Raiden Token (RDN) API and Price Oracle

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Raiden Token

RDN
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0x255A...c8e6
Network
Blockchain network where the asset is deployed
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Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is Raiden Token (RDN)?

Raiden Token (RDN) is a utility token for the Raiden Network, a layer 2 scaling solution for Ethereum. It enables faster and cheaper transactions by moving them off-chain. RDN was founded in 2017 by the Raiden Network team. The name "Raiden" is inspired by a character from the Mortal Kombat video game series. Its purpose is to improve the scalability of Ethereum, allowing users to enjoy a more efficient and cost-effective blockchain experience.

How does Raiden Token work?

Raiden Token, also known as RDN, is an integral part of the Raiden Network, a scaling solution for the Ethereum blockchain. The Raiden Network aims to provide fast, low-cost, and scalable off-chain transactions.

Raiden Network operates on top of the Ethereum blockchain, utilizing its infrastructure while addressing its scalability limitations. It implements the concept of payment channels, which allow users to conduct multiple transactions off-chain.

Using the Raiden Network, participants can open payment channels with each other by locking a specific amount of RDN tokens into a smart contract. These channels enable instant and cost-efficient transactions between the involved parties. The transactions are not recorded on the Ethereum mainnet until the channel is closed, reducing the congestion and costs associated with on-chain transactions.

The Raiden Network relies on a network of mediators to facilitate transfers between two participants who do not have an open channel. These mediators act as intermediaries, ensuring the successful transfer of funds between the sender and receiver.

RDN serves as the unit of value and utility within the Raiden Network. It is required for opening and closing payment channels and for compensating mediators for facilitating transactions. Additionally, RDN holders can participate in the network's governance and decision-making processes.

Overall, the Raiden Token and the underlying Raiden Network offer a scalable and efficient solution for conducting off-chain transactions on the Ethereum blockchain, addressing some of the limitations of the Ethereum network in terms of speed and transaction costs.

What are the benefits of Raiden Token?

Raiden Token (RDN) offers several benefits compared to its direct competitors in the blockchain space. One of the main advantages of RDN is its focus on providing scalable and low-cost off-chain transaction solutions for Ethereum. By utilizing state channel technology, RDN aims to enhance the scalability of the Ethereum network, reduce congestion, and lower transaction fees.

Compared to Lightning Network, RDN stands out as it specifically targets the Ethereum ecosystem, whereas Lightning Network primarily focuses on Bitcoin. This allows RDN to tailor its solutions to the unique requirements of Ethereum and its decentralized applications (dApps).

Furthermore, Raiden Token differentiates itself from other layer 2 scaling solutions like Plasma and Optimistic Rollups by utilizing a network of payment channels. This approach enables fast and off-chain transfers, minimizing the need for on-chain transactions and significantly improving scalability and throughput.

Another benefit of RDN is its compatibility with various token standards. It supports not only ERC-20 tokens but also ERC-721 and ERC-1155 non-fungible tokens (NFTs), expanding its use cases beyond just fungible assets.

Moreover, Raiden Token enables near-instantaneous and private transactions, making it suitable for applications that require quick and secure transfers, such as decentralized exchanges and micropayments.

Overall, the benefits of Raiden Token include scalability, low transaction fees, Ethereum-focused solutions, compatibility with multiple token standards, and fast, private transactions. These qualities make RDN a promising option for users seeking efficient and cost-effective off-chain transaction solutions within the Ethereum ecosystem.

What is Raiden Token used for?

Raiden Token (RDN) is used in the Raiden Network, which is a layer 2 scaling solution for the Ethereum blockchain. The Raiden Network aims to enhance the scalability and efficiency of Ethereum by enabling faster and cheaper off-chain transactions.

The primary use case of RDN is as a utility token within the Raiden Network ecosystem. Users can stake RDN tokens to participate in the network as "Service Nodes" and earn fees for facilitating off-chain transactions. This incentivizes individuals and organizations to contribute their computing resources to the network, ensuring its availability and reliability.

One common case where RDN is used is in facilitating microtransactions. The Raiden Network allows for fast and low-cost transfers of small amounts of digital assets, making it suitable for use cases like in-app purchases, pay-per-click advertising, and IoT microtransactions. By using RDN tokens as a medium of exchange, users can transact with minimal fees and near-instant settlement times.

