Blockchain oracle solution provider RedStone has officially launched its RED token on Ethereum, designed to help secure and decentralize RedStone's oracle data delivery infrastructure by enabling staking.
Under RedStone's Community and Genesis allocation, 10% of RED's total 1 billion supply will be distributed to the community through claim activities over time, RedStone co-founder and COO Marcin Kazmierczak told The Block. "That portion will recognise the crucial role the community plays in RedStone’s long-term success. These tokens will be distributed via carefully designed airdrops to reward early supporters, partners and active participants involved in RedStone's growth," Kazmierczak said.
A claims checker for the first airdrop went live on Wednesday, enabling "RedStone Expedition" participants to check their allocations ahead of Thursday's token generation event. The initiative was a community engagement and reward program launched in late 2023, where participants earned "RedStone Gems," a points-based system, through activities like onchain interactions, content creation and official Discord roles. However, of the entire community of about 200,000 members, only around 4,000 met the conditions for receiving the airdrop, Foresight News reported.
Of the remaining tokens, 10% are set aside for protocol development, 20% for core contributors, 4% for Binance Launchpool, 24.3% for ecosystem and data providers and 31.7% for early backers. Each category has a varying release schedule of up to 48 months, according to the project's tokenomics page.
RED token unlock schedule. Image: RedStone.
RED was trading for around $0.84 on Binance pre-market ahead of spot trading going live. With an initial circulating supply of 280 million RED, that would imply a market cap of around $235 million and a fully diluted valuation of $840 million. RED's 1 billion supply is fixed, hard coded in a non-upgradeable contract, Kazmierczak confirmed.
Coinbase, Bybit, KuCoin and Gate are among the other crypto exchanges that have launched pre-markets for RED in recent weeks. "Notably, RED pre-market on Coinbase was 4th of its kind on that platform, following EigenLayer, MagicEden and Story Protocol," Kazmierczak said, adding that many of those are expected to transition to spot markets upon launch.
Oracles provide crucial price data for DeFi applications, but their security depends on the accuracy and reliability of their data providers.
"The launch of RED will be a pivotal moment in the process of decentralizing RedStone's oracle infrastructure and accelerating RedStone towards becoming the most technologically advanced, scalable and economically sustainable blockchain oracle," Kazimierczak said.
Once claimed, RED can be staked by token holders and data providers in RedStone's EigenLayer Actively Validated Service (AVS), leveraging EigenLayer's restaking protocol to bolster the security and reliability of its data feeds. RED can be staked directly through EigenLayer or using Mega DAO Magpie for liquid staked mRED, the project explained.
"The RED token opens new possibilities for deeper security and decentralization within the RedStone network while establishing a unit of incentivization for participants in the RedStone ecosystem, via implementation of RedStone AVS that can tap into billions of dollars staked in EigenLayer for additional cryptoeconomic security," Kazimierczak added. "By introducing staking for token holders via RedStone AVS on EigenLayer, the system aligns incentives for data accuracy and expands the scope of what oracles can achieve."
The exact staking yield is yet to be determined, but rewards will initially be in a form of RED tokens, with future potential for EIGEN and other assets, Kazimierczak told The Block. "As the system matures, RED stakers will earn rewards from RedStone data users across hundreds of blockchains, paid in widely adopted assets like ETH, BTC, SOL and USDC," he claimed.
Kazmierczak also confirmed that there are no plans to add a governance function to RED.
Unlike traditional oracle networks like Chainlink, RedStone's modular blockchain oracle does not push data onchain by default. Instead, its gas-efficient design keeps data off-chain and delivers it on-demand when needed for transactions.
RedStone claims to have added 72 partnerships over the past year, now supporting more than 70 chains, including Ethereum, Base, Avalanche, TON and Polygon, providing price feeds to DeFi protocols, including Morpho, Pendle, Spark, Moonwell and Venus. RedStone currently has a Total Value Secured of $6.4 billion, according to DeFiLlama data, placing it as the fourth-largest behind Chainlink, Chronicle and Pyth.
In July 2024, RedStone announced it had raised $15 million in a Series A funding round led by Arrington Capital, with participation from Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures and IOSG Ventures, among others.
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