RedStone, a blockchain oracle supplier backed by Arrington Capital, introduced on Thursday the launch of its native token, $RED, on the Ethereum community.
1/ $RED has been listed for buying and selling on Binance.
RED is be stay on each main Centralized Trade, together with:
Bybit, Bitget, Kraken, KuCoin, Gate, HTX, MEXC and extra are coming.— RedStone Oracles
(@redstone_defi) March 6, 2025
In a press launch shared with CryptoNews, the agency stated the token is designed to safe and decentralize RedStone’s oracle infrastructure by permitting staking, enhancing financial safety, and introducing a sustainable oracle financial system.
“The introduction of the $RED token marks a vital step towards decentralizing our oracle infrastructure whereas reinforcing the safety and reliability of DeFi purposes,” stated Marcin Kazimierczak, co-founder of RedStone.
“By integrating staking by RedStone AVS on EigenLayer, we align incentives for information accuracy and develop the potential of what oracles can obtain,” stated Kazimierczak.
Stakers Earn Rewards in $RED
The staking mannequin will enable each information suppliers and token holders to take part in securing the community. Knowledge suppliers stake $RED to ensure the reliability of the worth feeds they provide, whereas token holders stake immediately inside the RedStone AVS to additional reinforce community safety.
In return, $RED stakers will obtain rewards from RedStone information customers throughout a number of blockchain networks, with payouts in broadly adopted belongings comparable to ETH, BTC, SOL, and USDC. This construction creates a incentive system for energetic contributors within the ecosystem.
To encourage widespread adoption and group participation, RedStone stated it has allotted 10% of the full 1 billion $RED tokens for the Neighborhood & Genesis distribution.
This initiative contains focused airdrops to reward early supporters, companions, and energetic contributors who’ve performed a job in RedStone’s fast development.
RedStone Launches Bitcoin Staking Oracles
In October, RedStone launched Bitcoin staking oracles to boost DeFi protocols on platforms like Ethereum, Avalanche, and Polygon. This enables Bitcoin holders to stake their belongings in decentralized finance (DeFi) by delivering real-time information for liquid staking.
In July, RedStone raised $15 million in a funding spherical led by Arrington Capital, supporting its enlargement efforts. The agency supplies information feeds to blockchains and layer 2 applied sciences appropriate with the Ethereum Digital Machine (EVM).
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