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

RedStone has introduced a strategic partnership with World Chain to offer oracle assist as its RED token debuted for pre-market buying and selling on Binance Launchpool and Bitget Pre Market.

Redstone (RED), a modular blockchain oracle supplier, simply introduced that it’s going to present Phrase Chain with oracle assist. It will guarantee sensible contracts on World Chain can entry correct value feeds, market information, and different info wanted for DeFi apps on World Chain (WLD).

Based in 2020, RedStone is a blockchain oracle that gives real-world information to sensible contracts, much like Chainlink (LINK) and Pyth Community (PYTH). Nonetheless, RedStone has a modular design, which permits for quicker integration with new blockchain networks. An instance of its modular benefit is its integration with The Open Community (TON) blockchain, the place RedStone grew to become the primary and solely oracle after a four-month integration effort. RedStone was additionally the primary oracle to tasks like Ether.Fi and Renzo throughout the rise of liquid restaking tokens.

Moreover, RedStone makes use of pull-based mannequin for information entry, in contrast to conventional oracles that continually ship information to the blockchain, which is gradual and expensive. Within the pull-based system, sensible contracts request solely the particular information they want after they want it, serving to to decrease prices and scale back community congestion.

As of now, RedStone ranks because the fourth-largest blockchain oracle, supporting 62 protocols (together with Ethereum and Base) and roughly $6.5 billion in worth, in accordance with DefiLama. As of Feb., it additionally helps the lately launched challenge Berachain.

You may also like: RedStone brings oracles for Bitcoin staking to increase use instances in defi

Supply: DefiLama

Along with including assist for World Chain, RedStone lately launched its token RED on Binance Launchpool and Bitget Pre Market. Whereas Binance limits participation resulting from regional restrictions, Bitget Pre Market provides unrestricted entry, letting anybody commerce RED early. It has additionally been listed on MEXC, with deposits already opened and buying and selling starting as soon as liquidity necessities are met.

RED’s tokenomics is designed to foster progress and engagement throughout its ecosystem. 10% % is devoted to group rewards, together with airdrops and early claims, whereas one other 10% % helps analysis and improvement. Core contributors obtain 20% of the tokens, topic to a vesting schedule. 4% is allotted for collaboration with Binance to enhance accessibility to RED tokens. To stimulate ecosystem progress, 24.3% is designated for information suppliers, whereas early supporters obtain the biggest share at 31.7%, additionally ruled by a vesting schedule to keep up market stability.

Supply: RedStone Weblog

You may also like: What’s a blockchain oracle?