Somewhat surprisingly, the Renzo protocol token ezETH severed ties with Ethereum (ETH) today. Its current ratio has dropped to 1.5 to 1 relative to the underlying asset. So far, there have been no official statements from project representatives, so they have chosen to remain silent on the matter.
The community is disappointed because the protocol did not meet their expectations, especially since the team and a few investors now own the majority of the tokens. Nevertheless, czsamsunsb.eth, an Ethereum wallet address, profited from this. A quick investment of 4099 ETH into 4221 ezETH yielded a profit of 121.65 ETH for the wallet owner.
Meanwhile, the Renzo Restaked RTH token price is continuing its downward trend, with the next support level below as its target.
But some people still manage to turn a profit, even when everything seems to be going wrong. The aforementioned wallet may have been extremely fortunate, or its owner may have had knowledge of an impending sharp decline in the asset’s value.