RedStone (RED) — The 64th Launchpool Project Introduced by Binance
Pre-market trading for RED/USDT pair will be launched by Binance.
For Pre-Market, Binance also revealed an upward circuit breaker mechanism.
On its Launchpool platform, Binance today revealed its 64th project: RedStone (RED), a multi-chain oracle spanning both EVM and non-EVM networks.
Locking their BNB, FDUSD, and USDC will allow users to get RED airdrops over two days. February 26 at 00:00 (UTC) will be the start date.
Details of Red Launchpool
There will be one billion RED tokens total and maximum token supply.
Four percent of the entire supply will be forty million RED tokens, the Launchpool token awards.
At the Binance listing, 280 million RED tokens—28% of the total supply—will be initially in circulation.
First platform to list RED will also be Binance.
RED Pre-market Trading Information
The exchange formally announced that Pre-Market trading would begin on February 28 at 10:00 ( UTC).
Binance will start Pre-Market trading with a RED/USDT trading pair. Later there will be announcements of the pre-market finish time and spot listing time.
Every user's maximum holding limit will be 5,000 RED tokens.
In its remarks, the exchange also disclosed the Pre-Market's upward circuit breaker mechanism.
Upward Circuit Breaker Mechanism for Pre-Market Binance Details
To innovate and improve user trading experience on the platform, Binance adds expanded functionality for Pre-Market.
For the first 74 hours of Pre-Market trading, the forthcoming upward circuit breaker mechanism will restrict the highest trading price to a set percentage of the starting opening price. Following this, there will be no price limits; trade will resume usually.
Trialed for the upcoming RED token release, this new method will be decided upon by Binance
Rules of Upward Circuit Breakers
Binance also enumerated the main guidelines for this upcoming tool:
The maximum allowed price limit is 200% of the original starting price between February 28 at 10:00 (UTC)
