Binance has announced the launch of a new cryptocurrency project, RedStone (RED), as part of its 64th Launchpool initiative. Participants can lock their BNB, FDUSD, and USDC in specific pools to earn RED tokens from February 26 to February 28.
RedStone (RED) Launchpool Details
The Launchpool platform will be used to launch RedStone. Users can lock BNB, FDUSD, and USDC to claim a share of 40 million RED tokens distributed from a total supply of 1 billion.
- Total RED Coin Supply: 1 billion - Amount Distributed via Launchpool: 40 million (4% of supply) - Initial Circulating Supply: 280 million (28% of supply) - Coin Network Details: Ethereum (0xc43c6bfeda065fe2c4c11765bf838789bd0bb5de)
Users can lock coins in the following pools:
- BNB Pool: 32 million RED (80%) - FDUSD Pool: 4 million RED (10%) - USDC Pool: 4 million RED (10%)
Price Limit Mechanism
On February 28, Binance will initiate Pre-Market trading for RED. Users will be able to trade RED/USDT pairs, but a new price limit mechanism will be implemented to maintain control of price fluctuations. The maximum amount of RED coins a user can hold will be capped at 5,000.
Details of the price limit mechanism:
- February 28, 13:00 – March 1, 12:59: Maximum price at 200% of the opening price - March 1, 13:00 – March 2, 12:59: Maximum price at 300% of the opening price - March 2, 13:00 – March 3, 12:59: Maximum price at 400% of the opening price
Starting March 3, 2025, at 13:00, the price limitations will be lifted. Binance aims to prevent sudden and uncontrolled price fluctuations with this new mechanism.
Future Plans
The exact listing date for RED on the spot market will be announced later. Users must ensure regional eligibility to participate in Binance Pre-Market.
The launch of RedStone (RED) cryptocurrency by Binance through the Launchpool platform presents an exciting opportunity for users. The introduction of the price limit mechanism aims to protect against sharp fluctuations, providing a more stable trading environment.
