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Information about RedStone (RED)
RedStone is a system that provides financial data to decentralized applications (DApps). Unlike traditional oracles that store data directly on the blockchain, RedStone takes a different approach to make data delivery faster and cheaper. RedStone aims to provide customizable, low-cost, and secure data feeds that support over 1,250 assets across dozens of blockchains.
RedStone provides data to DApps through different models of data consumption, allowing clients and developers to choose the most suitable option. It has a modular architecture that handles data collection and data delivery separately, meaning it can scale better across multiple networks.
Since its launch in 2021, RedStone has been adopted by many DeFi projects, including EtherFi, Ethena, Pendle, Solv, Venus, and Puffer.
RED is a native coin of the RedStone ecosystem, operating on Ethereum according to ERC20 standard.
The RED token is mainly used for staking, which helps keep the RedStone network secure. Data providers and token holders can stake their RED tokens through RedStone’s system, which works with EigenLayer’s AVS. In return, they can earn rewards in different cryptocurrencies like ETH, BTC, SOL, and USDC from users who rely on RedStone’s data.
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News
RedStone publicly refuted claims suggesting a partnership with Web3Port and Whisper, emphasizing that these rumors were baseless and not authorized by the company.
Given the ongoing controversies related to the alleged manipulative activities involving Web3Port and Whisper, RedStone’s denial aims to protect its market integrity and maintain transparency.
Despite the controversies, RedStone’s native token, RED, has experienced significant growth, increasing by 14.5% in just a week and 74% in a month.
Redstone has experienced volatility with a 25% rise in the week despite a recent 20% pullback, reflecting indecision in the market. The RSI indicates increasing bearish momentum as it falls below the neutral zone, while the ADX suggests that the strength of the downtrend is fading.
With a crucial support level at $0.65, Redstone faces risks if this is breached, potentially dropping toward $0.50. Conversely, if RED breaks above $0.77, it might aim for $0.90 and $0.95, signaling a possible bullish reversal.
Securitize now relies on RedStone for price feeds on tokenized products connected to BlackRock and Apollo. This partnership aims to integrate real-world assets more seamlessly into DeFi, underlining the increasing importance of blockchain technology in global finance.
With the global securities market’s valuation at 255 trillion USD, real-world assets are projected to grow further. RedStone’s capabilities will unlock custom pricing strategies, fostering scalability and innovative applications in decentralized finance.
RED trading volume is $64.38m. Market capitalization reaches $185.02m.
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