In an extraordinary turn of events, Redstone’s native token, RED, has experienced a remarkable surge of 18% over the past 24 hours, now trading at $0.57. This surge follows a series of significant developments that have drastically increased its trading volume by over 200%, climbing to $188 million.
The catalyst for this impressive increase appears to be the recent announcement from Redstone regarding the receipt of a grant of EIGEN tokens from the Eigen Foundation. These tokens are aimed at augmenting staking rewards for RED holders. Stakers in the Redstone’s EigenLayer AVS will benefit from periodic releases of EIGEN tokens, with eligible users poised to claim their rewards shortly after a snapshot is taken.
Moreover, the incentives for staking RED have been strengthened considerably by this new grant, enhancing its appeal among investors. RED holders will now have the opportunity to earn EIGEN tokens alongside existing rewards available in Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and USD Coin (USDC). Currently, approximately $1.38 million worth of RED tokens has been staked on EigenLayer, surpassing the total value locked of the Eigenpie token, the native asset of EigenLayer.
In addition to the staking enhancements, Redstone has forged a strategic partnership with Securitize, positioning itself as the first official oracle partner for the firm. This partnership is especially significant as it will provide Securitize with reliable and real-time data feeds for various tokenized products, including the highly anticipated BlackRock’s BUIDL fund.
Combining the effects of the EIGEN rewards and the partnership with Securitize, the demand for RED is predicted to rise, drawing more investors into its ecosystem. The compliance pedigree of Securitize adds an extra layer of credibility to RED, especially within the regulated security token space. While gaining traction, Redstone has also listed the RED token on prominent exchanges such as Coinbase and Bitvavo, and it has been appointed as the official Day 1 oracle partner for both the Hemi testnet and mainnet—all in the same day, amplifying its visibility in the competitive DeFi landscape.
As the developments unfold, the rise in RED’s price and trading volume could indicate a positive trajectory for the token. Investors are keenly observing how these changes will impact the broader market and whether RED can sustain its newfound momentum in the ever-evolving blockchain ecosystem.
