Blockchain oracle provider RedStone Oracle has officially launched its RED token on Ethereum, aiming to enhance the security and decentralization of its data delivery infrastructure through staking.
Launch of RED Token and Its Significance
With a fixed supply of 1 billion tokens, RED is hard-coded into a non-upgradable contract. An initial circulating supply of 280 million tokens has resulted in a market capitalization of around $200 million, with a fully diluted valuation of $725 million. Trading at approximately $0.72, RED saw an initial trading volume of about $8 million. Under RedStone’s Community and Genesis allocation, 10% of the total supply is set aside for community distribution through claim activities. Users can stake tokens directly or through Mega DAO Magpie.
Eligibility Rules Leave Many Participants Empty-Handed
Despite a strong launch, RedStone Oracle’s airdrop has sparked controversy within its community. Many users who participated in mining activities expected rewards but found themselves excluded. Complaints have surfaced on social platforms, alleging that only those with specific Discord roles were eligible for token claims. These roles reportedly account for less than 2% of RedStone’s nearly 230,000-member Discord community.
Community Reaction to the Controversial Airdrop
Community estimates suggest that only about 4,000 addresses received the airdrop, contradicting the promised 10% distribution. Top holders in the RSG points ranking were disqualified due to the lack of Discord roles, leading to frustration among over 170,000 leaderboard participants. While the project has garnered support from major investors, the airdrop distribution controversy may impact community trust.
Despite the support of major investors, the project faces community dissatisfaction due to controversial airdrop distribution. How RedStone Oracle will manage this situation remains to be seen.
