Skip to content

DeltaPrime x RedStone: novel DeFi needs novel Oracles

  • by

What is DeltaPrime?

DeltaPrime is the first Avalanche-native protocol that provides undercollateralized DeFi loans, in a trustless way. This means that, while capital efficient, they do get the benefit of liquidations protecting depositors’ funds. On DeltaPrime users can easily deposit and borrow funds to increase the power of their usual DeFi investments. The minimum collateral ratio for these loans is 20%, allowing users to get up to 5x leverage on their assets.

Cooperation with RedStone

The DeltaPrime and RedStone teams have been cooperating since the inception of both projects. The idea of DeltaPrime was conceived early, but there were simply no oracles available on the market that were fast, cheap, or reliable enough to launch the protocol. When RedStone oracles launched DeltaPrime  to life. DeltaPrime was the first protocol to use RedStone oracles on mainnet. That’s why their full launch in December is a big thing for us too.

Value proposition

Since DeltaPrime is allowing leverage on multiple tokens it needs constant information about the value of every token in the prime account. Thanks to an off-chain stream of nodes called “RedStone Cache Layer” there is no need to pay gas costs for new price data, and the data is being pushed on-chain only when it’s needed (for example during the liquidation). This is a perfect example of how our oracles can disrupt this industry enabling the formation of completely new DeFi products. 

Questions to the DeltaPrime team

How do you use RedStone oracles in your protocol?

“Because the solvency is insured by the system algorithmically we need to have up-to-date data feeds to perform all the checks around the solvency and to liquidate the account when it’s needed.”

What are the main advantages and benefits of using RedStone?

“So for us it’s the versatility of data feeds, we support leveraged farming and for that, we need to have pricing of LP tokens and this is not easy to find with the traditional oracle approach.”

From a builders perspective how hard is the integration and use of our oracles in your protocol, and how was the cooperation with our team?

“The integration wasn’t that hard, it’s a totally different approach than the normal one, so I encourage you all to go through the docs, but there are really good tutorials to understand how it all works. The cooperation was great, RedStone was always flexible and helpful to prepare the feeds that we need.”

DeltaPrime channels:

Website: https://deltaprime.io/

Twitter: https://twitter.com/DeltaPrimeDefi

Discord: https://discord.com/invite/9bwsnsHEzD

RedStone channels:

Website: https://redstone.finance/ 

Twitter: https://twitter.com/redstone_defi

Discord: https://discord.com/invite/PVxBZKFr46

GitHub: https://github.com/redstone-finance

LinkedIn: https://www.linkedin.com/company/redstone-finance/

Leave a Reply

Your email address will not be published.