Crypto exchange Binance originally planned to list RedStone (RED) in the near future, but at the last minute announced the suspension of the plan, as the RedStone project team had temporarily changed the community airdrop ratio, causing market concern. This change not only affected the progress of RED trading, but also sparked heated discussion in the community.
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ToggleBinance Announces Suspension of RED Listing Plan
On March 6, Binance issued an announcement stating that due to the RedStone project team's sudden change to the original airdrop ratio, the exchange has decided to suspend the spot trading of RED until further notice.
According to the announcement, RedStone originally promised to allocate 9.5% of the total token supply to the community airdrop, but has temporarily decided to reduce the ratio to 5%. Binance stated that it is negotiating with the project team to ensure the rights and interests of community users, and will provide more information in subsequent announcements.
Causing Community Dissatisfaction and Market Doubts
This change has caused market unrest, with a large number of negative comments appearing in the community. Netizens generally believe that Binance's decision to suspend the RED listing at the last minute shows the exchange's tough attitude towards the project team's temporary change in the economic model.
A comment pointed out that this incident may become the "first case in crypto history", serving as a warning to other project teams issuing tokens. "This event has sounded the alarm for all PUA-style token issuance or ICO projects - temporarily changing the token economic model comes at a cost."
RedStone Official Response: Adding 2% Airdrop to Compensate the Community
In response to this incident, the RedStone official issued a statement, stating that it has recognized the community's dissatisfaction with the initial airdrop plan, and has decided to adjust the strategy to distribute the RED tokens more fairly.
RedStone said that the first round of Miner Airdrop will maintain a 5% allocation ratio and has been opened for claiming. In addition, to compensate some community members who were unable to receive the airdrop, RedStone announced that it will release an additional 2% from the "Ecosystem & Data Providers" fund pool, and this airdrop will be available for claiming on March 6, 2025 at 15:00 (UTC).
Furthermore, RedStone also emphasized that it will release an additional 4.5% within the next 6 months for the community and Genesis program. This part of the funds will be distributed according to the contribution ratio of the cooperative projects to the total value locked (TVS) of RedStone, in order to reward users and protocols participating in the RedStone ecosystem.
Which Projects Can Receive the RED Airdrop?
RedStone further explained that this community airdrop will be distributed to DeFi protocols using the RedStone price oracle. According to the official announcement, the eligible projects include but are not limited to:
- USDX
- Euler
- Gearbox
- Pendle
- Venus
- Fraxlend
- Abracadabra
- ZeroLend
- Mento
- Angle
- BitFi
...and dozens of other DeFi platforms.
These partners will use the RED tokens to reward users of their protocols, further expanding the influence of the RedStone ecosystem.
Binance's Tough Attitude, RedStone Actively Remedies
Binance's suspension of RED trading shows the top exchange's zero tolerance for changes in token economic models. Although RedStone quickly made adjustments, through an additional 2% airdrop and a 4.5% distribution plan in the next 6 months, to appease the community, this incident has already impacted the project's reputation.
In the future, whether RedStone can regain market confidence depends on the transparency and fairness of its subsequent execution. At the same time, this event also serves as a warning to other project teams about to issue tokens - temporarily changing the economic model may lead to strong backlash from exchanges and the market.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
