Binance Alpha announced an airdrop for Redacted’s new RDAC token, making it the first platform to host the asset. RDAC fell more than 40% after the token first launched, but it has slowly recovered throughout the day.
RDAC powers Redacted’s startup accelerator ecosystem, enabling users to access a wide variety of Web3-oriented platforms. It already has staking capabilities to let holders passively reap additional rewards.
Binance Alpha’s RDAC Airdrop
Binance, the world’s largest crypto exchange, has been hosting many airdrops lately. A recent study claims that the firm controls 94% of the airdrop and staking market, and airdrop-focused traders brought Binance Alpha’s trading volume over $2.8 billion.
As with other recent projects, Binance Alpha attracted a lot of notoriety when it announced an airdrop for Redacted’s new RDAC token.
Redacted, a platform designed to accelerate startups across various Web3 sectors, was founded in 2021. It first launched RDAC in a closed sale this March, surpassing the firm’s $3 million funding target.
RDAC powers Redacted’s broader blockchain ecosystem, from various infrastructure platforms to staking rewards and more. These platforms offer features like cross-chain bridging, a DePIN GameFi project, marketplaces, NFT minting, etc.
Revenue from these platforms gets funneled back into the ecosystem, which attempts to maintain RDAC’s long-term sustainability.
Binance’s airdrop announcement attracted a lot of community interest, as this was the average retailer’s first opportunity to acquire RDAC.
Users can earn the asset by completing tasks within the Redacted ecosystem, like interacting with community channels. They can then stake RDAC to unlock additional benefits and rewards in addition to simply selling the token.
Crypto airdrops can frequently cause immense selling pressure, and RDAC’s Binance debut was no exception. Speculative investors quickly dumped the token, causing its value to plummet more than 50% in the first three hours.
However, it has steadily regained this ground throughout the day, displaying community interest in buying it and engaging with Redacted’s ecosystem.
Hopefully, RDAC’s quiet gains after the Binance airdrop are an encouraging sign for the ecosystem’s viability. Redacted has been constructing its startup accelerator for several years, and it has ambitious plans for the future.
A high-profile introduction like this can help set RDAC up for long-term success.
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