RedStone offers an oracle that enables users to connect smart contracts with external data feeds to over 30 blockchains (such as Ethereum, Avalanche, and Polygon). It leverages a proprietary method called an “EVM connector” to aggregate data from external sources such foreign exchange markets or price feeds for crypto tokens, and NFTs. This data is then attached onto a transaction and subsequently erased after use.
As of August 2022, the protool accesses over 1,000 data feeds which are updated every 10 seconds. Redstone also plans to develop a more efficient framework that enables smart contracts to process more information, increasing interoperability between chains. In July 2024, the company announced plans to push its oracles into Ethereum's emerging restaking landscape, with a focus on developing oracles for liquid restaking tokens (LRTs).
Funding and financials
In August 2022, Redstone raised nearly USD 7 million in seed funding led by Lemniscap to accelerate the launch of its product suite.
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