RedStone Token Debuts on Ethereum at $900 Million Valuation

RedStone, a blockchain oracle provider backed by Arrington Capital, has officially launched its native token RED on the Ethereum network.

The token is now trading on major centralized exchanges (CEXs), including Binance, Bybit, Bitget and Kraken. Since its debut this morning, RED has hit an all-time high of $0.93 and an all-time low of $0.65. It’s currently trading at $0.75 with a market capitalization of $207 million, according to CoinGecko, which corresponds to a fully diluted valuation of $740 million.

A core function of RED is its staking mechanism, where validators and data providers must lock up tokens to secure RedStone’s oracle services, according to the company’s blog. This staking process is aimed at strengthening network reliability and increasing active participation.

The launch of RED marks a significant milestone for RedStone, which currently boasts a total value secured (TVS) of $4.7 billion.

The total supply of RED is capped at 1 billion tokens, with an initial circulating supply of 28%. The remaining 72% of RED will unlock over 4 years.

Of the remaining tokens, 10% are allocated for protocol development, 20% for core contributors, 4% for Binance Launchpool, 24.3% for ecosystem and data providers, and 31.7% for early backers, according to RED’s tokenomics.