The moment we entered 2023 no one expected that USDC would depeg, CZ would step down from Binance and RedStone would be growing at such a pace throughout the year. Not only did we manage to introduce Classic (Push) and X (Perps) models next to Core (Pull), but we also launched on countless new networks and got integrated by top-tier protocols. Our team is proud of the progress we have made this year. But the truth is, that is just the beginning. Therefore, we are excited to announce the following.
The upcoming 2024 is going to be the year for RedStone Oracles.
But before we shed more light on that, let us recap some of the milestones from this year.
Are you ready? Let’s go through it one more time!
RedStone started in 2023 with the “Big DeltaPrime Bang” on Avalanche mainnet and went on to become the fastest-growing protocol on Avalanche and then on Arbitrum. The projects have been cooperating since the inception of both of them. The idea of DeltaPrime was conceived early, but there were simply no fast, cheap, or reliable oracles available on the market to launch the protocol. RedStone Oracles ultimately enabled the launch of DeltaPrime and provided feeds that no other Oracle delivers. DeltaPrime was the first protocol to use the RedStone Core model to the full extent on the mainnet. That’s why their full launch in January was also a big thing for us.
In May RedStone announced its exclusive Angel Round. Web3 pioneers including Stani Kulechov (Aave & Lens Founder), Sandeep Nailwal (Polygon Co-Founder), Alex Gluchovski (zkSync Co-Founder), Emin Gün Sirer (Avalanche Co-Founder) and other industry leaders backed the project’s mission to be the most practical and value-adding Oracle for builders. RedStone disrupts the status quo in the oracle space with a modular design, data feeds customizability and presence at all EVM L1 & L2 networks. Angel participation from recognized industry leaders shows conviction that dApps require multiple oracle options to choose from and a single provider is simply not enough.
3. RedStone expanding as the LSTfi Oracle
In 2023, RedStone Oracles also achieved significant milestones in the LSTs space, integrating with many notable protocols like Swell Network, Stader ETHx, Sommelier, Gravita, Stakewise and EtherFi, enabling accurate pricing and fostering collaboration with other DeFi projects. The swETH price feed was initially spinned up for Swell but later on integrated with Sommelier, Gravita and a few other protocols. RedStone also played a pivotal role in supporting Stader’s multi-chain liquid staking protocol, ETHx, and contributed to StakeWise V3’s vision of next-gen staking setups with its osETH token. These achievements highlight RedStone’s vital role in advancing DeFi through innovation.
Just before ethCC, RedStone has become an integral part of the Avalanche Evergreen launch, providing essential data feeds to dApps on the Avalanche Spruce Testnet. This partnership was pivotal in integrating institutional players with decentralized protocols, exemplified by the Aave Protocol and Voltz. RedStone’s Classic Oracle model, known for its adaptability to dApp requirements including customizable Heartbeat and Deviation Threshold parameters, has been instrumental in supporting the launch of these applications on the testnet. This marks a significant step in bridging traditional finance with the DeFi sector, showcasing RedStone’s role in the evolving financial landscape.
In 2023, besides LSTs the topic that raised a lot awareness became RWA. RedStone collaborated with Angle Protocol and Voltz Protocol, making remarkable strides in this topic. In partnership with Angle, RedStone seamlessly integrated real-world assets, such as the Amundi ETF, into DeFi, emphasizing the crucial role of accurate oracles. The collaboration enabled daily price updates for an ETF of short-term Euro treasury bonds, bridging the gap between traditional finance and decentralized systems. Similarly, RedStone’s integration with Voltz Protocol facilitated the transposition of off-chain SOFR rates to on-chain, creating a new SOFR interest-rate swap market on Avalanche, effectively merging traditional and decentralized finance. Moreover, RedStone has been the first and only Oracle to launch on Canto, which also prioritizes RWA.
6. RedStone for Option Protocols with Premia on Arbitrum
RedStone Oracles integrated seamlessly with Premia Blue, decentralized options protocol. This collaboration enhanced Premia’s operations with adaptable oracle technology, enabling quick addition of price feeds, introducing a Time-Weighted Average Price (TWAP) feed, and ensuring transparent, timely, and reliable price data with accurate updates at a specific time. This integration addressed Premia’s intricate oracle needs.
7. Inception of model X and Cadence Protocol Integration
Cadence has partnered with Redstone to introduce decentralized keepers. Keepers automate tasks in DeFi by monitoring market conditions and executing transactions, boosting efficiency and reducing costs. Traditionally, keepers in decentralized perp protocols posed risks due to centralized control, potentially causing price deviations. Cadence and Redstone’s solution maintains efficiency while eliminating centralization risks. Their decentralized keepers, powered by a CadenceKeeperAdapter contract, allow anyone to submit secure price data, ensuring transparency and safety.
8. Elevating CIAN’s Efficiency
CIAN struggled with high latency and price discrepancies in conventional oracles. This collaboration, particularly with RedStone’s Core Model, brought reduced latency and accurate price feeds, improving the efficiency and reliability of CIAN’s LST strategies. CIAN, which facilitates user-designed strategies across various cryptocurrencies, benefited from this integration by obtaining efficient, low-latency data feeds with reduced gas costs, without altering smart contract interfaces. The integration’s success showcases RedStone’s advantage in real-time price feeding and seamless integration, thereby optimizing CIAN’s operational capabilities and maximizing capital efficiency for users.
