Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The biggest and most established global hub for everything crypto, blockchain and Web3.Renzo restaked ETH crashed as low as $750 early Wednesday, trading at a massive discount to wrapped ether .
Renzo restaked ETH , the liquid restaking token representing a user's restaked position at Renzo, experienced a brief crash early Wednesday, trading at a massive discount to wrapped ether in a low liquidity environment.show that ezETH fell as low as $750 on Ethereum-based decentralized exchange Uniswap at around 02:45 UTC. The token deviated from its 1:1 peg with WETH, falling to a low of 0.27.
in return for Renzo's ezETH, which users can deploy across other decentralized finance applications to generate an extra yield.the economic model and airdrop of its native token REZ, which users can receive on May 2. The first season of rewards is scheduled to end on April 26, following which the second season will begin. Users who sell ezETH before April 26 may not receive the airdrop.
and Morpho," Hitesh Malviya, founder of crypto analytics platform DYOR, told CoinDesk.The initial price slide was likely aggravated by the liquidation of loopers or traders who repeatedly ezETH as collateral to borrow ETH to create leverage, according to pseudonymous observer Tommy.
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