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RedStone Oracles Raises $15M in Series A  

RedStone is Modular by Design, Tailored For Builders

RedStone, founded in 2021 during the Arweave incubation program, launched its first mainnet deployments in January 2023. Before that, in August 2022, a $7M seed round was raised and followed by an angel round in May 2023.

Today, RedStone Oracles is proud to announce its $15M series A funding round. RedStone’s modular architecture will determine the next wave of dApps by offering the most gas-optimized and secure oracles in the DeFi space. It also marks the start of Season 2 Warm-up of The RedStone Expedition ♦️
The round is led by Arrington Capital, followed by other leading investment funds in the Web3, including:

  • SevenX
  • IOSG
  • Spartan Capital
  • Alphemy Capital
  • Protagonist
  • gumi Cryptos Capital
  • Samara Asset Group
  • White Star Capital
  • Amber Group
  • Thanefield
  • Selini Capital
  • 4RC
  • Triton Liquid Fund
  • HTX Ventures
  • Kenetic Ventures
  • Relayer Capital
  • Revolo Intel
  • Cluster Capital
  • Chorus One Ventures
  • Flowdesk
  • NonceVC Classic
  • Revolo Intel

“We have been impressed by RedStone’s ability to push ahead Web3 infrastructure in technical achievement, go-to-market and security. This is a team of builders who we believe will continue to lead in the oracle space.” 

said Michael Arrington, Founder of Arrington Capital.

The round was joined by a number of leading industry angels including:
@SmokeyTheBera, @homme0x, @ashwathbk, @MikeSilagadze, @daniel_swell_, @AmirOnchain, @victorJi15, @PhilippZentner, @DeFi_Dad, @Nomaticcap, @KoppKnows, @JozefVogel, @art3chris, @jasnoodle, @mheinrich, @BitmapTech 👼

The Future of Secure Oracles: 2024 Update

Over the last year, the DeFi market doubled its Total Value Locked, with liquid staking being the largest category, gathering over $50B of assets. The whole industry has evolved significantly with developments like Dencun (EIP-4844) Ethereum upgrade, liquid staking and restaking and the increase of L2s as well as Optimistic & ZK roll-ups. This surge in demand for reliable price data places RedStone, with its future-proof design, at the forefront of innovation.

RedStone, with its modular design for DeFi, resembles what L2s are for blockchains. Different chains greatly value it, since data can deliver both Push and Pull oracles for all EVMs and non-EVMs, ecosystems, rollups and all kinds of appchains. 

RedStone’s unique position overcomes the challenges oracles face when transitioning from a monolithic to a modular architecture, such as client agreements or security risks. Designed with built-in modularity, RedStone quickly adapts to market trends, overcoming technical challenges and optimizing gas use for secure, high-performance data consumption.

Protocols and builders recognize RedStone as a secure, innovative alternative to existing oracles. Promoting the On-Demand approach for the past three years, RedStone is now being used on over 40 L1s and L2s, leading the space ahead of competitors.

What Sets RedStone Apart from Competitors?

It begins with the fundamentals – RedStone is a highly technical company. The focus is on in-depth technical details, establishing a competitive edge through precision and expertise. The team is built of trained engineers who possess unique knowledge in the oracle market. 

Such an experienced tech team, combined with the modular architecture, allows RedStone to do things that are not possible elsewhere.

  • RedStone’s modular architecture enables unparalleled capabilities in the oracle market. It allows the company to deliver unique price feeds not available elsewhere, specializing in yield-bearing collateral for lending markets, particularly LSTs and LRTs.
  •  The modular pricing engine is also consistently updated to ensure the highest accuracy and relevance for novel price discovery models, such as slippage-based weighting. RedStone’s chain-agnostic approach means it can push data to multiple EVM and non-EVM ecosystems, rollups, and appchains, making it an ideal partner for Rollup-as-a-Service Providers and Eigenlayer AVSs. 
  • All this flexibility supports every type of DeFi dApps, offering both Classic (Push) and Core (Pull) data consumption models to meet a wide range of use cases, ensuring that new chains can be oracle-ready from day one.

Furthermore, RedStone outperforms the competition on gas usage, which helps dApps on system efficiency long term and cuts unnecessary costs & dependency i.e. utilization of a bridge in the data delivery process. Using the Data Distribution Layer can reduce costs. Furthermore, RedStone avoids unnecessary gas spending by not pushing the same data to multiple chains.

“When we wanted to introduce the most oracle robust lending markets in the industry, we did technical due diligence on multiple offerings, and the findings were clear. RedStone data and infrastructure are the best in class.”

said Brad Venus, Venus Labs CEO.

What’s next for RedStone?

The company maintains a close feedback loop with leading DeFi protocols, continually designing new features and upholding stringent security standards, the most critical factor in the oracles industry. 

If you want to join us on this thrilling journey and become a part of it, check out The RedStone Expedition. Season 2 is starting now!

About RedStone

RedStone is revolutionizing the oracles industry by implementing novel modular design and 3 tailor-made data consumption models. You can build the new generation of DeFi & Web3 protocols based on RedStone’s versatile data offering of Blue Chip, Long-Tail, LP, Ecosystem-native Tokens, as well as Real World Data and custom feeds.

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