In the rapidly evolving world of decentralized finance (DeFi), the need for reliable and timely data is paramount. RedStone emerges as a beacon of innovation, offering an Oracle system that delivers frequently updated, diverse data feeds essential for decentralized applications (dApps) and smart contracts across various Layer 1 (L1) and Layer 2 (L2) solutions.
The Need for a New Oracle System Traditional Oracle systems have been plagued by inefficiencies, such as pushing data on-chain regardless of its use, leading to a significant waste of resources. The outdated and monolithic architecture of these systems has also limited scalability, making it challenging to list new assets or reduce latency. Moreover, protocols have been unable to fully decide on trusted sources and data update conditions, leaving end-users at the mercy of relayers and vulnerable to service disruptions.
RedStone’s Innovative Solution RedStone addresses these challenges head-on with a radically different Oracle design tailored to the needs of modern DeFi protocols. Its approach allows data providers to bypass the requirement of continuous on-chain data delivery. Instead, it empowers end users to self-deliver signed Oracle data on-chain, utilizing the decentralized Streamr network to ensure the data reaches its destination.
Token incentives play a crucial role in motivating data providers to maintain data integrity and provide uninterrupted service. Furthermore, RedStone leverages the Arweave blockchain, known for its cost-effectiveness and permanence, to archive Oracle data and uphold the accountability of data providers.
Key Facts and Achievements RedStone’s modular architecture ensures data integrity from the source to smart contracts. It offers three distinct integration methods, catering to various needs and preferences. Currently, RedStone provides data feeds for over 1000 assets, integrating around 50 data sources and marking its presence on more than 20 chains.
Since March 2022, RedStone has been a steadfast supporter of DeltaPrime and went live on mainnets in January 2023. Its code has undergone rigorous audits by multiple security experts, including ABDK, Peckshield, and the co-founder of L2Beat.
As a launch partner for DeltaPrime on Avalanche, RedStone delivered exclusive data feeds that propelled DeltaPrime to become one of the top 3 fastest-growing dApps, as recognized by DefiLama.
Conclusion RedStone stands out as a pivotal player in the DeFi space, redefining the role and capabilities of Oracles. Its commitment to data integrity, user empowerment, and architectural innovation positions it as a key enabler for the future growth and sustainability of DeFi ecosystems. With RedStone, the DeFi community can look forward to a more efficient, scalable, and user-centric data delivery paradigm.
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