With its new product suite, Redstone wants to make it easier and cheaper for blockchains and other data sources to work together.
RedStone, a DeFi oracle platform, has raised almost $7 million to build a faster and cheaper cross-chain oracle for decentralized finance protocols.
A press release from Monday said that Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures all helped with the seed funding round. RedStone currently sends data feeds to more than 30 blockchains, such as Ethereum, Avalanche, and Polygon. It will use the money to speed up the rollout of its latest product suite, which aims to make it easier for blockchains to connect to data from the real world.
In the release, Roderik van der Graaf, the founder of Lemniscap, said that it’s important for important DeFi infrastructure, like the company’s cross-chain oracle, to keep getting better so that it can support the huge DeFi sector.
Van der Graaf said, “While the DeFi space continues to be a good place for innovation, the core infrastructure has stayed the same over time and is not fit for purpose in today’s fast-growing, blockchain-agnostic environment.”
Oracles are important to the DeFi sector because they let smart contracts access real-time data, like the prices of digital assets, without the need for a central middleman.
Redstone Oracle wants to offer quick and cheap connectivity by using the EVM connector, which is its own method for putting data on blockchains. This method is meant to quickly and cheaply collect data from outside sources like the foreign exchange market and price feeds for long-tail tokens, non-fungible tokens (NFT), and commodities. This is because the data automatically attaches itself to a transaction and then deletes itself.
At the moment, RedStone Oracle passes data packages into transaction call data by accessing over 1,000 data feeds that are updated every 10 seconds.
The company is also working on a better framework for smart contracts to make it easier for blockchains and other data sources to work together.
Jakub Wojciechowski, the founder of RedStone, said that the company’s framework for smart contracts will be able to handle more information. This will let the company’s developers improve on-chain-off-chain connectivity.
Wojciechowski said, “We want to make a smart contract framework that will let everyone process large amounts of data.” “That’s not something that can happen in other places.”