Another specific use case for RDN is in decentralized finance (DeFi). The Raiden Network can serve as a scaling solution for DeFi applications on Ethereum, enabling faster and cheaper transactions for activities such as token swapping, lending, and yield farming. By utilizing RDN tokens within the Raiden Network, users can access these DeFi services more efficiently while enjoying the benefits of reduced Ethereum network congestion.

In summary, Raiden Token (RDN) is used within the Raiden Network to incentivize network participants, facilitate fast and low-cost off-chain transactions, and enhance scalability in use cases such as microtransactions and decentralized finance.

What is DIA's Raiden Token API?

DIA's Raiden Token API is one of the API endpoints provided by DIA that offers real-time price feeds for various crypto assets. These price feeds are constructed using raw data obtained from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, incorporating billions of individual trades. By leveraging this vast data collection, DIA is able to offer comprehensive and reliable price information that surpasses what other web3 data providers can offer.

DIA offers both free and customizable API endpoints for developers. The free API endpoints are readily available for testing purposes and can be accessed on the asset's detail page in the DIA App. These free endpoints adhere to a standardized format and are primarily provided for informational purposes.

However, DIA places significant emphasis on its customizable and tailored API feeds. Users can request custom configurations for their specific needs, including sources, methodologies, and update mechanisms. These custom feeds are built by DIA upon user request, showcasing DIA's commitment to providing personalized and useful solutions.

The use cases for DIA's API are diverse and span across the blockchain ecosystem. Within the DeFi realm, the price information from DIA's APIs can be employed in various applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, and money markets, among others. Moreover, in the NFTfi space, DIA's API can support applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In essence, DIA's Raiden Token API offers real-time price feeds sourced from extensive trade data, and while free API endpoints are available for testing, the ability to customize feeds according to specific requirements forms a significant value proposition for users. DIA's API serves as a valuable resource for developers and users seeking reliable and tailored price information within the blockchain ecosystem.

What is DIA's Raiden Token price oracle?

DIA's Raiden Token price oracle is a smart contract that provides real-time price feeds for crypto assets. With integration into 35+ layer 1 and layer 2 networks, DIA can deploy price oracles across multiple blockchains. These oracles are constructed using raw data sourced from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, allowing DIA to deliver comprehensive and reliable information.

While DIA provides free demo oracles in a standardized format for developers to test, these are only for testing purposes and cannot be integrated into production applications. However, DIA offers the option to build custom price feed oracles tailored to specific needs. These custom oracles can be configured based on sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA through Discord or Telegram.

DIA's custom oracles have significant importance and utility for users, as they provide the flexibility to meet specific requirements. The price information provided by DIA's oracles has various applications within the blockchain ecosystem. It can be utilized in DeFi applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. Additionally, in the NFTfi space, DIA's oracles can facilitate applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and others.

In the context of blockchain technology, a blockchain oracle refers to an external information provider that supplies verified data from outside the blockchain to smart contracts. Oracles play a crucial role in bridging the gap between the on-chain and off-chain worlds, enabling smart contracts to access real-world data and interact with external systems. DIA's price oracles serve as reliable sources of price data for blockchain applications, offering transparency and accuracy in determining asset values.

Why use DIA's RDN API & price oracle?

DIA's RDN API and RDN Price Oracle offer numerous benefits for users in the blockchain ecosystem. One of the key advantages is the high level of customizability they provide. Users can tailor each oracle and API endpoint to meet their specific needs, whether it's selecting the data sources, applying data cleaning filters and pricing methodologies, or determining the update mechanisms and frequency. This customization ensures that the data and oracle remain robust and resilient to market conditions, delivering accurate and reliable price data for cryptocurrencies and NFTs.

Transparency is another significant benefit of using DIA's API and Oracle feeds. Users have full visibility into the entire data journey, providing them with a granular understanding of the data sources and processes involved. Furthermore, DIA offers extensive tracking and monitoring tools to closely monitor the oracle and API feeds, ensuring transparency and an added layer of trust.

By leveraging DIA's technology, users gain access to accurate and reliable price data that is customizable to their needs and transparent in its processes. This allows for more informed decision-making and a greater level of confidence in the data being utilized. DIA's RDN API and RDN Price Oracle provide a tailored solution for users, empowering them to navigate the blockchain space with efficiency and precision.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.