Key Points
- Binance will open Pre-Market trading for RED/USDT pair.
- Binance also announced an upward circuit breaker mechanism for Pre-Market.
Binance just announced its 64th project on its Launchpool platform: RedStone (RED) – a multi-chain oracle across EVM and non-EVM chains.
Users will be able to lock their BNB, FDUSD, and USDC to receive RED airdrops over two days. Farming will start on February 26 at 00:-00 (UTC).
RED Launchpool Details
- The total and maximum token supply will be 1 billion RED tokens.
- The Launchpool token rewards will be 40 million RED tokens, representing 4% of the total supply.
- The initial circulating supply at the Binance listing will be 280 million RED tokens, representing 28% of the total supply.
Binance will also be the first platform to list RED.
RED Pre-Market Trading Details
In its official announcement, the exchange revealed that Pre-Market trading will start on February 28 at 10:00 (UTC).
Binance will open the Pre-Market trading with the RED/USDT trading pair. The Pre-Market end time and spot listing time will be announced later.
The maximum holding limit per user will be 5,000 RED tokens.
📌 Trade RED on Binance – Get Started Now
In its notes, the exchange also revealed the upward circuit breaker mechanism for the Pre-Market.
Upward Circuit Breaker Mechanism for Binance Pre-Market Details
Binance introduces enhanced features for Pre-Market to innovate and enhance user trading experience on the platform.
The upcoming upward circuit breaker mechanism will limit the maximum trading price to a certain percentage of the initial opening price for the first 74 hours of Pre-Market trading. After this, there will be no price restrictions, with trading resuming normally.
This new mechanism will be trialed for the new RED token launch and Binance will decide if this will remain an ongoing feature for the Pre-Market.
Upward Circuit Breaker Rules
Binance also listed the key rules for this new feature:
- Between February 28 at 10:00 (UTC) and March 1, at 9:59 (UTC) the maximum allowable price limit is 200% of the initial opening price.
- Between March 1, at 10:00 (UTC) and March 2, at 9:59 (UTC) the maximum allowable price limit will be 300% of the initial opening price.
- Between March 2, at 10:00 (UTC) and March 3, at 9:59 (UTC) the maximum allowable price limit will rise to 400% of the initial opening price.
- After March 3, at 10:00 (UTC), there will be no more restrictions for the Pre-Market.
What is RedStone (RED)?
According to the project’s official website, RedStone is a modular blockchain oracle available on more than 70 chains. RedStone will support more than 1.250 assets.
The project supports all EVM chains and beyond, and will add support for new chains in the future.
So far, RedStone supports Ethereum, the BNB Chain, Ton, Optimism, Berachain, Story, Monad, and others.
The project allows building without blockers, with high security and no limitations.
RedStone Key Features
RedStone has the following key features, according to its official website:
- Supports secure price feeds for assets faster than competitors
- Has the deepest price discovery and the most advanced pricing methodology of any oracle
- Allows the building of lending, perpetual, restaking or BTC staking protocols effortlessly
- Supports all data consumption models
- Scales easily via modular architecture
- Can be easily deployed on any EVM and non-EVM chain
The RED token will be the foundation of the RedStone network, according to the team behind the project’s X post.
RED will accrue value as RedStone scales to secure thousands of blockchains and trillions of dollars in value.
RED Distribution
- 48.3% of RED goes to community growth.
- 30% RED float at TGE.
- 70% of RED are initially locked, with an unlock over 4 years.
RED will be distributed across five categories, according to RedStone official notes:
- 10% will go to community and genesis.
- 10% will go to protocol development.
- 20% will go to core contributors.
- 28.3% will go to ecosystem and data providers.
- 31.7% will go to early backers.
According to the team’s official notes, in 2024, RedStone became the fastest-growing oracle in the market and today, it serves over 130 clients.
