Binance, the largest crypto exchange by trading volume in the world, has rolled out trading support for a brand-new multichain oracle altcoin.
Traders on the top global crypto exchange can now buy and sell RED, the native asset of the modular blockchain oracle RedStone.
RedStone bills itself as “the fastest-growing blockchain oracle” with users on more than 80 chains.
“In 2024 alone RedStone user base grew by over 500%, and Total Value Secured grew by over 6,000%. Powered by novel, sustainable tokenomics, RED will accrue REAL YIELD from RedStone data users. Staked RED will receive a portion of data consumer fees as RedStone scales to secure thousands of blockchains and trillions of dollars in on-chain finance.”
Binance’s listing was postponed by three hours on Thursday “due to unexpected and last minute changes by RedStone (RED) to the allocation of their community airdrop distribution.”
RED is trading at $0.68 at time of writing. The 278th-ranked crypto asset by market cap is down more than 27% on its first day of trading.
Binance attached a seed tag to RED, a designation the exchange attaches to lower-liquidity projects that could exhibit higher volatility compared to other listed tokens. Binance requires users who want to trade assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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