Despite the temporary price depeg, a trader made nearly $400,000 in profit due to the unfortunate incident.
Renzo Protocol’s restaked Ether token (EZETH) suffered a price depeg on April 24.
The depegging incident saw the token’s price briefly fall to a low of $688 on Uniswap decentralized exchange, before recovering its price parity with Ether (ETH), according to Dexscreener data.
The incident was likely caused by a wider sell-off, following the conclusion of Renzo Protocol’s season 1 airdrop, according to pseudonymous crypto analyst Tommy, who wrote in an April 24 X post:
