RedStone article

RedStone stands out with its unique modular architecture that prioritizes data integrity throughout the entire process, from source data to smart contracts within DeFi protocols. This emphasis on accuracy and reliability ensures that the information utilized by various DeFi applications is trustworthy and dependable.

The platform offers three distinct integration options to cater to users' specific needs, providing flexibility and customization for a wide range of use cases. Additionally, RedStone supports data feeds for over 1000 assets sourced from approximately 50 providers and is compatible with more than 20 blockchain networks, ensuring broad accessibility and seamless compatibility.

Unlike traditional Oracle solutions, RedStone is designed specifically for modern DeFi protocols, incorporating features and functionalities that set it apart. A notable advantage is its ability to eliminate the need for continuous on-chain data delivery, streamlining the process and reducing associated costs for data providers.

At the core of RedStone's architecture lies the decentralized Streamr network, which serves as the infrastructure for delivering signed Oracle data to end users. This distributed approach enhances the reliability and resilience of data feeds, minimizing the risks associated with centralized points of failure. With RedStone, users can trust in the accuracy and security of the data powering their DeFi applications.

Supported Chains

RedStone Oracles are available on all EVM-compatible L1s & L2s + Starknet + Fuel Network. Potentially you can use it on any other chain but it would require some custom development.

The following EVM chains are supported​

  • Ethereum

  • zkSync Era

  • Polygon zkEVM

  • Arbitrum

  • Polygon PoS

  • Optimism

  • Avalanche

  • Celo

  • Canto

  • BNB Chain

  • Fantom

  • Kava

  • Evmos

  • Gnosis

  • Rootstock (RSK)

  • And many more...

    Tokenomics Overview for RedStone

    Please note: The RedStone token has not yet been launched. Beware of fraudulent individuals offering to sell RedStone tokens.

    Token Functionality: The RedStone token plays a pivotal role in facilitating the transfer of trustworthy and precise data from external sources to blockchain networks.

    Token Utilization: Tokens are essential in promoting coordination within decentralized systems and aligning incentives among participants. RedStone fosters a data-sharing environment by incentivizing contributors to consistently generate, publish, and validate data with diligence.

    Token Locking Mechanism: Data providers must publish a detailed Service Level Agreement outlining the data's scope, source, and update frequency. If a provider breaches these terms, penalties in the form of tokens are imposed. To enhance user trust in future claims, providers are required to allocate and lock a specific number of tokens for a set timeframe. These locked tokens remain within the ecosystem and serve as a crucial factor for users when choosing the most dependable provider.

    Dispute Resolution: Given the varied nature of the provided data, disputes regarding data quality may arise. A fallback procedure for dispute resolution is crucial. Token-based mechanisms can be utilized, where jurors receive rewards for agreeing with the majority decision and face penalties for supporting the losing side.

In the fast-paced world of decentralized finance (DeFi), Oracle systems play a crucial role in bridging blockchain networks with external data sources to support smart contracts and dApps. However, traditional Oracle systems encounter challenges such as inefficiency, scalability limitations, and reliance on centralized entities. To overcome these hurdles, the RedStone team embarked on developing an innovative solution that would revolutionize the DeFi landscape.

RedStone's solution revolves around a modular architecture that ensures data integrity throughout the process, from the source to smart contracts. This modular design allows for seamless integration with various blockchain networks and data sources, offering users unprecedented flexibility and customization options.

Unlike traditional Oracle systems that transmit data on-chain indiscriminately, whether it is needed or not, RedStone's approach minimizes resource wastage and network congestion. The legacy and monolithic architecture of existing Oracle systems often lead to scalability problems, hindering the addition of new assets or reducing latency.

RedStone distinguishes itself from traditional Oracle systems through several key features:

  • Elimination of continuous on-chain data delivery: RedStone empowers data providers to avoid constant on-chain data delivery, reducing resource consumption and network congestion.

  • Self-service delivery of signed Oracle data: End users can independently deliver signed Oracle data across the chain, enhancing decentralization and decreasing reliance on intermediaries.

  • Utilization of the Streamr Decentralized Network: RedStone leverages the Streamr decentralized network to deliver signed Oracle data to end users, ensuring reliability and resilience.

  • Token incentives for data providers: RedStone incentivizes data providers to uphold data integrity and uninterrupted service through token rewards, fostering a dynamic and sustainable ecosystem.