RedStone Oracles: $RED Staking, Securitize Partnership & More: What You Need to Know
$EIGEN Rewards, Institutional DeFi, & More
Oracles are one of the underlooked areas of crypto, their importance not recognized by most users in their day-to-day transactions. Oracles are a key building block of DeFi dApps, as they connect on-chain smart contracts with external data that lives off-chain.
As DeFi and onchain use cases grow more sophisticated and variable in their scope, the importance of Oracles collectively becomes even greater. Oracles are responsible for relaying offchain information to onchain smart contracts. This information often involves asset prices, or even other offchain information including prediction market outcomes, and more.
In today’s edition, we’ll discuss RedStone. Known for its speed in delivering exclusive, highly sought-after assets, RedStone has rapidly become one of the fastest-growing oracles in the sector. Its reliability and efficiency have earned the trust of leading DeFi projects such as Morpho, EtherFi, Pendle, and others, strengthening its position as a leading player in the blockchain infrastructure landscape.
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Background on RedStone
RedStone is a modular oracle platform capable of supporting a diverse range of over 1000+ use cases and assets. RedStone was established in 2021 during the Arweave incubation program and launched its first mainnet deployments in January 2023. Unlike other blockchain oracles like Chainlink and Pyth Network, RedStone differentiates itself through its modular design, which increases user autonomy and data transmission efficiency.
RedStone Oracles also distinguishes itself within the competitive oracle market by specifically tailoring its features to meet the complex and evolving demands of the DeFi sector. The sections below will go over some of the unique attributes of RedStone.
Currently, RedStone provides frequently updated and diverse data feeds for applications and smart contracts across multiple L1 and L2 chains. It supports 1,250+ assets and offers data feeds to DeFi protocols on 70 + chains ,aggregating data from CEXs, DEXs, and broad market aggregators.
$RED TGE & Staking
Earlier this month, RedStone’s $RED TGE took place. $RED can now be accessed on top exchanges including Binance, Coinbase, Bybit, Kraken, and others.
$RED also comes with some utility–users can currently stake their $RED. Since launch, staking has been enabled, allowing token holders to earn a yield paid out in $RED as well as $EIGEN. Staking allows users to tap into RedStone’s proven success as an Oracle Provider, and earn more staking rewards as fees accrue to the protocol.
dApps and other clients pay fees in assets like ETH, BTC, SOL, or stablecoins whenever they access RedStone’s oracle data. Instead of flowing to a centralized entity, these fees are distributed to stakers—the node operators and community members who secure and deliver accurate data by staking $RED. Additionally, $EIGEN rewards are also available for stakers. $RED can even be liquid staked with Eigenpie for mRED. Right now, users can expect to earn roughly 19% APR on their $RED.
Securitize Partnership
RedStone recently announced that it would be serving as the primary Oracle Provider of Securitize. Securitize aims to tokenized the private market asset class in order to make this sector more accessible. The protocol even raised $47M in a round led by BlackRock. This puts RedStone at the forefront of onchain institutional adoption, including BlackRock’s own BUIDL fund.
Securitize will leverage RedStone’s reliable Oracles to provide accurate pricing methods for custom assets. There’s even the opportunity to enable BUIDL assets to be used as collateral throughout DeFi, blending the on and offchain sectors of finance. RedStone stands out as the natural partner for Securitize, as well as other RWA projects, which we might be seeing more of in crypto soon enough.
In just the past few days, we’ve seen big names like Ethena and Aaave introduce initiatives to position themselves ahead of institutional inflows into DeFi. Oracle providers have a unique head start in this area, as they may have more of a moat than other parts of the DeFi stack. Whether it be tokenized treasures, securities, forex, or other assets entirely, an experienced and reliable Oracle Provider is important for building onchain RWA products…
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