Redstone, the Oracle provider of blockchain, has launched native token Red, designed to enhance security and decentralization of its Oracle infrastructure.
The token introduces staking through Eigenlayer's aggressively verified services, allowing users to place red through Eigenpie and Eigenlayer applications.
Both data providers and token holders can be staked to red to earn rewards with widely used crypto assets.
Oracles relies on secure and reliable data sources to provide critical pricing data for distributed finance applications. Redstone's new staking mechanism leverages the Eigenlayer ecosystem and enhances economic security by integrating billions of dollars in assets.
To encourage participation, 10% of the billion red tokens will be distributed through community airdrops, rewarding early supporters and contributors, according to a press release sent to Crypto.News.
Redstone has expanded to secure a total of $6.866 billion, integrating with over 70 chains and 130 Defi projects, including Morpho, Pendle, Spark, Moonwell and Venus.
“The launch of $Red Token will enhance Redstone's decentralization while increasing the security and reliability of Defi applications,” said Marcin Kazimierczak, co-founder of Redstone.
