Binance moves forward with the listing of RedStone (RED) despite a change in airdrop allocation

Source Cryptopolitan

Binance will continue with the listing of RedStone (RED), despite the change in airdrop allocation. RedStone will distribute only 5% of its tokens, instead of the previously announced 9.5%. 

Binance will still list RedStone (RED), though with some delay to the schedule. RedStone also changed its airdrop plans, announcing it would only distribute 5% of its token supply, and not 9.5% as initially promised. RedStone is an oracle solution aiming to provide timely data across 50 blockchains. RedStone is currently in use by Ether.Fi, Venus Protocol, and Morpho.

On airdrop day, Binance suspended the initial trading launch due to the change in token distribution. Binance went through a round of negotiations with the team, finally deciding to launch at 16:00 UTC. 

In the first few minutes after the launch, RED started with immediate dumping. The token lost 7.7% of its initial listing price, starting out at $0.86. Soon after that, the loss expanded to 21%, further pushing RED down to $0.73.

A Binance listing often leads to a slide as the initial recipients sell their tokens, with the plan of re-buying lower. In the case of RED, the reduced airdrop also caused the community to lose enthusiasm for the project. 

RED is still in the process of price discovery, with the most active trading on Binance and Bybit. The token achieved immediate $24M in volumes, though real market depth is limited. In the first hours after its launch, the token may remain extremely risky and volatile. 

RedStone changed the terms and conditions of its airdrop

RedStone explained the change in allocation as reflecting real community engagement. The current event is known as a Miner Airdrop, which was given for engagement and not actual crypto mining. The airdrop checker, launched on March 5, showed some users received lower than expected allocations, while others did not receive tokens even after completing multiple tasks.

The current airdrop is also the Token Generation Event (TGE) for RedStone. The pre-airdrop activities were tokenless and mostly required engagement with the ecosystem. RedStone will also airdrop tokens for engagement with a long list of other DeFi ecosystems, especially EIGEN. The new conditions were shared as Binance remade its plans for a trading start. 

After RedStone distributed 5% of the supply, it allocated another 2% for contributors that were omitted in the first distribution. 

The remaining 4.5% of tokens set aside for an airdrop will be distributed in the next six months. Additionally, RedStone was the 64th Binance Launchpad project, where some of the tokens were allocated to Binance users. The Launchpad distributed RED for staking BNB, FDUSD and USDC since February 26.  

The recent allocation also revealed that most of the RedStone airdrop hunters did not receive an allocation, and not all roles and tasks held the same weight. Even some of the engaged Discord users reported their roles did not translate into an airdrop. 

The engagement evaluation helped RedStone do away with Sybill attacks and bots farming the airdrop. However, it also left legitimate community members without an allocation.

RedStone has set aside most tokens for early backers

Early backers will receive the biggest share of RED tokens, up to 31.7%. RED will have a maximum supply of 1B tokens, of which 280M are currently in circulation, based on Coingecko’s data.

The airdrop represents a minor share of the overall token distribution, where early backers and VC funds receive the biggest allocations of RED.
RED token allocation | Source: Cryptorank

RedStone raised a total of $40M in several funding rounds, engaging angel investors and funds. Only in January did RedStone join Binance Launchpad to add the final round of liquidity and present its token. The project has received funds from the founder of Aave Stani Kulechov, as well as from Coinbase Ventures, Amber Group, Blockchain Capital, and others.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
May 08, Thu
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
May 09, Fri
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
placeholder
Avalanche Price Forecast: AVAX eyes $30 as FIFA, VanEck back blockchain ecosystemAvalanche (AVAX) is gaining bullish momentum, extending gains on Friday, trading at $25.74 as investor confidence grows on the back of two major developments.
Author  FXStreet
May 23, Fri
Avalanche (AVAX) is gaining bullish momentum, extending gains on Friday, trading at $25.74 as investor confidence grows on the back of two major developments.
placeholder
Gold edges higher after Trump’s bill boosts bond market uncertaintyGold (XAU/USD) price extends its weekly gains, trading near $3,330 at the time of writing on Friday, up nearly 1% on the day, on a new tailwind for the safe haven precious metal.
Author  FXStreet
May 23, Fri
Gold (XAU/USD) price extends its weekly gains, trading near $3,330 at the time of writing on Friday, up nearly 1% on the day, on a new tailwind for the safe haven precious metal.
goTop
quote