RedStone has announced the launch of the DRILL program, which intends to allocate 4.5% of its RED supply to its core users

RedStone has announced the launch of the DRILL program, which intends to allocate 4.5% of its RED supply to its core users
PANews
PANews
EIGEN-2.37%

PANews reported on March 14 that DeFi oracle RedStone announced the launch of the RedStone DRILL program on the X platform, which will allocate 4.5% of the RED supply to RedStone's core users to reward early adopters of RedStone technology and incentivize the rapid growth of the RedStone ecosystem. The DRILL program is built through five strategic pillars designed to make a lasting impact: Develop, Reinforce, Innovate, Launch, and Learn.

1. The development pillar represents 15% of the DRILL allocation and is used to incentivize early adopters and reward the community for embracing cutting-edge assets; Six months after the RED Token Generation Event (TGE), these tokens will flow into the distribution contract; Partner protocols can connect their pools, and the token distribution speed will scale based on their total value locked (TVL). 2. The Hardening Pillar represents 60% of the DRILL allocation and is used to strengthen the security and robustness of data sources across the ecosystem; These funds will be deployed to the Eigen staking vault six months after TGE, enhancing security while gradually releasing yield to users of the protected pool; In the case of potential damage due to the failure of the recorded price source, this part of the funds can be used as a potential insurance payout. 3. The Innovation Pillar represents 20% of the DRILL allocation, and these funds will go into the allocation contract six months after the TGE, and the partnership agreement can be distributed according to its TVL. The 4.Launch pillar, which represents 5% of the DRILL allocation, is dedicated to helping the new protocol get off the ground, which will commence six months after TGE and continues based on the potential of early-stage projects that apply for and use RedStone data sources. 5. The learning pillar does not have a direct token allocation, but advocates for the creation of research, dashboards, tools, and learning resources to highlight the critical role of high-quality data sources and oracles in DeFi.

DRILL plans to take its 4.5% allocation from the Community & Genesis section of RedStone's tokenomics. To qualify, projects must use RedStone products to secure their protocol, TVL. But there is one condition: eligible projects need to be airdropped to users of the product directly secured by RedStone. The allocation split will depend on factors such as TVL protection, innovation, and the project's preference for RedStone as its oracle provider.

Show original
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.