DeFi Platform RedStone Raises Nearly $7M to Improve Connectivity Between Blockchains, Real-World Data

The company's new product suite aims to make interoperability between blockchains and external data sources faster and more affordable. 

AccessTimeIconAug 30, 2022 at 9:00 a.m. UTC
Updated May 11, 2023 at 5:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

DeFi oracle platform RedStone has raised nearly $7 million to develop a faster, cost-efficient cross-chain oracle for decentralized finance protocols.

According to a Monday press release, Lemniscap led the seed funding round with support from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11 and SevenX Ventures. RedStone, which currently delivers data feeds to more than 30 blockchains, including Ethereum, Avalanche and Polygon, will use the funds to expedite the rollout of its latest product suite with the aim of improving connectivity between blockchains and real-world data.

  • AI Will Make Music 'Come Alive Again,' CreateSafe CEO Says
    00:39
    AI Will Make Music 'Come Alive Again,' CreateSafe CEO Says
  • A Look Back: Blockchain Technology in 2023
    00:54
    A Look Back: Blockchain Technology in 2023
  • Why Zug Is Ranked as the Top Global Crypto Hub of 2023
    02:44
    Why Zug Is Ranked as the Top Global Crypto Hub of 2023
  • Why Injective's INJ Has Surged 3,000% in 2023
    00:52
    Why Injective's INJ Has Surged 3,000% in 2023
  • Lemniscap founder Roderik van der Graaf said in the release it’s important that essential DeFi infrastructure, like the firm’s cross-chain oracle, continues to evolve to support the sprawling DeFi sector.

    “While the DeFi space continues to provide fertile ground for innovation, the foundational infrastructure has remained static over time, and is not fit for purpose in today’s rapidly scaling, blockchain-agnostic environment,” said van der Graaf.

    Oracles are essential to the DeFi sector because they enable smart contracts to access real-time data, such as digital asset prices, eliminating the need for a central intermediary.

    Redstone Oracle aims to offer quick and inexpensive connectivity by leveraging a proprietary method for putting data on blockchains, called the EVM connector. This method is intended to quickly and economically aggregate data from external sources like the foreign exchange market and price feeds for long-tail tokens, non-fungible tokens (NFT) and commodities as the data automatically attaches itself to a transaction and erases itself. Currently, RedStone Oracle passes data packages into transaction call data by accessing over 1,000 data feeds, which are updated every 10 seconds.

    The company is also developing a more efficient framework for smart contracts to increase interoperability between blockchains and external data sources.

    RedStone founder Jakub Wojciechowski said RedStone’s framework for smart contracts will be capable of processing more information, allowing the company's developers to improve on-chain-off-chain connectivity.

    “We want to create a smart contract framework that will allow everyone to process large volumes of data,” Wojciechowski told CoinDesk. “That's something which is not possible in other spaces.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Elizabeth Napolitano

    Elizabeth Napolitano was a news reporter at CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.