The concentrate on blockchain Oracle protocols, akin to Chainlink (LINK), has been rising, reflecting the fast adoption of good contracts. These Oracle protocols are important to the crypto business, appearing as channels for exterior knowledge that drive the automation of good 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 steadfast supplier of dependable knowledge feeds, servicing over 40 blockchain platforms, together with Ethereum digital machine (EVM)-compatible community blockchains and non-EVM networks.
In a latest interview with CryptoSlate, CEO and founder Jakub Wojciechowski mentioned what the corporate has been as much as in recent times and what makes RedStone completely different from different Oracle suppliers.
How RedStone is disrupting the established order
With the elevated demand for decentralized finance infrastructure, RedStone affords a modular design permitting on-chain knowledge effectivity. Its progressive knowledge availability layer shops all the info; solely what is required can be fetched on-chain. This optimizes price and effectivity.
Mentioned Wojciechowski:
“RedStone is revolutionizing the oracle house by eliminating the inefficiency of pointless on-chain knowledge pushing and leveraging the decentralized Streamr community for dependable knowledge supply to customers. With the added innovation of token incentives, it ensures knowledge integrity and repair continuity, whereas additionally using the Arweave blockchain for cost-effective, everlasting knowledge storage.”
The progressive 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 good contract blockchains.
In contrast to the normal push oracle mannequin, which isn’t scalable and comes with a better price for every chain deployment, the RedStone strategy permits it to offer inexpensive and dependable knowledge feeds for greater than 40 chains.
Stablecoin assist
RedStone additionally performs an integral function in supporting Aave’s stablecoin, GHO. The stablecoin ecosystem typically depends on oracles, particularly for the algorithmic stablecoins, as their stability is dependent upon worth infrastructure aggregating info from a number of sources.
“Oracles play a pivotal function within the stablecoin ecosystem, particularly for algorithmic and decentralized stablecoins that mint in opposition to risky cryptocurrency reserves,” Wojciechowski stated. “When the collateral-to-loan ratio falls under a sure threshold, oracles set off liquidations to take care of system solvency, making their reliability and accuracy essential for the stablecoin’s peg to its supposed worth.”
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.
