Two decentralized finance platforms — liquid restaking protocol Renzo and lending venue Kamino — released tokens Tuesday, both marked by steep label drops as volatility mounted in very short account for 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 interchange at $0.167, losing its market cap to $1.67 billion, recordsdata from Dexscreener displays. The 2nd airdrop, KMNO, that will be staked on Kamino, tumbled 78% over the identical interval to $0.04, paring its market cap all of the device down to $409 million.

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Tag motion in both tokens comes amid a broader market decline. The enviornment cryptocurrency market cap lowered almost 10% on the month through April 30 to $2.35 trillion, per CoinGecko.

Over the identical timeframe, Renzo’s total price locked (TVL) increased over 37% from $2.2 billion to $3.1 billion, whereas Kamino observed a decrease in its TVL, sliding from $1.4 billion on April 1 to $1.0 billion. That amounted to a roughly 25% drop, in response to blockchain analytics company DefiLlama.

Out of roughly 103,500 Renzo users eligible to order REZ, a miniature over 17,400 distinctive addresses claimed a total of 303 million tokens, value about $9.09 million, in response to a public inquire created by Hermtech, a member of the Flipside crew, who conducts fair analytics.

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KMNO has over 41,500 token holders. Nonetheless, the tip 10 holders retain 95.2% of the KMNO’s total offer of 10 billion tokens, per blockchain explorer Solscan.

Renzo and Kamino’s airdrops attain in some unspecified time in the future after the announcement of EigenLayer’s token genesis occasion (TGE) build to happen on Also can 10, and just a few month after bridging protocol Wormhole and DeFi protocol Ethena activated their airdrop claims.