Prominent Institution Joins What Sets the NextGeneration Oracle RedStone Apart

Author: DeMan; Source: PANews
How does RedStone provide low-cost price feeds for L2?
As a modular blockchain oracle provider, RedStone successfully raised $15 million in a Series A funding round led by Arrington Capital on July 2.
Other investors in this round of funding include Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures, and IOSG Ventures.
Additionally, angel investors such as Smokey the Bera and Homme Bera from Berachain, Mike Silagadze from Ether.Fi, Jozef Vogel and Rok Kopp, and Amir Forouzani, Jason Vranek, and Christina Chen from Puffer Finance also participated. Furthermore, on July 4th, Zircuit mainnet has taken on the emerging oracle project Redstone.
With the total locked value in the DeFi market doubling over the past year, accumulating over $500 billion in assets, RedStone’s modular design has positioned it uniquely in the market.
The funding round for RedStone not only demonstrates investors’ confidence in its future development but also signifies its further consolidation in the blockchain oracle space.
Next-generation oracle RedStone
RedStone is a modular blockchain oracle, similar to Chainlink and Pyth Network, but it stands out with its unique advantage of modular design.
RedStone’s Founder and CEO, Jakub Wojciechowski, emphasizes that the modular architecture enables RedStone to launch faster on new networks and adjust traffic flexibly based on market demands.
As the wave of liquidity re-collateralization tokens emerges, RedStone becomes the first oracle to support projects like Ether.Fi, Renzo, Puffer, and Swell.
The primary function of blockchain oracles is to provide real-world data to smart contracts, ensuring that smart contracts make decisions based on the latest external information when executed. The advantage of modular oracles lies in their components being independently updatable or replaceable, ensuring scalability and integrability across different blockchains.
RedStone’s integration with the Telegram Open Network (TON) is a prime example. Wojciechowski notes that the architecture of TON makes oracle integration challenging, but the RedStone team spent four months ensuring the smooth completion of end-to-end integration.
According to DeFiLlama data, RedStone currently ranks as the fifth-largest blockchain oracle, with a total value of around $3.5 billion.
Established during the Arweave Chain Incubation Program in 2020, RedStone now supports over 60 blockchains, including Layer 1 and Layer 2 networks like Ethereum, Base, Arbitrum, and Merlin Chain. In the future, RedStone plans to support Berachain and Monad blockchains and will introduce features as Active Validation Services (AVS) on EigenLayer.
Over the past three years, RedStone has been promoting an on-demand approach and is currently in use on over 40 L1 and L2 networks, leading ahead of competitors.
In the future, as Ethereum upgrades with Dencun (EIP-4844), liquidity re-collateralization and re-staking, and the proliferation of L2 and Optimistic and ZK rollups increase, the industry’s demand for reliable price data will further rise. With its future-oriented design, RedStone is prepared to maintain its leading position