Binance Lists RedStone RED Amid 27% Drop in Trading Debut
1min read Binance, the world's largest crypto exchange by trading volume, has introduced trading support for a new multichain oracle altcoin. This move allows traders on the platform to buy and sell RED, the native asset of the modular blockchain oracle RedStone.
RedStone positions itself as "the fastest-growing blockchain oracle" with a user base spanning over 80 chains. The company reported significant growth in 2024, with its user base expanding by over 500% and the Total Value Secured increasing by over 6,000%. RedStone's innovative and sustainable tokenomics model enables RED to generate real yield from data users. Staked RED tokens will receive a portion of the fees paid by data consumers as RedStone scales to secure thousands of blockchains and trillions of dollars in on-chain finance.
The listing of RED on Binance was initially delayed by three hours on Thursday due to unexpected last-minute changes by RedStone regarding the allocation of their community airdrop distribution. At the time of writing, RED is trading at $0.68, marking a more than 27% decrease from its first day of trading. Binance has attached a seed tag to RED, indicating that the asset has lower liquidity and may exhibit higher volatility compared to other listed tokens. Users interested in trading RED must pass quizzes every 90 days to ensure they are aware of the associated risks.
