TL;DR
- RedStone has seen 1,250% growth in 2024, reaching nearly $4 billion in total insured value.
- Its architecture is composed of four key modules that facilitate the collection, aggregation and delivery of price data.
- RedStone is implementing EigenLayer to improve its security through resttaking, using various assets such as ETH and native tokens.
In the world of cryptocurrencies, oracles play a crucial role in providing data necessary for the execution of smart contracts.
RedStone has emerged as the fastest-growing oracle in 2024, achieving impressive growth from $400 million to approximately $4 billion in total value insured.
♦️ Introducing RedStone AVS on EigenLayer ♦️@eigenlayer is a leading restaking platform allowing to build scalable AVSs.
RedStone fully supports restaking across the supply side (LRTs).
Read more below about our efforts on the demand side 👇https://t.co/ieuIaLPqON— RedStone Oracles ♦️ (@redstone_defi) October 23, 2024
This 1,250% increase has been driven by its ability to offer data through both Push and Pull models, making it a preferred partner for liquid staking and liquid resttaking projects.
This information comes from RedStone’s official document, which details its modular architecture and innovations.
RedStone‘s structure is divided into four fundamental modules.
The Sourcing Module is responsible for identifying authorized data sources, ensuring the quality of the information presented.
The Node Operators Module retrieves data from these sources and sends it to the Data Aggregation Module, where the signed packets are combined, either off-chain or on-chain.
Finally, the Data Consumption Module delivers the information to the end users, using the Push and Pull models, adapting to the needs of the market.
One of the most significant challenges facing oracles is ensuring that the total value secured by their system exceeds the staking of the native token.
In this sense, EigenLayer offers an innovative solution by allowing resttaking, which increases the security of the system.
This approach not only allows security to scale according to market needs, but also allows early-stage players to access a more flexible and less expensive system.
The Future of RedStone with EigenLayer
With the recent implementation of the EIGEN token, which is now transferable, RedStone is about to open a new stage in its expansion.
The innovation in the initial token distribution, which rewards early restakers and developers, promises to further strengthen the network.
In addition, the implementation of slashing mechanisms will allow for greater security and reliability in the system.
RedStone AVS is a pioneering solution that uses resttaking to create a decentralized price data delivery process, ensuring the reliability and security of the information.
The team is currently working on implementing it on testnet, which is undergoing security audit and has already proven its effectiveness in test environments such as Polygon zkEVM and Arbitrum L2s.
As RedStone moves forward with optimizing its operating costs on Ethereum Mainnet, the adoption of a dual-token model is expected to provide even more opportunities for its users.
The integration of assets such as LSTs and the RedStone token promises to enrich the ecosystem, providing diversified options for participation and security in the network.
With over $5 billion secured, RedStone remains a key player in the DeFi ecosystem, showing a constant commitment to innovation and improving its services.
Expanding usage and refining resttaking use cases represent a bright future for this modular oracle, which continues to set the standard in high-frequency data delivery and crypto-economic security.