Key Points
- RedStone announced that the RED Miner Airdrop is live and users can claim their tokens.
- Binance announced that it suspended the RED listing today.
RedStone launched its token called RED today and the team behind the project also announced the Miner RED Airdrop program via X.
RedStone is a modular blockchain oracle that’s available on more than 70 chains and supports over 1,250 assets.
RED Token Launched Today
According to the team behind the project, RED went live on Uniswap and CEXs earlier.
Previously it was announced the RED token was going to be launched today by Binance, but the exchange suspended the listing, according to a last-minute announcement.
Until today, interested traders were able to trade RED on the Binance Pre-Market before orders were removed automatically after trading on the Pre-Market ceased.
Besides Binance, Coinbase, Bybit, KuCoin, and Gate.io are among the other crypto exchanges that have launched Pre-Markets for the coin.
RED is currently trading at $0.83, after peaking above $0.98 earlier.
The coin’s market cap is currently listed above $231 million on CMC.
The team at RedStone announced its airdrop earlier.
RED Miner Airdrop is Live
RedStone announced that users can claim their RED tokens, being able to stake them to secure RedStone AVS (Actively Validated Service) and the future of blockchain oracles.
After users claim their RED tokens on the official claim page of the project, they will be prompted to stake in RedStone AVS – powered by the Eigen layer.
Stakers earn RED rewards and partner incentives, with real yield from RedStone data users planned in the future, according to the team behind the project.
Why RED Staking is Special
RedStone also highlighted that RED staking is special because it pioneers the “truly sustainable oracle tokenomics.”
Users can stake RED tokens via the following ways:
- EigenPie to receive liquid staking mRED
- Natively via the EigenLayer app
10% of RED’s Total Supply – Distributed to the Community
RedStone founder and COO, Marcin Kazmierczak recently said that under the RedStone Community and Genesis allocation, 10% of RED’s total 1 billion supply will be distributed to the community via claim activities over time.
This portion will reportedly recognize the important role played by the community in the project’s long-term success.
The tokens will be distributed via carefully designed airdrops to reward:
- Early supporters
- Partners
- Active participants involved in the project’s growth
The remaining tokens will be distributed as follows:
- 10% are set for protocol development.
- 20% are set for core contributors.
- 4% are set for Binance Launchpool.
- 24,3% are set for the ecosystem and data providers.
- 31.7% are set for early backers.
What is RED?
The RedStone blockchain is different from other traditional oracle networks like Chainlink. Its modular blockchain oracle doesn’t push data on-chain by default, but its gas-efficiency keeps data off-chain and delivers it on-demand when needed for transactions.
RED is the foundation of the RedStone ecosystem, which claims to be the fastest-growing blockchain oracle.
Staked RED accrues value as RedStone scales to secure thousands of blockchains and trillions of dollars in DeFi and on-chain finance, according to official notes from the team via X.
The project’s COO also said that the RED token opens new possibilities for deeper security, and decentralization within the network while establishing a unit of incentivization for participants in the ecosystem.
Staking allows the alignment of data accuracy and expansion of the oracles’ true potential.
