RedStone Launches Bitcoin Staking Oracles to Boost DeFi Protocols
RedStone, backed by Arrington Capital, has recently debuted Bitcoin Staking 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.
Enhancing DeFi Ecosystem with Real-Time Data
RedStone's Bitcoin Staking 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.
Utility of Liquid Staking Tokens
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 DeFi Platforms.
Future Integration and Expansion Plans
Looking ahead, RedStone aims to integrate its Bitcoin Staking 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 Bitcoin Staking 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 Bitcoin Staking. The integration of RedStone's Bitcoin Staking oracles with leading DeFi Platforms like Morpho, Gearbox, Pendle, and ZeroLend further solidifies its position in the Decentralized finance sector.
Stay updated with the latest developments in cryptocurrency and blockchain technologies by visiting our news section. For in-depth analysis and reviews of top games, check out our game reviews. Join us daily for the latest news and updates on blockchain and crypto games by visiting our homepage.
