Outside Source
RedStone, a blockchain oracle provider, has launched its native token, RED, designed to enhance the 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.
Both data providers and token holders can stake RED to earn rewards in widely used crypto assets.
Oracles supply critical price data to decentralized finance applications, relying on secure and reliable data sources. RedStone’s new staking mechanism enhances economic security, by leveraging EigenLayer’s ecosystem and integrating billions in staked assets.
To encourage participation, 10% of the 1 billion RED tokens will be distributed through community airdrops, rewarding early supporters and contributors, according to a press release sent to crypto.news.
RedStone is expanding, 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 security and reliability for DeFi applications,” said RedStone Co-Founder Marcin Kazimierczak.
This article first appeared at crypto.news
