What is RedStone (RED)?
As an oracle project, RedStone is considered to have the potential to compete with Chainlink, which is currently the leader in the oracle space. Therefore, many investors are willing to buy in early.
When RED opened for pre-market trading on Binance, the price was $0.2, and then it rose to $0.8 in just a few days.
1. What does RedStone (RED) do?
RedStone is a blockchain oracle. Simply put, it acts as a "bridge" that is responsible for providing real-world data (such as cryptocurrency prices, stock prices, weather, etc.) to DeFi projects on the blockchain, allowing them to operate normally.
RedStone has several technical highlights:
• Supports over 70 blockchains, including Ethereum, Solana, Polygon, etc.;
• Cheaper and faster: uses a "pull" model to fetch data only when needed, reducing costs;
• More secure: combines EigenLayer technology to ensure data is real and reliable;
• Wide range of data sources: obtains real-time price information from mainstream trading platforms like Binance, Uniswap, etc.
These features make RedStone very competitive in the DeFi space, thus attracting market attention.
2. What is the use of the RED token?
The RED token is not just a "speculative coin"; it has practical uses within the RedStone ecosystem:
1. Staking: Users can stake RED tokens to help maintain network security and earn rewards in ETH, BTC, etc.
2. Paying fees: When using RedStone services, you may need to pay with RED tokens.
3. Governance: Users holding RED tokens can participate in project decision-making.
Token information:
• Total supply: 1 billion tokens
• Initial circulation: 280 million tokens (28%)
Summary:
Binance's Launchpool has previously launched many outstanding projects, such as SUI and SEI, which have seen good gains after going live. Therefore, many investors also have similar expectations for RED and are willing to enter the market early.
With the market free to trade after the circuit breaker is lifted, it may welcome greater volatility. The unlocking of RED may bring selling pressure, and market sentiment will influence price direction.
