Summary
- Redstone (RED) reportedly surged 84% short-term on Upbit listing news.
- RED reportedly at one point climbed to $1.19, marking a more than 140% surge from the previous day.
- Redstone operates its token ecosystem based on various uses such as oracle services, the EigenLayer security structure, and staking.
In the global virtual asset (cryptocurrency) market, Redstone (Redstone·RED) showed a short-term surge on news of being listed on Upbit's KRW market. Earlier, Upbit announced that it would list RED around 17:00 that day.
According to crypto-focused media BlockBeats on the 5th, RED was trading at $0.7670 at 16:57, up 84% from the previous day. At one point that day, RED shot up to $1.19, rising more than 140% from the previous day. RED's market capitalization was estimated at about $134 million.
Meanwhile, Redstone provides an 'oracle' service that connects external data to blockchains. It supports both fast transmission and low cost, and reduced fee burden by leveraging the security structure of EigenLayer (EigenLayer·Ethereum-based restaking platform). Redstone's native token RED is used for staking, security enhancement, and participation rewards.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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