- Binance listing for RedStone (RED) confirmed despite last-minute Airdrop allocation changes.
- RED competes with Chainlink and Pyth, offering off-chain data for DeFi and blockchain apps.
- RED Staking Flywheel Model incentivizes token holders with rewards and enhanced network security.
The listing of RedStone token on Binance will go ahead despite last-minute hurdles. The token was scheduled to be listed on Thursday, 6th March 13:00 (UTC). However, Binance had to suspend the listing after the project lowered its airdrop allocation from 9.5% to 5% of the total supply.
Despite the earlier uncertainty, the exchange has now announced that it will still list the token although there might be some delay to the schedule. RedStone (RED), a decentralized oracle network, offer supply off-chain data to smart contracts. This makes it valuable in DeFi, gaming, and blockchain applications.
Securing a listing on Binance is considered significant as it will enhance the project’s liquidity and overall visibility. Assuming a smooth listing process, RedStone is poised to become a formidable player in the oracle market, joining the ranks of Chainlink (LINK) and Pyth Network.
Coming to its tokenomics structure, nearly half of all the token supply is dedicated to community growth. Only 28% of the token supply will be in circulation at TGE to ensure a linear and sustainable release over the next four years.
While venture capital (VC) funding forms a major part in RedStone’s development, the project has made sure that early backer funds are locked for a full year.
In this way, retail investors are shielded from the risks of large-scale sell-offs that could trigger panic. Additionally, such move by RedStone makes it stand out among many projects that allow unrestricted VC supply, sometimes leading to major post-launch dumps.
RedStone’s Staking Flywheel Model
Another noteworthy feature is The RED Staking Flywheel. RedStone also prepares for its upcoming launch—Actively Validated Service (AVS) with EigenLayer, touted to be a first of its kind. It uses an extra security layer supported by $14 billion in staked assets.
This staking flywheel model could drive long-term demand for RED. Token holders and data providers can stake their RED tokens, improving network security while receiving rewards.
Furthermore, staking on EigenLayer will distribute earnings in major assets like BTC, ETH, SOL, and USDC. This makes it an appealing incentive for holders.
