Binance, the leading cryptocurrency exchange globally, has recently introduced trading support for a new multichain oracle altcoin. Traders can now engage in buying and selling RED, the native token of RedStone, a modular blockchain oracle.
RedStone prides itself on being the fastest-growing blockchain oracle, boasting users across more than 80 chains. The platform has experienced significant growth in 2024, with a user base increase of over 500% and a Total Value Secured surge of over 6,000%. RED, the token associated with RedStone, is designed to accumulate real yield from data users on the platform. Staking RED tokens allows users to receive a portion of data consumer fees as RedStone expands its reach to secure numerous blockchains and trillions of dollars in on-chain finance.
Despite some delays, Binance eventually listed RED for trading, albeit with some precautionary measures. The token is currently priced at $0.68, experiencing a decline of over 27% on its first day of trading. Binance has classified RED with a seed tag, indicating that it is a lower-liquidity asset that may exhibit higher volatility compared to other tokens. Users looking to trade assets with seed tags are required to pass quizzes every 90 days to ensure they understand the associated risks.
For the latest updates and alerts in the cryptocurrency market, subscribe to receive email notifications directly to your inbox. Stay informed about price actions and market trends by following us on Twitter, Facebook, and Telegram. Dive into The Daily Hodl Mix for a curated selection of news and insights.
Remember, the crypto market is dynamic and ever-changing, so stay informed and make informed decisions.