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crypto.news 2025-02-28 12:58:38

Redstone announces oracle support for World Chain as RED token debuts for pre-market trading

Redstone announces oracle support for World Chain as RED token debuts for pre-market trading

RedStone has announced a strategic partnership with World Chain to provide oracle support as its RED token debuted for pre-market trading on Binance Launchpool and Bitget Pre Market. Redstone (RED), a modular blockchain oracle provider, just announced that it will provide Word Chain with oracle support. This will ensure smart contracts on World Chain can access accurate price feeds, market data, and other information needed for DeFi apps on World Chain ( WLD ). RedStone and @worldcoin join forces to bring reliable oracles to World Chain. Our oracles are now empowering human-first DeFi with the highest-quality data on the market. pic.twitter.com/LJfJAjAmlI — RedStone Oracles ♦️ (@redstone_defi) February 28, 2025 Founded in 2020, RedStone is a blockchain oracle that provides real-world data to smart contracts, similar to Chainlink ( LINK ) and Pyth Network ( PYTH ). However, RedStone has a modular design, which allows for faster integration with new blockchain networks. An example of its modular advantage is its integration with The Open Network ( TON ) blockchain, where RedStone became the first and only oracle after a four-month integration effort. RedStone was also the first oracle to projects like Ether.Fi and Renzo during the rise of liquid restaking tokens. Additionally, RedStone uses pull-based model for data access, unlike traditional oracles that constantly send data to the blockchain, which is slow and costly. In the pull-based system, smart contracts request only the specific data they need when they need it, helping to lower costs and reduce network congestion. As of now, RedStone ranks as the fourth-largest blockchain oracle, supporting 62 protocols (including Ethereum and Base) and approximately $6.5 billion in value, according to DefiLama . As of Feb., it also supports the recently launched project Berachain. You might also like: RedStone brings oracles for Bitcoin staking to expand use cases in defi Source: DefiLama In addition to adding support for World Chain, RedStone recently launched its token RED on Binance Launchpool and Bitget Pre Market. While Binance limits participation due to regional restrictions, Bitget Pre Market offers unrestricted access, letting anyone trade RED early. It has also been listed on MEXC , with deposits already opened and trading beginning once liquidity requirements are met. RED’s tokenomics is designed to foster growth and engagement across its ecosystem. 10% percent is dedicated to community rewards, including airdrops and early claims, while another 10% percent supports research and development. Core contributors receive 20% of the tokens, subject to a vesting schedule. 4% is allocated for collaboration with Binance to improve accessibility to RED tokens. To stimulate ecosystem growth, 24.3% is designated for data providers, while early supporters receive the largest share at 31.7%, also governed by a vesting schedule to maintain market stability. Source: RedStone Blog You might also like: What is a blockchain oracle?

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