{"id":83340,"date":"2024-07-03T06:14:15","date_gmt":"2024-07-03T10:14:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83340"},"modified":"2024-07-03T06:14:18","modified_gmt":"2024-07-03T10:14:18","slug":"arrington-capital-leads-15m-funding-for-redstone-oracles","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/arrington-capital-leads-15m-funding-for-redstone-oracles\/","title":{"rendered":"Arrington Capital Leads $15M Funding for RedStone Oracles"},"content":{"rendered":"\n

RedStone Oracles has raised $15 million in Series A funding for its modular blockchain oracle solution<\/a>, led by Arrington Capital.<\/p>\n\n\n\n

\"Arrington
Arrington Capital Leads $15M Funding for RedStone Oracles<\/figcaption><\/figure>\n\n\n\n

RedStone, which identifies itself as the “fastest-growing modular oracle,” intends to leverage the recently obtained funds to extend the reach of its oracle products. These products offer gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.<\/p>\n\n\n\n

Arrington Capital spearheaded the funding round, including prominent investment firms Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors, including the founders of EtherFi and Berachain.<\/p>\n\n\n\n

\"Investors
Investors in the RedStone funding round. Source: RedStone Oracle<\/figcaption><\/figure>\n\n\n\n


Michael Arrington, the founder of Arrington Capital\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, stated that the sophisticated infrastructure of RedStone's solution was the key factor in his decision to invest in it.<\/p>\n\n\n\n

\n

\u201cWe have been impressed by RedStone\u2019s ability to push ahead web3 infrastructure in technical achievement, go-to-market, and security.\u00a0This is a team of builders who we believe will continue to lead in the oracle space.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

RedStone's Oracles can Help DApps Efficacy <\/h2>\n\n\n\n

Founded in 2021 during the Arweave incubation program, RedStone has garnered substantial momentum since the introduction of its mainnet in January 2023. It has secured $4 billion in value and accumulated over 100 clients.<\/p>\n\n\n\n

The chain-agnostic solution is an excellent choice for projects developing on emerging networks such as zkSync Era, Linea, Mantle, and Scroll, as it supports over 60 blockchains.<\/p>\n\n\n\n

RedStone aims to provide lower transaction costs (gas fees) than other Oracle solutions, which can assist decentralized applications (DApps) in reducing redundant data and price feed-related overhead costs.<\/p>\n\n\n\n

RedStone prevents the imposition of excessive gas fees by refraining from transmitting the same data to multiple chains.<\/p>\n\n\n\n

Blockchain Oracles Exceeds $13B<\/h2>\n\n\n\n

Blockchain oracles are a rapidly expanding decentralized finance (DeFi) industry sector.<\/p>\n\n\n\n

CoinMarketCap data indicates that the aggregate market capitalization of all oracle-related cryptocurrencies<\/a> was $13.1 billion on June 3.<\/p>\n\n\n\n

According to DefiLlama data, Chainlink is the most significant oracle solution, with a total value secured (TVS) of over $24.3 billion across nearly 400 protocols. WinkLink is the second largest oracle solution, with a TVS of $7.35 billion across two protocols.<\/p>\n\n\n\n

\"Top
Top Oracle solutions, TVS. Source: DeFiLlama<\/figcaption><\/figure>\n\n\n\n

DefiLlama currently monitors RedStone as the sixth-largest oracle solution, with a $1.32 billion TVS across 38 protocols.<\/p>\n","protected":false},"excerpt":{"rendered":"

RedStone Oracles has raised $15 million in Series A funding for its modular blockchain oracle solution, led by Arrington Capital. RedStone, which identifies itself as the “fastest-growing modular oracle,” intends to leverage the recently obtained funds to extend the reach of its oracle products. These products offer gas fee-optimized price feeds for all Ethereum Virtual […]<\/p>\n","protected":false},"author":12,"featured_media":83346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20358,20359,4554],"class_list":["post-83340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arrington-capital","tag-redstones-oracle","tag-series-a-funding"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/image-16.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83340"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83346"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}