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The global crypto market cap is $1.06 trillion with a 24-hour volume of $20.6 billion. The price of Bitcoin is $26,573.68 and BTC market dominance is 48.8%. The price of Ethereum is $1,636.62 and ETH market dominance is 18.6%. The best performing cryptoasset sector is DuckSTARTER, which gained 527%.
RedStone Oracle plays an integral role in supporting algorithmic stablecoins.
Cover art/illustration via CryptoSlate
The focus on blockchain Oracle protocols, such as Chainlink (LINK), has been growing, reflecting the rapid adoption of smart contracts. These Oracle protocols are vital to the crypto industry, acting as channels for external data that drive the automation of smart contracts.
As the worlds of DeFi and traditional finance converge, the significance of oracles becomes increasingly pronounced. RedStone emerges as a pioneering force in response to this surging demand for Oracle solutions.
RedStone harnesses the decentralized Streamr network to give users dependable data while eradicating superfluous on-chain data transmission inefficiencies. Redstone is a provider of reliable data feeds, servicing over 40 blockchain platforms, including Ethereum virtual machine (EVM)-compatible network blockchains and non-EVM networks.
In a recent interview with CryptoSlate, CEO and founder Jakub Wojciechowski discussed what the company has been up to in recent years and what makes RedStone different from other Oracle providers.
With the increased demand for decentralized finance infrastructure, RedStone offers a modular design allowing on-chain data efficiency. Its innovative data availability layer stores all the data; only what is needed would be fetched on-chain. This optimizes cost and efficiency.
Said Wojciechowski:
“RedStone is revolutionizing the oracle space by eliminating the inefficiency of unnecessary on-chain data pushing and leveraging the decentralized Streamr network for reliable data delivery to users. With the added innovation of token incentives, it ensures data integrity and service continuity, while also utilizing the Arweave blockchain for cost-effective, permanent data storage.”
The innovative design also allows the infrastructure to broadcast multiple assets frequently to any EVM layer-1 or Layer-2 network. This means broad compatibility with several smart contract blockchains.
Unlike the traditional push oracle model, which is not scalable and comes with a higher cost for each chain deployment, the RedStone approach enables it to provide affordable and reliable data feeds for more than 40 chains.
RedStone also plays an integral role in supporting Aave’s stablecoin, GHO. The stablecoin ecosystem generally relies on oracles, especially for the algorithmic stablecoins, as their stability depends on price infrastructure aggregating information from several sources.
“Oracles play a pivotal role in the stablecoin ecosystem, especially for algorithmic and decentralized stablecoins that mint against volatile cryptocurrency reserves,” Wojciechowski said. “When the collateral-to-loan ratio falls below a certain threshold, oracles trigger liquidations to maintain system solvency, making their reliability and accuracy crucial for the stablecoin’s peg to its intended value.”
For Aave GHO, RedStone integrates data from multiple DEX pools to facilitate stablecoin integration. Wojciechowski also noted that RedStone remains developer-friendly by offering three consumption models for developers.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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