{"id":97348,"date":"2024-10-23T15:14:23","date_gmt":"2024-10-23T19:14:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=97348"},"modified":"2024-10-23T15:14:29","modified_gmt":"2024-10-23T19:14:29","slug":"redstone-launches-oracle-avs-on-eigenlayer","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/redstone-launches-oracle-avs-on-eigenlayer\/","title":{"rendered":"RedStone launches oracle AVS on EigenLayer"},"content":{"rendered":"\n

RedStone is the first major oracle provider to adopt Ethereum's restaking protocol<\/a> via EigenLayer, currently in testnet phase.<\/p>\n\n\n\n

\"RedStone
RedStone launches oracle AVS on EigenLayer<\/figcaption><\/figure>\n\n\n\n

With the launch of a data-validation service on EigenLayer, RedStone has established itself as the first major oracle provider to use the Ethereum restaking protocol. RedStone has stated in a statement that it intends to develop a “scalable framework that dynamically adjusts cryptoeconomic security as DeFi [decentralized finance] grows,” despite the service currently being in the testnet phase.<\/p>\n\n\n\n

Redstone's oracles operate on more than fifty blockchain networks and safeguard nearly three and a half billion dollars' worth of cryptocurrencies, according to information on its website. In a statement, Alan Curtis, chief operating officer of developer Eigen Labs<\/a>, said that the launch of the product on EigenLayer “showcases a mature Oracle system enhancing its security with restaked guarantees.<\/p>\n\n\n\n

\"\"
Redstone operates on more than 50 chains. Source: Redstone<\/figcaption><\/figure>\n\n\n\n

Decentralized oracles connect the blockchain networks to external data sources, including data from the financial market. A token that has been staked and posted as collateral with a validator for incentives is called “restaking”. It is used to secure other protocols too. EigenLayer, according to DefiLlama, is in charge of protecting dozens of third-party protocols, also known as actively verified services (AVSs), with collateral worth roughly eleven billion dollars.<\/p>\n\n\n\n

According to the website of EigenLayer, another Oracle service known as eOracle has already gone online on EigenLayer and is secured by about $9 billion worth of Ether as of the 22nd of October. Large oracle providers such as RedStone and Chainlink are increasingly assuming a significant role in traditional financial markets. This trend is expected to continue.<\/p>\n\n\n\n

Chainlink said on October 21 that it intends to use artificial intelligence and decentralized oracle technology in order to construct an on-chain record of company actions.<\/p>\n\n\n\n

\"\"
EigenLayer TVL. Source: DefiLlama<\/figcaption><\/figure>\n\n\n\n

After the unlocking of its native token, EIGEN, on October 1st, EigenLayer is increasingly prioritizing the process of onboarding consumer Web3 applications<\/a>. According to Kannan, EigenLayer will initially focus on applications that are natural to crypto-native markets, such as gaming and decentralized finance, before moving outside Web3.<\/p>\n\n\n\n

We are beginning with the inside-out approach, concentrating on high-throughput consumer applications such as gaming and DeFi,” Kannan said. However, once we achieve critical mass and expand slightly, we will expand outward and start focusing on broader consumer markets.<\/p>\n\n\n\n

A programmed incentives program, which was published by the protocol on September 17th, is another strategy that EigenLayer intends to use in order to attract restakers. EIGEN emissions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which make up about 4% of the token's total supply, will reward initiative participants.<\/p>\n","protected":false},"excerpt":{"rendered":"

RedStone is the first major oracle provider to adopt Ethereum’s restaking protocol via EigenLayer, currently in testnet phase. With the launch of a data-validation service on EigenLayer, RedStone has established itself as the first major oracle provider to use the Ethereum restaking protocol. RedStone has stated in a statement that it intends to develop a […]<\/p>\n","protected":false},"author":62,"featured_media":97370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18341,128,11218],"class_list":["post-97348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eigenlayer","tag-ethereum","tag-redstone"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/images-59.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/97348","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\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=97348"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/97348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/97370"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=97348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=97348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=97348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}