After the farming event, RED will be listed on Binance Pre-Market with a temporary price control mechanism.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Global cryptocurrency exchange Binance has officially welcomed RedStone (RED), a decentralized finance protocol serving as an oracle for Ethereum Virtual Machine (EVM) and non-EVM blockchains, as the 64th project on its Launchpool.
Launched in September 2020, Binance Launchpool allows users to stake their cryptocurrencies in new projects and earn rewards. According to the company, the platform exclusively supports early-stage blockchain projects, often before their public launch.
In an official announcement on Tuesday, Binance confirmed that users will be able to farm RED starting from February 26, 2025, at 00:00 UTC.
The farming event will last for two days, during which users can stake Binance Coin BNB $604.8 24h volatility: 3.9% Market cap: $88.31 B Vol. 24h: $891.77 M , Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $60.25 B Vol. 24h: $9.35 B , and First Digital USD FDUSD $1.00 24h volatility: 0.0% Market cap: $2.59 B Vol. 24h: $5.71 B to earn RED tokens.
Following the conclusion of the staking event, Binance will list RED on its Pre-Market with an “upward circuit breaker mechanism” to regulate initial trading activity. The exchange explained that this circuit breaker will restrict the maximum trading price to a predefined percentage above the initial listing price for the first 72 hours. After this period, price restrictions will be lifted, and normal trading will resume.
However, Binance clarified that this mechanism is currently under trial with RedStone, and a decision has not yet been made on whether it will apply to future projects.
“Please note that this upward circuit breaker mechanism is being trialed for the RED token launch, and it is yet to be determined if this will be an ongoing feature of future Pre-Market listings,” the exchange stated.
For Pre-Market trading, Binance has imposed a maximum holding limit of 5,000 RED per trader. Additionally, due to regulatory restrictions, users in certain countries including Canada, the United States and its territories, the Netherlands, Japan, Kazakhstan, and North Korea will be unable to participate in RED trading.
RedStone has a maximum token supply of 1 billion, with 30% of the total supply set to enter circulation upon launch. Initially, RED will only be available as an ERC-20 token, but the team plans to expand to networks like Solana and Base through Wormhole native token transfer in the future.
The RedStone team has allocated 48.3% of the total 1 billion supply to community and ecosystem growth, ensuring long-term development and sustainability. A total of 10% of the supply has been set aside to reward early adopters and active contributors, incentivizing those who support and promote the ecosystem.
Another 10% has been allocated to the RedStone team, ensuring that the developers and core contributors are compensated for their efforts in building and maintaining the project.
The developers have also designated 28.3% of the total supply as incentives for builders and data providers, encouraging further innovation and integration within the RedStone ecosystem.
Furthermore, 20% of the token supply will be distributed among top contributors, engineers, security experts, and community leaders. Finally, 31.7% of the total supply will be allocated to investors, advisors, and strategic partners who supported RedStone’s early development and growth.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
