Arrington Capital-Backed RedStone Launches RED Token on Ethereum

RedStone, a blockchain oracle supplier backed by Arrington Capital, introduced on Thursday the launch of its native token, $RED, on the Ethereum community.

In a press launch shared with CryptoNews, the agency stated the token is designed to safe and decentralize RedStone’s oracle infrastructure by permitting staking, enhancing financial safety, and introducing a sustainable oracle economic system.

“The introduction of the $RED token marks a vital step towards decentralizing our oracle infrastructure whereas reinforcing the safety and reliability of DeFi purposes,” stated Marcin Kazimierczak, co-founder of RedStone.

“By integrating staking via RedStone AVS on EigenLayer, we align incentives for information accuracy and broaden the potential of what oracles can obtain,” stated Kazimierczak.

Stakers Earn Rewards in $RED

The staking mannequin will permit each information suppliers and token holders to take part in securing the community. Information suppliers stake $RED to ensure the reliability of the value feeds they provide, whereas token holders stake immediately throughout the RedStone AVS to additional reinforce community safety.

In return, $RED stakers will obtain rewards from RedStone information customers throughout a number of blockchain networks, with payouts in broadly adopted property corresponding to ETH, BTC, SOL, and USDC. This construction creates a incentive system for energetic members within the ecosystem.

To encourage widespread adoption and neighborhood participation, RedStone stated it has allotted 10% of the full 1 billion $RED tokens for the Neighborhood & Genesis distribution.

This initiative consists of focused airdrops to reward early supporters, companions, and energetic contributors who’ve performed a task in RedStone’s fast progress.

RedStone Launches Bitcoin Staking Oracles

In October, RedStone launched Bitcoin staking oracles to boost DeFi protocols on platforms like Ethereum, Avalanche, and Polygon. This enables Bitcoin holders to stake their property in decentralized finance (DeFi) by delivering real-time information for liquid staking.

In July, RedStone raised $15 million in a funding spherical led by Arrington Capital, supporting its enlargement efforts. The agency supplies information feeds to blockchains and layer 2 applied sciences appropriate with the Ethereum Digital Machine (EVM).

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