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RedStone (RED): A Next-Generation Modular Oracle Driving Blockchain Ecosystem Growth
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In the blockchain world, oracles play a crucial role in securely transmitting off-chain data onto the blockchain to support decentralized finance (DeFi) and other applications. RedStone, an innovative modular oracle, has rapidly gained traction in the market with its unique data transmission methods and flexible architecture.
1. What is RedStone?
RedStone is a decentralized blockchain oracle focused on providing accurate and reliable data services across multiple blockchains. Unlike traditional oracles such as Chainlink, RedStone adopts a modular design, allowing applications to choose the most suitable data retrieval method based on their needs. This approach reduces gas fees and improves efficiency.
Since its founding in 2020, RedStone has supported over 60 blockchains, including Ethereum (ETH), Arbitrum (ARB), Base, and Optimism (OP).
2. RedStone's Technical Advantages
Traditional oracles typically use a push model, where data is automatically written on-chain, ensuring accessibility but incurring high gas fees. RedStone offers more flexible alternatives with three data transmission models:
2.1 Pull Model:
- Data is fetched from off-chain only when needed, reducing gas costs.
- Ideal for DeFi protocols looking to cut costs, such as derivatives trading and stablecoin projects.
2.2 Push Model:
- Suitable for applications requiring real-time updates, such as price prediction markets.
- Ensures the latest data is automatically updated on-chain for immediate access.
2.3 X Model:
- Combines the advantages of both Pull & Push models, dynamically adjusting data transmission based on application needs.
3. Ecosystem & Funding
With the explosive growth of the DeFi market, demand for efficient and reliable oracles has surged, attracting major investors to RedStone.
In July 2024, RedStone raised $15 million in a Series A funding round from key investors, including Arrington Capital, Amber Group, Spartan, IOSG Ventures, and Coinbase Ventures. This funding will be used to expand RedStone's oracle services, strengthen its ecosystem, and support more Layer 1 and Layer 2 blockchains.
Additionally, RedStone plans to launch its native token, RED, which will be used for:
- Incentivizing data providers to maintain accurate and up-to-date oracle feeds.
- Supporting ecosystem growth to encourage dApp integrations.
- Decentralized governance to allow holders to participate in protocol decisions.
The total supply of RED tokens is 1 billion, with 48.3% allocated to the RedStone ecosystem and community, covering categories such as community & genesis distribution, ecosystem & data provider incentives, and protocol development support.
4. Future Outlook
As blockchain technology continues to evolve, the demand for efficient and flexible oracle solutions will only increase. With its modular architecture, RedStone has the potential to become the next-generation standard for DeFi oracles.
RedStone's Future Plans:
- Expanding support for additional blockchains, such as Berachain and Monad.
- Launching the RED token and community incentive programs to attract more developers.
- Partnering with more DeFi protocols to enhance the accuracy and security of decentralized applications.
RedStone has already integrated with TON (The Open Network) to support price prediction and DeFi products within the TON ecosystem. This move marks a significant step in expanding RedStone's influence and strengthening its market position.
5. Conclusion
In the rapidly growing DeFi and Web3 landscape, oracles are more critical than ever. RedStone is rising fast with its innovative modular design, flexible data transmission models, and strong investor backing. As it continues to integrate with more blockchains and launch the RED token, RedStone is well-positioned to become a core infrastructure for the future of DeFi oracles.