RED price surges 18% after a slew of developments in a single day, boosting trading volume by over 200%
Redstone’s native token RED is pumping after a series of developments in a single day.
RedStone (RED) price has surged by 18% in the past 24 hours, trading at $0.57 with a 24-hour trading volume of $188 million, up 287%. The main catalyst for the surge seems to be the recent official announcement that RedStone has received a grant of EIGEN tokens from Eigen Foundation to be used as staking rewards.
EIGEN tokens will be periodically released to stakers in RedStone’s EigenLayer AVS, with rewards are accumulating already. According to the announcement, a snapshot will be taken soon to record who is eligible for rewards, with claim portals opening for users to claim their earned EIGEN tokens.
This grant further boosts incentives for staking RED by adding EIGEN rewards in addition to existing rewards in Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and USD Coin (USDC), which are earned organically as yield from RedStone‘s data users who pay fees in these assets through EigenLayer AVS. So far, $1.38 million RED tokens has been staked on EigenLayer. To put it into perspective, this is more than the Total Value Locked of Eigenpie token, the native token of EigenLayer.
In addition to expanding their staking rewards through the EIGEN grant, RedStone recently announced its partnership with Securitize. Specifically, RedStone will be Securitize’s first official oracle partner, providing it with reliable and up-to-date data feeds for all present and future tokenized products, including BlackRock’s BUIDL fund.
These two developments (the grant of EIGEN tokens for rewards and partnership with Securitize) likely contributed to the 200%+ surge in RED trading volume. Specifically, the addition of EIGEN rewards for staking RED boosts the demand for the token as it makes it more lucrative to lock it, while still making it available for DeFi actions like lending and borrowing.
As for the partnership with Securitize, it gives RED more credibility as Securitize is known for its compliance with regulatory standards in the security token space. Finally, RedStone was also listed on Coinbase and Bitvavo, and became the official Day 1 oracle partner for Hemi testnet and mainnet, all in one day.
