Blockchain oracle protocols like Chainlink have garnered attention, mirroring the spike in smart contract utilization. These oracles, functioning as data conduits for smart contracts, are becoming more pivotal with the merging of DeFi and conventional finance. In this evolving landscape, RedStone emerges as an avant-garde player.
By tapping into the decentralized Streamr network, RedStone promises users trustworthy data, eliminating redundant on-chain data transmission inefficiencies. Proudly, it offers accurate data feeds to over 40 blockchain platforms, catering to both EVM-compatible and non-EVM networks.
Jakub Wojciechowski, CEO and founder of RedStone, in a candid conversation with CryptoSlate, illuminated the company's journey and what sets it apart from the oracle crowd.
Responding to the escalating demand in the DeFi sector, RedStone brings a modular framework for superior on-chain data efficacy. An ingenious data availability stratum ensures all data is stored, pulling only requisite data on-chain for enhanced performance and reduced cost.
Wojciechowski remarks:
"RedStone is redefining the oracle realm by addressing on-chain data inefficiencies and banking on Streamr for dependable data delivery. Coupled with token incentives, we ensure data authenticity and service persistence. Additionally, the Arweave blockchain facilitates cost-effective, long-term data storage."
Further amplifying its versatility, RedStone's design allows consistent broadcasting of multiple assets to any EVM Layer-1 or Layer-2 network, paving the way for compatibility with multiple smart contract blockchains. This vision deviates from the conventional push oracle blueprint, which, though pricier, is not scalable. RedStone's strategy empowers it to furnish reliable data for over 40 chains at competitive rates.
RedStone is pivotal for Aave’s stablecoin, GHO. Oracles are vital for the stablecoin universe, particularly algorithmic ones, since their steadiness hinges on price infrastructure amalgamating data from varied sources.
Elaborating on this, Wojciechowski points out, "Oracles are indispensable in the stablecoin world. Their dependability is paramount for the stablecoin's consistent value alignment."
For Aave's GHO, RedStone amalgamates data from various DEX pools, streamlining stablecoin integration. Wojciechowski proudly mentions RedStone's commitment to developers, presenting three distinct consumption models for them.
