RedStone, a blockchain oracle supplier, has launched its native token, RED, designed to boost the safety and decentralization of its oracle infrastructure.
The token introduces staking by way of EigenLayer’s Actively Validated Providers, enabling customers to restake RED through EigenPie and EigenLayer functions.
Each information suppliers and token holders can stake RED to earn rewards in broadly used crypto property.
Oracles provide crucial value information to decentralized finance functions, counting on safe and dependable information sources. RedStone’s new staking mechanism enhances financial safety, by leveraging EigenLayer’s ecosystem and integrating billions in staked property.
To encourage participation, 10% of the 1 billion RED tokens might be distributed by way of group airdrops, rewarding early supporters and contributors, in keeping with a press launch despatched to crypto.information.
RedStone is increasing, securing $6.86 billion in Whole Worth Secured and integrating with over 70 chains and 130 DeFi tasks, together with Morpho, Pendle, Spark, Moonwell, and Venus.
“The launch of the $RED token strengthens RedStone’s decentralization whereas enhancing safety and reliability for DeFi functions,” stated RedStone Co-Founder Marcin Kazimierczak.
