protocols Renzo and Kamino, respectively.
(Moritz Kindler/Unsplash)
Posted April 30, 2024 at 2:27 pm EST.
Two decentralized finance platforms — liquid restaking protocol Renzo and lending venue Kamino — released tokens Tuesday, both marked by steep price drops as volatility mounted in very short order following their market debuts.
REZ, the governance token for Renzo, dropped 54% a scant six hours after its premiere at 8 a.m. EST to trade at $0.167, dropping its market cap to $1.67 billion, data from Dexscreener shows. The second airdrop, KMNO, which can be staked on Kamino, tumbled 78% over the same period to $0.04, paring its market cap down to $409 million.
Read More: Renzo’s ezETH Depeg Amid Criticism of Airdrop Underlines Broader Risks in Restaking
Price action in both tokens comes amid a broader market decline. The global cryptocurrency market cap decreased almost 10% on the month through April 30 to $2.35 trillion, per CoinGecko.
Over the same timeframe, Renzo’s total value locked (TVL) increased over 37% from $2.2 billion to $3.1 billion, while Kamino saw a decrease in its TVL, sliding from $1.4 billion on April 1 to $1.0 billion. That amounted to a roughly 25% drop, according to blockchain analytics firm DefiLlama.
Out of roughly 103,500 Renzo users eligible to claim REZ, a little over 17,400 unique addresses claimed a total of 303 million tokens, worth about $9.09 million, according to a public query created by Hermtech, a member of the Flipside community, who conducts independent analytics.
Read More: Solana DeFi Protocol Kamino’s Announcement of Airdrop Snapshot Sparks Controversy
KMNO has over 41,500 token holders. However, the top 10 holders hold 95.2% of the KMNO’s total supply of 10 billion tokens, per blockchain explorer Solscan.
Renzo and Kamino’s airdrops come one day after the announcement of EigenLayer’s token genesis event (TGE) set to occur on May 10, and about a month after bridging protocol Wormhole and DeFi protocol Ethena activated their airdrop claims.
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