The native token of Redstone, RED, is experiencing a notable increase following a series of developments within just one day.
In the last 24 hours, the price of RedStone (RED) has jumped 18%, currently trading at $0.57 with a 24-hour trading volume of $188 million, reflecting a staggering rise of 287%. The primary trigger for this price surge seems to be the recent official confirmation that RedStone has been granted EIGEN tokens from the Eigen Foundation, intended for use as staking rewards.
EIGEN tokens will be released periodically to stakers participating in RedStone’s EigenLayer AVS, with rewards already beginning to accumulate. According to the announcement, a snapshot will soon take place to identify eligible users, with claim portals soon to be available for individuals to collect their accrued EIGEN tokens.
This grant enhances the appeal of staking RED by introducing EIGEN rewards in addition to current rewards in Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and USD Coin (USDC), which are earned as yield from RedStone’s data users who pay fees in these assets through EigenLayer AVS. Thus far, $1.38 million worth of RED tokens has been staked on EigenLayer, surpassing the Total Value Locked of the Eigenpie token, which is the native currency of EigenLayer.
Alongside the expansion of their staking rewards through the EIGEN grant, RedStone has also announced a partnership with Securitize. In particular, RedStone will serve as Securitize’s inaugural official oracle partner, supplying trustworthy and updated data feeds for all existing and forthcoming tokenized products, including BlackRock’s BUIDL fund.
These two developments—the grant of EIGEN tokens for rewards and the partnership with Securitize—have likely been influential in the over 200% increase in RED trading volume. Specifically, the introduction of EIGEN rewards for staking RED enhances the token’s demand, as it makes locking it more appealing, while still allowing it to be utilized for DeFi activities such as lending and borrowing.
The partnership with Securitize further solidifies RED’s credibility given Securitize’s commitment to regulatory compliance in the security token market. Additionally, RedStone was also listed on Coinbase and Bitvavo, and became the official Day 1 oracle partner for both the Hemi testnet and mainnet, all occurring on the same day.