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RedStone, backed by Arrington Capital, has recently debuted BitcoinStaking oracles to enhance Decentralized finance (DeFi) protocols on Platforms such as Ethereum, Avalanche, and Polygon. This Development allows Bitcoin holders to stake their assets in the DeFi space by providing real-time Data for liquid Staking. In a funding round held in July, RedStone secured $15 million with Arrington Capital leading the investment, highlighting the support for its expansion endeavors.
RedStone's BitcoinStaking oracles Play a crucial role in delivering up-to-the-minute information on staked Bitcoin and liquid Staking tokens (LSTs). These oracles are designed to track the amount of Bitcoin being staked, monitor the issuance of LSTs on Ethereum, and calculate the net asset value of these tokens in real-time. This Data transparency and accuracy contribute to a more efficient and reliable DeFi ecosystem.
Liquid Staking tokens (LSTs) serve as utility tokens that are issued during network Staking processes. For instance, the issuance of the stETH Token by Lido occurs when Staking ETH on Ethereum. The consistent monitoring of LST issuance by RedStone's oracles on Ethereum ensures seamless support across various DeFiPlatforms.
Future Integration and Expansion Plans
Looking ahead, RedStone aims to integrate its BitcoinStaking oracles with Platforms like pumpBTC and Solv, while also expanding its support to include Arbitrum, Base, and BNB Chain. This strategic move aligns with the company's vision to cater to the evolving needs of BitcoinStaking and provide comprehensive Data services to support the growing demand in the Market.
RedStone's CEO, Jakub Wojciechowski, emphasized the company's commitment to expanding its Data services in tandem with the Growth of BitcoinStaking. The integration of RedStone's BitcoinStaking oracles with leading DeFiPlatforms like Morpho, Gearbox, Pendle, and ZeroLend further solidifies its position in the Decentralized finance sector.
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