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 sequence of developments in a single day.

RedStone (RED) worth has surged by 18% prior to now 24 hours, buying and selling at $0.57 with a 24-hour buying and selling quantity of $188 million, up 287%. The primary catalyst for the surge appears to be the current official announcement that RedStone has obtained a grant of EIGEN tokens from Eigen Basis for use as staking rewards.

EIGEN tokens might be periodically launched to stakers in RedStone’s EigenLayer AVS, with rewards are accumulating already. In response to the announcement, a snapshot might be taken quickly to report who’s eligible for rewards, with declare portals opening for customers to assert their earned EIGEN tokens.

This grant additional boosts incentives for staking RED by including EIGEN rewards along with current rewards in Ethereum (ETH), Bitcoin (BTC), Solana (SOL), and USD Coin (USDC), that are earned organically as yield from RedStone‘s knowledge customers who pay charges in these belongings via EigenLayer AVS. To this point, $1.38 million RED tokens has been staked on EigenLayer. To place it into perspective, that is greater than the Whole Worth Locked of Eigenpie token, the native token of EigenLayer.

Along with increasing their staking rewards via the EIGEN grant, RedStone lately introduced its partnership with Securitize. Particularly, RedStone might be Securitize’s first official oracle accomplice, offering it with dependable and up-to-date knowledge feeds for all current and future tokenized merchandise, together with BlackRock’s BUIDL fund.

These two developments (the grant of EIGEN tokens for rewards and partnership with Securitize) doubtless contributed to the 200%+ surge in RED buying and selling quantity. Particularly, the addition of EIGEN rewards for staking RED boosts the demand for the token because it makes it extra profitable to lock it, whereas nonetheless making it accessible for DeFi actions like lending and borrowing.

As for the partnership with Securitize, it provides RED extra credibility as Securitize is understood for its compliance with regulatory requirements within the safety token house. Lastly, RedStone was additionally listed on Coinbase and Bitvavo, and have become the official Day 1 oracle accomplice for Hemi testnet and mainnet, all in in the future.