Redstone’s Native Token RED Experiences Surge
RedStone (RED) has seen a significant price increase of 18% in the past 24 hours, trading at $0.57 with a 24-hour trading volume of $188 million, marking a 287% rise. The primary driver for this surge appears to be the announcement regarding a grant of EIGEN tokens from the Eigen Foundation, intended for use as staking rewards.
EIGEN Token Release
EIGEN tokens will be periodically released to RED stakers in RedStone’s EigenLayer AVS, and rewards are already accumulating. A snapshot will soon be taken to determine eligibility for rewards, with users being able to claim their earned EIGEN tokens through designated portals.
The grant enhances incentives for staking RED by adding EIGEN rewards to the existing rewards in Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and USD Coin (USDC) generated from the fees paid by RedStone’s data users. Presently, $1.38 million in RED tokens have been staked on EigenLayer, surpassing the Total Value Locked of Eigenpie, EigenLayer’s native token.
> Related: RedStone launches AVS testnet on EigenLayer
Partnership with Securitize
In conjunction with the EIGEN grant, RedStone has partnered with Securitize, becoming its first official oracle partner. This collaboration will supply Securitize with reliable and current data feeds for all existing and forthcoming tokenized products, including BlackRock’s BUIDL fund.
These two advancements—the EIGEN reward grant and the partnership with Securitize—likely contributed to a 200%+ increase in RED trading volume. The introduction of EIGEN rewards for staking RED elevates the demand for the token, as it becomes more appealing to lock it while still permitting participation in DeFi activities like lending and borrowing.
Additionally, RedStone gained more recognition by being listed on Coinbase and Bitvavo and became the official Day 1 oracle partner for both Hemi testnet and mainnet, all within a single day.
> Related: RED token launch strengthens RedStone’s oracle security and DeFi integration
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