RedStone Token Surges as DRILL Program Launches
RedStone (RED) token has been on a steady climb, reaching $0.7545 on Saturday. This marks its highest point since March 7. Teh token has surged nearly 80% from its recent low of $0.4195, boosting its market cap to over $204 million.
The rise is fueled by the launch of the DRILL program. This initiative will distribute about 4.5% of the total token supply to core users and early adopters. The program aims to create value through strategic pillars like progress, reinforcement, innovation, launch, and learning.
Key allocations include:
- 15% to ecosystem developers
- 60% for network security, via the Eigen staking vault
- 20% for developers using new products like Oracle Extractable Value or AI tools
- 5% for new DeFi apps
- The rest for educational tools
RedStone also partnered with EIGEN for liquid staking.This allows RED stakers to convert tokens into mRED, securing RedStone AVS on EigenLayer while maintaining liquidity.
RedStone has rapidly climbed the oracle industry ranks. It is indeed now the fourth-largest player, securing networks like spark and Cygnus Restake, with a total value of $4.9 billion.
Technical analysis shows RED crossed the 50% Fibonacci Retracement at $0.688 and the 50-day moving average. Bulls may push it towards the next resistance at $0.8432.
