RedStone Integrates Ethena Stablecoins on BNB Chain, Causing 14% Surge in RED Token Price

In a significant development for the decentralized finance (DeFi) ecosystem, RedStone has launched price feeds for USDe and sUSDe—stablecoins from Ethena Labs—on the BNB Chain, pushing the RED token to a 14% price surge. This partnership marks a pivotal milestone for RedStone, following the announcement of the integration on April 10, 2024. As a result, the price of RED has spiked to $0.44, accompanied by an impressive 152% increase in trading volume to over $28 million within 24 hours.

Expansion of Ethena’s Stablecoins on BNB Chain

The inclusion of USDe and sUSDe price feeds on BNB Chain represents a major leap forward in the integration of Ethena Labs’ stablecoin ecosystem. With an established market cap exceeding $5 billion, Ethena’s stablecoins are now available for use on BNB Chain, known for its efficiency and low-cost transactions. The BNB Chain’s rapid transaction speeds and extensive developer network present a solid foundation for the stablecoins’ growth.

Since the launch, USDe on BNB Chain has already surpassed $8.5 million in market cap, showcasing the increasing adoption and demand for these stablecoins in the DeFi space. The inclusion of RedStone as the first oracle provider for Ethena’s stablecoins enables seamless, real-time price feeds, which is crucial for DeFi protocols like Venus Protocol and Pendle Finance, where users can now borrow, lend, and trade against these stablecoins.

RED Token Price Surge

While the general price trend for RED token had been on a bearish path since mid-March, the announcement of the integration of USDe and sUSDe on BNB Chain caused a noticeable uptick in its value. The token had seen a sharp decline to $0.32 just a few days ago, but following this news, the price has managed to bounce back, now trading at $0.44, marking a 14% increase. The trading volume has spiked by 152%, reflecting increased market activity.

Looking at the 4-hour chart, the price has shown consistent bullish movement with a series of green candles, signaling growing momentum. Moreover, the 20-period Exponential Moving Average (EMA) has shifted upwards, suggesting that there might be a potential trend reversal forming, which could further propel RED’s price in the near term.

However, despite this recent price surge, RED still faces significant resistance levels at previous support zones, such as $0.50, $0.60, and $0.70, which have now turned into areas of price pressure. These levels must be overcome if the token is to regain previous bullish momentum and challenge higher price points.

Long-Term Outlook

The integration of USDe and sUSDe price feeds on BNB Chain is part of a broader trend in which decentralized oracles are increasingly becoming a critical component of the DeFi ecosystem. For RedStone, the partnership with Ethena Labs not only boosts the RED token but also positions the company as a leader in providing accurate price data for stablecoins, especially within the BNB Chain ecosystem.

The growth of Ethena’s stablecoin ecosystem, alongside RedStone’s role in providing real-time price data, opens up new avenues for liquidity and market activity. If USDe and sUSDe continue to see adoption across DeFi platforms on BNB Chain, RedStone’s continued efforts in expanding its product offerings will likely fuel further growth for both the RED token and its suite of supported assets.

As of now, the market is watching RED’s next price move closely. If the upward momentum continues, RED could see a return to previous resistance levels—and potentially break through them—offering promising prospects for the future. However, the path ahead will also depend on the sustained demand for Ethena’s stablecoins and the overall performance of BNB Chain in the coming months.