The decentralized finance (DeFi) oracle provider RedStone has recently addressed and refuted false claims of a partnership with Web3Port and Whisper, two entities in the Web3 acceleration and market-making space. In an official statement released by RedStone, the company clarified that there was no partnership with either Web3Port or Whisper, and the rumors were entirely baseless.
The rumors, which surfaced without RedStone’s knowledge or consent, were swiftly addressed by the company. RedStone took immediate action to demand the removal of the misleading information from public channels, although remnants of the false claims may still persist online. The firm reassured its community that its market operations remain independent and uninfluenced by any unauthorized third parties attempting to associate with them.
The decision to distance itself from Web3Port and Whisper comes amidst ongoing controversies surrounding these entities. Recent reports revealed that Binance had banned an unidentified market maker for manipulating trading volumes of certain tokens. While Binance did not disclose the banned firm’s name, industry insiders suggested a link to May Liu, a key figure in the market-making space who operates Whisper and Web3Port. These allegations have raised concerns about unethical trading practices, including price manipulation and liquidity control.
In response to these developments, RedStone’s proactive stance in refuting any association with Web3Port and Whisper is seen as a strategic move to uphold its market integrity and reputation. The company emphasized that it only collaborates with trusted and rigorously vetted liquidity providers to ensure transparency and reliability in its operations.
Despite the controversy, RedStone’s native token, RED, has shown resilience in the market, with a notable increase in value over the past week and month. This positive performance reflects investor confidence in RedStone’s commitment to maintaining a trustworthy and secure ecosystem.
In parallel to addressing these rumors, RedStone continues to expand its role in the DeFi ecosystem, particularly in real-world asset (RWA) tokenization. A recent partnership with Securitize, a leading RWA tokenization platform, signifies RedStone’s dedication to providing reliable price feeds for tokenized securities issued by major financial institutions. Through this collaboration, RedStone aims to support the adoption of on-chain financial products while ensuring security and compliance.
With the global securities market surpassing $255 trillion and the on-chain economy valued at over $20 billion, RedStone’s efforts to bridge traditional finance with decentralized applications are becoming increasingly significant. By distancing itself from unfounded rumors and focusing on strategic partnerships and market integrity, RedStone remains committed to driving innovation and growth in the DeFi space.
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