The world’s largest cryptocurrency exchange, Binance, has announced the launch of RedStone (RED), the 64th project on its Launchpool platform. This initiative allows users to "farm" new tokens by staking assets such as BNB, FDUSD, or USDC.
A New Approach to Token Stability
In a bid to reduce initial volatility, Binance introduced the Pre-Market Price Ceiling Mechanism for the RED token. This feature aims to prevent extreme price fluctuations during the token’s early trading period. The farming period will commence on February 26 and end on February 28.
During this 48-hour window, users can stake BNB, FDUSD, and USDC to earn RED tokens as rewards.
40 Million Tokens Up for Grabs
Binance has allocated 40 million RED tokens (4% of the total supply) for distribution. The breakdown of token rewards is as follows:
- 80% for users staking BNB
- 10% for users staking FDUSD
- 10% for users staking USDC
Additionally, farming will have an hourly cap:
- BNB Pool – up to 66,666 RED per hour
- FDUSD and USDC Pools – up to 8,333 RED per hour each
Trading and Pre-Market Restrictions
On February 28 at 7:00 AM (UTC), Binance will enable RED token trading on its Pre-Market platform. This phase allows early trading before the official spot listing (date yet to be announced).
To prevent market manipulation, each user will be limited to holding a maximum of 5,000 RED tokens during the pre-market period.
Three-Phase Price Ceiling Mechanism
A key highlight of this launch is the three-tiered price ceiling system aimed at controlling RED's initial surge. Binance will apply the following price restrictions during the first 72 hours:
- First 48 hours (Feb 28 – Mar 1): Price capped at 200% of the initial value.
- Next 24 hours (Mar 1 – Mar 2): Cap increases to 300%.
- Final 24 hours (Mar 2 – Mar 3): Ceiling rises to 400%.
After March 3, the price ceiling will be removed, allowing RED to trade freely based on supply and demand.
During this period, deposits, withdrawals, and transfers of RED will be restricted, meaning users can only trade the token with the USDT pair.
What is RedStone (RED)?
RedStone is a multi-chain oracle that connects external data sources (such as asset prices) to various blockchains. It supports both Ethereum Virtual Machine (EVM) and non-EVM networks, gathering data from over 1,250 digital assets across approximately 70 blockchains.
The protocol’s modular architecture enables reliable data feeds, even for complex assets like:
- Liquid Restaking Tokens (LRTs)
- Bitcoin DeFi derivatives (BTCFi)
- Real World Assets (RWAs)
With its advanced oracle technology, RedStone aims to provide secure and efficient data solutions for the evolving Web3 ecosystem.
Conclusion
Binance’s launch of RedStone (RED) through Launchpool offers an exciting opportunity for users to earn free tokens while benefiting from a structured trading approach. The introduction of the Pre-Market Price Ceiling Mechanism ensures a fair and stable market entry, reducing risks associated with early-stage volatility.
As the crypto space continues to evolve, innovations like RedStone’s modular oracles and Binance’s price control measures pave the way for a more reliable and user-friendly trading experience. Don’t miss out on this limited-time opportunity to participate in RED farming and explore the future of blockchain data solutions!
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