The first shot of community rights protection! The whole story of RedStone's coin listing incident

Is Binance still the dragon-slaying boy? Just today, RED, which has been actively traded on Binance for several days before the market, was urgently stopped just before it was officially listed. According to the official explanation, the reason was that its project team temporarily changed the community airdrop allocation plan and announced that it would allocate an additional 2% of the total RED tokens to community members who were omitted from the initial airdrop allocation.

We have no way of knowing whether this is the result of the community's resistance to the unfair airdrop allocation or the compromise made by the RED project team to maintain the token price.

But at least this time, let us see that brave voices can still make a difference.

Community riots, who can pay for the time cost of users?

As a representative of the new cross-chain oracle, RedStone has previously attracted market attention with its innovative multi-chain architecture and strong investment background (including Coinbase Ventures and Blockchain Capital, etc.). But Redstone's recent decision has triggered widespread discussion in the community, especially focusing on issues such as airdrop disputes and pre-market price fluctuations.

Lack of transparency in rule adjustments

During the years-long project construction process, many users completed hundreds of tasks, including special tasks for holidays. The official has repeatedly emphasized that "doing tasks to accumulate points may result in airdrops in the future." However, when the airdrop rules were finally announced, an additional "special role" was added as a condition for eligibility, and this requirement had not been clearly stated before.

According to RedStone's official post, the identity in Discord has become the key to obtaining airdrops. Eligible roles include Vein Master, Deep Miner, Professor, IRL (participated in offline activities), etc. However, public data shows that the proportion of people with the above roles in the project DC group is only 2%.

However, according to community user feedback, the project party has promoted RSG in various places as an important credential for obtaining rewards, but after announcing the airdrop, it changed its words and said that role is the most important credential.

Dispute over airdrop qualification allocation

According to community feedback, it is initially estimated that more than 98% of users have failed to obtain airdrop qualifications, while many active users have always participated in past tasks and activities. This distribution method disappointed many community members, who believed that there was a big gap with previous expectations.

Community reward ratio shrinks

In the early publicity, the project party had stated that 10% of the tokens would be allocated to the community, but it is currently estimated that the actual distribution ratio may be less than 2%. According to incomplete statistics, only about 4,000 addresses received airdrops, which has raised questions about the degree of commitment.

Community member @snowmawer said that "during the Spring Festival, my family watched the Spring Festival Gala, and I was holding a notebook and doing redstone tasks next to me." But in the end he still did not get the airdrop share.

Crypto KOL @KuiGas also believes that the project party has issued a lot of tasks, but after the data came up, everyone was abandoned.

In short, the opacity of the airdrop rules and the unexpected results are the core of this controversy. Before the airdrop, the RedStone official emphasized that it was necessary to "ensure that early participants in the ecosystem are fairly represented" (that is, it hopes to take into account all types of contributors), but the actual distribution effect deviated from the principle of fairness in the eyes of the community, which aroused strong doubts.

Rare "Christmas tree" pattern

When the community airdrop storm has not subsided, RED's K-line on the exchange has taken an unusual change.

On the afternoon of March 6, the Binance RED/USDT pre-market market had a price difference of up to 30% between 11:44-12:09 UTC+8 on the same day.

This situation can easily give people the illusion that the market liquidity is extremely scarce, trading mainly relies on the support of market makers, retail investors' participation is extremely low, and there are almost no active orders or transactions, resulting in abnormally drastic price fluctuations.

Stephen, the Chinese community manager of RedStone, later clarified in the comment area that the price fluctuations were not caused by market makers. According to his explanation, RED did not introduce market makers in the pre-market market, and the actual price changes were caused by trading rules-each user can only buy and sell a maximum of 5,000 REDs in a single transaction, which affects the market liquidity and price fluctuations.

Faced with overwhelming doubts, RedStone's official response is currently very limited.

As of press time, the project has not yet released an official statement on the official blog or Twitter regarding the dispute. After the airdrop was issued, the RedStone team made a brief explanation in the Discord channel, stating that the airdrop reward was calculated based on the user's contribution in different dimensions, including but not limited to task points, community activities, partner tasks, and contribution quality. However, these explanations lack quantitative details and are difficult to convince users. Some community members requested the team to disclose specific calculation formulas or data verification, but received no positive response.

Voice of the Breakthrough: Winning the First Shot of Retail Investors' Rights Protection

In this storm surrounding the RedStone airdrop distribution, the community's voice was finally responded to, and retail investors' rights protection has achieved phased results to a certain extent.

At present, Binance has gradually resumed the listing of RED, and the RedStone (RED) transaction originally scheduled to start at 13:00 (UTC) on March 6, 2025 will be postponed to 16:00 (UTC) on March 6, 2025.

Judging from RedStone's additional 2% token compensation, the project team also chose to compromise after facing community pressure.

In the Web3 world, true decentralization is not only reflected in the technical architecture, but also in the power of the community. Only when users speak out bravely, unfair rules may be forced to give in.