RedStone (RED) Up 38% Today. What’s Driving the Pump?

RedStone (RED), a modular oracle network, has experienced a significant surge in its market value in the last 24 hours. According to data from Coingecko, RED rallied 38% before retracing slightly to $0.5964 at the time of writing. 

Despite the ongoing market struggles that have negatively impacted major assets like Bitcoin, RED is demonstrating strong resilience. The token is also seeing an increase in market activity as its 24-hour trading volume records a remarkable 238.70% increase to over $288 million. 

Factors Behind RedStone’s Surge

The significant price increase can be attributed to several factors, including a recent announcement from the institutional tokenization firm Securitize. The firm has chosen RedStone as its primary data provider for its current and future products issued by Apollo, BlackRock, Hamilton Lane, and KKR. The collaboration will enable RedStone to deliver timely data to power these tokenized assets, smart contracts, and DeFi products

This partnership with Securitize, a leading platform for tokenizing real-world assets, sets RedStone apart from other oracles. This will likely attract increased usage and demand for RedStone’s oracle services. 

Additionally, RedStone’s bullish trigger came following the token’s listing on popular crypto platforms Coinbase and Bitvavo. Crypto exchange listings have frequently impacted token prices, often boosting visibility and leading to significant growth as users anticipate increased adoption. 

The Eigen Foundation has given RedStone a grant in the form of EIGEN tokens, the native token of EigenLayer. This grant will boost staking incentives for users participating in RedStone’s system on EigenLayer. RedStone is running an Actively Validated Service (AVS) that leverages Ethereum’s security by using restaked ETH and other tokens as collateral to ensure their reliability and performance. 

Thus, if users stake in RedStone’s AVS on EigenLayer, they will earn EIGEN tokens as rewards. It is worth noting that these rewards are already accumulating and will be distributed over time, meaning there will be ongoing opportunities to earn.

Moreover, RedStone has become the official Day 1 oracle partner for Hemi mainnet. This means that it will be providing crucial decentralized data feeds and oracle services to power smart contracts and dApps on Hemi. This partnership will not only enhance the availability of reliable on-chain data for developers building on Hemi but also highlight its focus on secure and scalable infrastructure.

What is RedStone?

RedStone is a cutting-edge Oracle blockchain solution that aims to make it easier and more efficient for decentralized applications to access off-chain data. The platform focuses on scalability and flexibility, enabling cross-chain DeFi while ensuring developers have the precise information they need on any network.

As a modular Oracle network, RedStone focuses on using a more efficient approach to deliver data by separating data acquisition from on-chain verification. This separation allows for faster updates, broader coverage of blockchains, and more efficient support for custom data feeds. It also stores minimal information on-chain thereby reducing transaction bulk and overhead. 

DApps can tap into RedStone’s network to fetch current prices or reference data at the moment of transaction execution. Additionally, developers can customize how frequently new data is pushed, what types of assets are supported, and even how the data might be validated on each specific chain.

RedStone employs the use of advanced validation mechanisms like actively validated service (AVS) through EigenLayer. This approach offers robust economic security by letting stakers lock up tokens, including its native token RED, to guarantee honest data delivery. 

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