In Summary
RedStone reduced its airdrop from 9.5% to 5%, causing Binance to suspend the RED token listing on its launch day. After community backlash, RedStone added a 2% airdrop and committed to an additional 4.5% over six months.
Binance proceeded with the listing, and RED’s price recovered, but community trust remains shaken.
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This morning, RedStone changed the terms of the RED token airdrop without prior notice, causing Binance to suspend the listing. This led to a sharp price drop amid community backlash, but the project responded quickly.
Currently, an additional 2% of RED tokens are being airdropped today, and Binance has listed them as normal. The price has recovered, but community dissatisfaction may linger.
Concerns About RedStone Airdrop and Binance Listing
RedStone, a DeFi oracle project, has encountered some difficulties with its RED token airdrop. Over the past few months, the project has gained popularity in the crypto community and received support from leaders in Liquid Staking.
RedStone’s RED token launched today, and Binance was expected to list it at the time of launch.
However, the project announced at the last minute that the airdrop would be smaller than usual, and Binance refused to list the token.
“Due to RedStone’s unexpected and last-minute changes to the community airdrop allocation, the start time for RED trading will be suspended until further notice. RedStone had originally committed to distributing 9.5% of the total supply to the community via airdrop. The project has now reduced this amount to 5% of the total supply,” the announcement stated.
Naturally, RedStone’s announcement caused a major controversy in the community, which was only further complicated by Binance.
Binance is the world’s largest crypto exchange, and its listings have consistently led to large price increases for the tokens involved. For a time, this decision looked like a major setback, prompting RedStone supporters to speak out:
“The RedStone airdrop situation is a mess. It looks like 95% of users received nothing, despite being active for years—people who have spent 1-2+ years participating in the project are completely ineligible. I’ve never seen a precedent like this. Every launch like this reinforces that there’s no real transparency in airdrops, and every mistake like this damages the brand,” one user said.
However, after Binance announced the suspension, RedStone addressed the controversy. The company responded to community feedback, revising the airdrop plans once again.
5% of RED tokens were distributed, and the missing 4.5% will be distributed six months after the TGE. Today, an additional 2% will be airdropped on top of that.
After the revision, Binance reversed its decision, and RED rebounded, reversing its earlier losses
According to data from both CoinGecko and CoinMarketCap, RED launched at $0.80 today. Although it rose to $0.98 after Binance’s relisting announcement, it has not yet reached the $1 mark.
Overall, RedStone’s reputation may be damaged due to this incident, despite their quick action to rectify the issue.
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