News Scrap

TL;DR

  • RedStone launches first Bitcoin staking oracles in collaboration with Lombard.
  • Oracles provide real-time data on staked Bitcoin and liquid staking tokens.
  • An expansion of services on new chains such as Arbitrum and BNB Chain is expected in the coming months.

RedStone has taken a significant step into the world of decentralized finance (DeFi) by introducing its innovative Bitcoin staking oracles, the first of their kind on the market.

This new tool is designed to facilitate the interaction between Bitcoin staking and DeFi platforms, starting its implementation with Lombard Finance, a major player in the Bitcoin staking space.

With over $500 million in total value locked (TVL), Lombard has proven to be a benchmark platform in the industry.

RedStone’s Bitcoin staking oracles aim to provide real-time data on the amount of BTC staked and liquid staking tokens (LST) generated on the Ethereum blockchain.

This development is critical as it allows users to gain accurate insights into the status of staking and the performance of their investments. With the growing interest in Bitcoin staking, the need for reliable and real-time data becomes even more critical for users and developers.

In addition, the company has seen a significant increase in its TVL, which rose from $3 billion to nearly $5 billion in August, reflecting growing interest in its solutions.

Although the figure has recently stabilized at $2.74 billion, this initial growth demonstrates the potential of RedStone’s ecosystem. The recent $15 million Series A funding round, led by Arrington Capital, also supports its ambitious expansion plan.

RedStone Integrates Bitcoin Staking Oracles with Lombard Finance

Growth and expansion prospects in the DeFi ecosystem with RedStone

As the Bitcoin and DeFi markets continue to evolve, RedStone oracles are poised to facilitate further integration between both platforms.

In the coming months, oracles are expected to integrate with other platforms such as pumpBTC and Solv, expanding their reach to new chains such as Arbitrum, Base and BNB Chain. This expansion will allow users across different ecosystems to access the benefits of Bitcoin staking, increasing liquidity and economic security in the process.

RedStone CEO Jakub Wojciechowski emphasized the importance of these oracles in providing a robust infrastructure that links Bitcoin to the DeFi world. This will not only improve the user experience by offering accurate data, but will also empower developers by providing essential tools for building more complex and efficient applications.

RedStone’s launch of Bitcoin staking oracles marks a crucial development at the intersection of Bitcoin and DeFi. The ability to gain real-time data on Bitcoin staking and liquid tokens will allow users to optimize their investments and participate more effectively in the DeFi ecosystem.

With the continued expansion of services and the integration of new platforms, RedStone is positioning itself as a key player in the evolution of Bitcoin staking and innovation in the DeFi space.