TL;DR
- RedStone launched the RED token on Ethereum to strengthen the security and decentralization of its oracle infrastructure.
- 10% of the total supply will be distributed to the community through airdrops, with only 4,000 participants eligible for the first event.
- Before launch, RED reached a price of $0.84 in Binance pre-market, but Binance suspended spot trading due to disagreements over the airdrop distribution.
RedStone launched the RED token on Ethereum to enhance the security and decentralization of its oracle infrastructure.
As part of its distribution strategy, 10% of the total supply of 1 billion tokens will be allocated to the community through claim events. The airdrops aim to reward those who have actively contributed to the project’s growth through various initiatives.
The first airdrop was available to participants of the “RedStone Expedition” program, a points-based reward system earned through on-chain interactions, content creation, and Discord roles. Despite the community having approximately 200,000 members, only 4,000 met the requirements to participate in the first event.
How Will RedStone Tokens Be Distributed?
Beyond the community allocation, the distribution plan includes 10% for protocol development, 20% for core contributors, 4% for Binance Launchpool, 24.3% for the ecosystem and data providers, and 31.7% reserved for early investors. The release of these tokens will follow a schedule extending up to 48 months.
Before its official launch, RED reached a price of $0.84 in Binance pre-market, implying an initial market capitalization of around $235 million and a total valuation of $840 million. However, Binance suspended its spot trading plans due to disagreements regarding the airdrop distribution. Other platforms such as Coinbase, Bybit, KuCoin, and Gate have listed RED in pre-markets and are expected to transition to spot markets after launch.
RED will allow holders to stake through EigenLayer Actively Validated Services (AVS), a mechanism that leverages restaking to enhance the security of RedStone’s data feeds. Liquid staking will also be available through Mega DAO Magpie with mRED. Initially, rewards will be paid in RED, but future distributions may include assets like ETH, BTC, SOL, and USDC.
RedStone operates with a modular oracle model that keeps data off-chain until required for a transaction, optimizing costs and efficiency. Its infrastructure currently supports over 70 blockchain networks, including Ethereum, Base, Avalanche, TON, and Polygon, securing a total value of $6.4 billion. In 2024, the company raised $15 million in a Series A funding round led by Arrington Capital, with participation from Kraken Ventures, White Star Capital, Spartan Group, and other investors
