The give attention to blockchain Oracle protocols, corresponding to Chainlink (LINK), has been rising, reflecting the speedy adoption of sensible contracts. These Oracle protocols are very important to the crypto trade, appearing as channels for exterior knowledge that drive the automation of sensible contracts.
Because the worlds of DeFi and conventional finance converge, the importance of oracles turns into more and more pronounced. RedStone emerges as a pioneering pressure in response to this surging demand for Oracle options.
RedStone harnesses the decentralized Streamr community to offer customers reliable knowledge whereas eradicating superfluous on-chain knowledge transmission inefficiencies. Redstone is a supplier of dependable knowledge feeds, servicing over 40 blockchain platforms, together with Ethereum digital machine (EVM)-compatible network blockchains and non-EVM networks.
In a current interview with CryptoSlate, CEO and founder Jakub Wojciechowski mentioned what the corporate has been as much as in recent times and what makes RedStone totally different from different Oracle suppliers.
How RedStone is disrupting the established order
With the elevated demand for decentralized finance infrastructure, RedStone gives a modular design permitting on-chain knowledge effectivity. Its modern knowledge availability layer shops all the information; solely what is required can be fetched on-chain. This optimizes price and effectivity.
Mentioned Wojciechowski:
“RedStone is revolutionizing the oracle space by eliminating the inefficiency of unnecessary on-chain data pushing and leveraging the decentralized Streamr network for reliable data delivery to users. With the added innovation of token incentives, it ensures data integrity and service continuity, while also utilizing the Arweave blockchain for cost-effective, permanent data storage.”
The modern design additionally permits the infrastructure to broadcast a number of property regularly to any EVM layer-1 or Layer-2 community. This implies broad compatibility with a number of sensible contract blockchains.
In contrast to the standard push oracle mannequin, which isn’t scalable and comes with a better price for every chain deployment, the RedStone strategy allows it to offer reasonably priced and dependable knowledge feeds for greater than 40 chains.
Stablecoin help
RedStone additionally performs an integral function in supporting Aave’s stablecoin, GHO. The stablecoin ecosystem usually depends on oracles, particularly for the algorithmic stablecoins, as their stability is dependent upon value infrastructure aggregating data from a number of sources.
“Oracles play a pivotal role in the stablecoin ecosystem, especially for algorithmic and decentralized stablecoins that mint against volatile cryptocurrency reserves,” Wojciechowski stated. “When the collateral-to-loan ratio falls below a certain threshold, oracles trigger liquidations to maintain system solvency, making their reliability and accuracy crucial for the stablecoin’s peg to its intended value.”
For Aave GHO, RedStone integrates knowledge from a number of DEX swimming pools to facilitate stablecoin integration. Wojciechowski additionally famous that RedStone stays developer-friendly by providing three consumption fashions for builders.
