In a strategic move aimed at broadening its token distribution plan, Binance, the leading cryptocurrency exchange, is set to list REZ, a token associated with the liquid restaking protocol Renzo, on its Launchpool platform.

As part of this distribution strategy, Binance will kickstart the process by incorporating the REZ token into its Launchpool today at 8 p.m. ET (April 24 at 00:00 UTC), with the token slated for official listing on April 30 at 8 a.m. ET (12:00 UTC). Leading up to the listing, users will have a six-day window to stake Binance's native token and stablecoin into separate pools, enabling them to farm the REZ token, as outlined in a company release.

Post-listing, traders will have access to a range of trading pairs including REZ/BTC, REZ/USDT, REZ/BNB, and REZ/FDUSD, among others, providing ample liquidity and trading opportunities within the Binance ecosystem.

The REZ tokens allocated within the Binance Launchpool represent 2.5% of the total token supply, a figure disclosed alongside the token's distribution breakdown. Notably, 10% will be allocated 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. With a maximum supply capped at 10 billion tokens, REZ is set to have a circulating supply of 1.05 billion tokens.

Binance emphasized the utility of REZ tokens in governance proposals associated with the Renzo protocol, underscoring their pivotal role in shaping the operational framework of the protocol, as outlined in a Tuesday post.

It's worth noting that Binance's incubation and venture capital arm had previously made an undisclosed investment in Renzo, further cementing the exchange's strategic alignment with the project.

Originally identified by the ticker symbol EZ, Renzo's developers and Binance opted to rebrand the token as REZ following community feedback to mitigate any confusion.

Renzo, positioned as one of the leading liquid restaking protocols in the market, boasts approximately $3.3 billion in total value locked, according to data from DeFiLlama. Leveraging the Ethereum restaking protocol EigenLayer, Renzo enables users to restake Ether to acquire ezETH, its liquid restaking token, which can then be deployed across various DeFi applications to generate additional yield.

Renzo's growth trajectory has been marked by significant milestones, including a successful $3.2 million seed funding round led by investment fund Maven11 on January 15, valuing the project at $25 million, as reported by The Block.