The concentrate on blockchain Oracle protocols, similar to Chainlink (LINK), has been rising, reflecting the fast adoption of good contracts. These Oracle protocols are very important to the crypto trade, 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 power 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 lately 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 gives a modular design permitting on-chain knowledge effectivity. Its progressive knowledge availability layer shops all the info; solely what is required could be fetched on-chain. This optimizes price and effectivity.
Stated 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 ceaselessly to any EVM layer-1 or Layer-2 community. This implies broad compatibility with a number of good contract blockchains.
Not like the standard push oracle mannequin, which isn’t scalable and comes with the next price for every chain deployment, the RedStone method allows it to offer inexpensive 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 depends upon worth infrastructure aggregating data 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 unstable cryptocurrency reserves,” Wojciechowski stated. “When the collateral-to-loan ratio falls beneath 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 meant 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.
Discussion about this post