9. The Year of The Ecosystem Launches
A lot of important ecosystem have launched this year. RedStone has been actively supporting various blockchain ecosystems. Throughout this time, RedStone has partnered with Linea on their mainnet alpha launch, collaborating to enhance the Ethereum ecosystem’s scalability and user experience, extended support to Base, recognizing its role in advancing a globally accessible open financial system, providing reliable Data Feeds to bolster the Base builders’ community. Furthermore, RedStone’s Core model is now fully available on zkSync Era and zkStack, offering flagship on-demand model to builders and dApps. RedStone has also integrated with Optimism, Fuel, Scroll & Polygon zkEVM.
10. RedStone Spearheads Innovation in RaaS Ecosystem
RedStone has made significant strides in the RaaS sector, integrating with AltLayer, Caldera, Gelato, Conduit, Gateway FM and Manta Network to support the burgeoning rollup ecosystem. By providing low-latency data and access to over 1200 assets, RedStone enhances AltLayer’s no-code rollup platform and Caldera’s customizable, high-performance L2 blockchains. The collaboration also extends to Manta Network’s Manta Pacific Alpha Mainnet, supporting its EVM-native modular execution layer with secure, efficient oracle services. These joint efforts showcase RedStone’s pivotal role in advancing rollup technology and L2 solutions, reinforcing its commitment to innovation in the decentralized space.
In October, RedStone launched the RedStone Expedition, a unique adventure blending challenges, innovation, and rewards. Central to this journey are RedStone Gems (RSG), blockchain-stored activity points crucial for participant engagement and fair reward distribution. Participants earn RSG through diverse activities, enhanced by special boosts acting as point multipliers. A dedicated dashboard offers progress tracking, with rankings and rewards for top performers. The integration of the Warpy bot links Discord activities to blockchain rewards, emphasizing the importance of community engagement. Partnerships play a key role, with specific weeks dedicated to exploring these collaborations. The Expedition promises an evolving, rewarding experience for those who engage early and consistently. To take the engagement to another level, community members can also apply to RedStone Miners Ambassador Program.
RedStone has expanded its services to support the inaugural MIM market on the Kava Chain, providing a USDT and MIM price feed through its Core Model. This integration allows users to borrow MIM and leverage Stargate USDT tokens as collateral while compounding $STG rewards, demonstrating RedStone’s growing influence in the DeFi space by facilitating innovative borrowing and leveraging options.
13. The Inception of the RedStone Research Arm
This year, RedStone also unveiled its research arm, presenting 3 comprehensive reports that shed light on the evolving DeFi landscape. The LSTfi report revealed its dominance in DeFi TVL, emphasizing the role of LST protocols and the potential of restaking. The RWA report explored the integration of traditional finance with DeFi, showcasing the tokenization of various assets. In the Stablecoins report, the focus was on the diverse stablecoin ecosystem. These reports mark the beginning of RedStone’s commitment to in-depth research, providing valuable insights.
14. Hubble Exchange Launch on the Avalanche Subnet
RedStone is the only Oracle to support Avalanche Subnets, not only the institutional Spruce, but also projects innovating on their own subnets like Hubble Exchange. Hubble Exchange has partnered with RedStone to ensure reliable oracle feeds for its Perp-specific Layer 1, Hubbllenet. RedStone’s modular oracle solution, including the RedStone Classic model, will support Hubbllenet’s need for customized data feeds, critical for functions like the funding rate mechanism and liquidation engine.
15. RedStone as the Backbone of Mento’s Stablecoin Factory
Mento has partnered with RedStone that enabled Mento to launch Stablecoin Factory. The Stablecoin Factory centers around its CDP Module, enabling the creation of decentralized stablecoins by leveraging collateral. This module shifts currency exchange risks from users to borrowers, who must maintain a specific collateralization ratio to secure their stablecoin borrowing. RedStone integration is planned to address scalability challenges. Find Markus Franke, Mento Labs Founder, elaborating on 2024 being a stablecoins year in the Blockworks.
16. Fueling Venus Protocol & Enabling Lido’s stETH
RedStone Oracles is supporting both Lido’s stETH token and Venus Protocol. For stETH, RedStone’s custom solution provides reliable price data by aggregating information from various sources, ensuring that DeFi protocols can accurately assess its value for trading, lending, and yield optimization. In parallel, Venus Protocol has integrated RedStone’s price feeds into its ResilientOracle module, adding an extra layer of data accuracy and resilience to its platform.
Do not miss out and join us on the long-distance race!
It has been a great and intensive ride. But this year was just the warm-up lap and our RedStone bolide is ready for the 2024 long-distance race. If you are curious about what we cook for the upcoming months you will need to keep your eye on our Twitter and Discord – you will not regret it 🙂
The things we can share for now are that we will keep our focus on answering the needs of builders and keep the practical approach to growth, the strategy that played well for us this year.
Merry Christmas everyone and a Happy New Year 🎄🎇♦️