RedStone's RED token has seen a significant increase following several major announcements in a single day.
RED Token Surge
The price of RedStone's token (RED) surged by 18% over the past 24 hours, reaching $0.57. The trading volume increased by 287% to $188 million. The main catalyst for this surge was the announcement that RedStone has received a grant of EIGEN tokens from Eigen Foundation to be used as staking rewards.
Eigen Foundation Grant
EIGEN tokens will be periodically released to stakers via RedStone's EigenLayer AVS, with rewards already accumulating. According to the announcement, a snapshot will soon be taken to record who is eligible for rewards, with claim portals opening for users to claim their earned EIGEN tokens.
Partnership with Securitize
RedStone also announced its partnership with Securitize. RedStone will become Securitize's first official oracle partner, providing reliable and up-to-date data feeds for all present and future tokenized products, including BlackRock's BUIDL fund. These developments likely contributed to a trading volume surge of over 200% for RED.
RED token has reinforced its market position thanks to the EIGEN grant and new partnership with Securitize, boosting demand due to more attractive staking conditions and strengthened market presence.
