RedStone, a blockchain oracle provider supported by Arrington Capital, has announced the launch of its native token, $RED, on the Ethereum network, a development revealed on Thursday.
1/ $RED is now available for trading on Binance. The token can also be found on major centralized exchanges including Bybit, Bitget, Kraken, KuCoin, Gate, HTX, MEXC, and others are expected to follow suit.
— RedStone Oracles (@redstone_defi) March 6, 2025
According to a press release shared with CryptoNews, $RED is structured to enhance the security and decentralization of RedStone’s oracle infrastructure. The token will facilitate staking, bolster economic stability, and help establish a sustainable oracle economy.
Marcin Kazimierczak, co-founder of RedStone, emphasized the significance of the $RED token, stating, “The introduction of the $RED token marks a crucial step toward decentralizing our oracle infrastructure while reinforcing the security and reliability of DeFi applications.”
“By integrating staking through RedStone AVS on EigenLayer, we align incentives for data accuracy and expand the potential of what oracles can achieve,” Kazimierczak added.
Stakers Earn Rewards in $RED
The staking framework will enable data providers and token holders to contribute to the network’s security. Data providers will stake $RED to ensure the dependability of the price feeds they provide, while token holders will stake within the RedStone AVS to further enhance overall network security.
In exchange for their participation, $RED stakers will receive rewards derived from RedStone data users operating across various blockchain networks, with payouts made in widely recognized cryptocurrencies such as ETH, BTC, SOL, and USDC. This arrangement establishes an incentive model for proactive members of the ecosystem.
To foster broad adoption and community involvement, RedStone has allocated 10% of the total supply of 1 billion $RED tokens for Community & Genesis distribution.
This initiative includes planned airdrops to honor early supporters, partners, and engaged contributors who have significantly contributed to RedStone’s rapid development.
RedStone Launches Bitcoin Staking Oracles
In October, RedStone introduced Bitcoin staking oracles aimed at enhancing DeFi protocols on platforms like Ethereum, Avalanche, and Polygon. This initiative enables Bitcoin holders to stake their assets within decentralized finance by providing real-time data for liquid staking.
Earlier in July, RedStone secured $15 million in funding, led by Arrington Capital, to further its expansion initiatives. The company specializes in providing data feeds to blockchains and Layer 2 technologies that are compatible with the Ethereum Virtual Machine (EVM).
The post Arrington Capital-Backed RedStone Launches RED Token on Ethereum appeared first on Cryptonews.
