Binance Launchpool is gearing up to launch its 64th project, RedStone (RED), a decentralized data oracle platform to enhance decentralized finance (DeFi) applications. 

The project is expected to be launched soon, bringing out a unique solution to the blockchain network. It has a multi-chain oracle that is designed to offer data feeds for DeFi protocols that are reliable, customizable, and efficient across both EVM and non-EVM blockchains. 

The Innovative Approach of RedStone to Data

RedStone sticks out due to its open setup that enables data solutions that are both flexible and can grow as required. The platform brings real-world data into blockchain smart contracts, facilitating various DeFi protocols. 

Real-time pricing data is crucial for many blockchain-based systems to operate like synthetic assets, lending protocols, distributed exchanges, and decentralized markets. Delayed or altered data may lead to security concerns, failed transactions, and even wrong pricing. 

RedStone uses a modular “pull-based” design, which is unlike traditional oracles that consistently push data onto the blockchain which can be costly and wasteful. The pull-based approach collects data when it is required and adds it to transactions only when it is needed. This allows data to be stored on a data availability layer and only brought to the chain when required. 

This method slashes gas costs and in turn, makes transactions more efficient. This makes RedStone an attractive choice for developers, especially for those who are developing on platforms that pose high resource demands like Ethereum, or scaling solutions like Layer-2s. 

Additionally, RedStone operates with over 70 blockchain networks. This indicates that it is compatible with popular Ethereum Virtual Machine (EVM) chains such as Ethereum, Avalanche, and Polygon, as well as non-EVM chains like Sonic and Movement. Its multi-chain interoperability feature makes it a scalable option, especially for developers creating across many blockchain environments. 

Binance states that RedStone gathers data from a broad range of reliable sources including centralized exchanges like Binance and decentralized exchanges such as Sushiswap and Uniswap. CoinGecko and CoinMarketCap will be the price aggregators and RedStone will manage all incoming data through many validation stages to ensure security and correctness. The platform stresses how it takes security and accuracy into top consideration while providing data. 

RedStone (RED): Tokenomics and Launch Details

The total supply of RED tokens is capped at 1 billion. 4$ of these tokens (approx. 40 million RED) will be allotted for Launchpool rewards. The initial supply of tokens when RED is listed for trading on Binance will be 280 million RED, covering 28% of the total token supply. 

Binance users can participate in the RedStone Launchpool by locking BNB, USDC, and FDUSD tokens. The pre-market trading is set to begin on February 28, 2025, at 10:00 UTC, which will be then officially listed on platforms. As per early details, pre-market trading will be supported with the RED/USDT trading pair. Further details related to the trading schedule are expected to be released soon. 

Moreover, Binance has put a mechanism in place to restrict extreme price jumps during the pre-market sale phase. This will control how high the trading price can go adobe the initial price during the first 72 hours of trading. 

Binance users can stake their cryptocurrency without additional charges to win RED tokens for free via the Binance Launchpool. It presents users with a way to access new blockchain initiatives such as this before they go live on the public market.