RedStone Launches Its Native RED Token to Enhance Security and Decentralization of Its Oracle Infrastructure

The token introduces staking through EigenLayer's Actively Validated Services, enabling users to restake RED via EigenPie and EigenLayer applications.

RedStone, a blockchain oracle provider, has launched its native token, RED, designed to promote the security and decentralization of its oracle infrastructure, the company announced.

The token also introduces staking opportunities through EigenLayer’s Actively Validated Services, enabling users to restake RED via EigenPie and EigenLayer applications.

Both data providers and token holders can participate in staking RED to earn rewards in widely used crypto assets.

Oracles play a crucial role in decentralized finance by providing critical price data to DeFi applications, making it essential to have trustworthy and reliable data sources. RedStone’s new staking mechanism economically secures its oracle infrastructure by engaging a broader community and leveraging the existing value of EigenLayer’s ecosystem, which is currently integrating billions in staked assets.

To encourage community involvement, 10% of the 1 billion RED tokens will be distributed through community airdrops, aiming to recognize early supporters and contributors, as stated in a press release.

RedStone has been expanding rapidly, securing $6.86 billion in Total Value Secured and integrating with over 70 chains and 130 DeFi projects, including Morpho, Pendle, Spark, Moonwell, and Venus.

“The launch of the $RED token strengthens RedStone’s decentralization while enhancing the security and reliability of DeFi applications,” said RedStone Co-Founder Marcin Kazimierczak.