What is Red Stone?
RedStone is a modular oracle solution designed to provide decentralized, high-frequency data feeds across various blockchain ecosystems, offering different integration models tailored to the needs of DeFi protocols.
More about Red Stone
RedStone represents a cutting-edge oracle system designed to redefine how decentralized applications (dApps) and smart contracts access real-time data. Unlike traditional solutions, RedStone emphasizes efficiency, scalability, and decentralization through its innovative architecture and integration models.
At its core, RedStone addresses the inefficiencies of continuous on-chain data delivery by leveraging a modular approach. It utilizes the decentralized Streamr network to broadcast data at high frequencies economically, fetching it on-chain only when necessary. This approach not only conserves resources but also supports scalability by adapting to varying data demands across different dApps.
The system offers three distinct integration models tailored to different smart contract architectures. The RedStone Core implements a pull model, dynamically injecting data into user transactions to optimize gas usage. Meanwhile, the RedStone Classic employs a push model where data is pushed into on-chain storage via relayers, suitable for protocols requiring full control over data sources and update conditions. For advanced protocols like perpetuals and derivatives, RedStone X introduces a zero-latency model that minimizes front-running risks by ensuring immediate availability of price feeds post-user interactions.
RedStone sources its data from diverse providers including off-chain DEXes, on-chain DEXes, and aggregators like CoinMarketCap and Coingecko. Data aggregation occurs through independent nodes operated by providers, employing methodologies such as median and weighted average price to ensure reliability and accuracy. On-chain, data is cryptographically verified for origin and timestamp integrity, bolstering trust and security for smart contracts.
Security and performance are paramount in RedStone’s design. The system optimizes gas consumption with low-level assembly code for on-chain execution, crucial for cost-effective operations in decentralized finance (DeFi) environments. Additionally, it implements robust security measures such as multi-signature validation for data aggregation to fortify data feed security.
RedStone supports over 20 blockchain networks, including EVM-compatible Layer 1s, Layer 2s, StarkNet, and Fuel Network, with flexibility for custom implementations on other chains. Its tokenomics revolve around the RedStone token, incentivizing data providers and ensuring ecosystem participation through rewards and penalties based on data quality and service level agreements (SLAs). Governance is decentralized, driven by token holders who participate in protocol upgrades and dispute resolution, fostering continuous improvement and reliability.
Red Stone key offerings
- Decentralized and Scalable Oracle Solution: RedStone employs a decentralized architecture utilizing the Streamr network for data broadcasting, ensuring scalability by minimizing on-chain data congestion. This approach allows dApps to access real-time data efficiently without compromising network performance.
- Modular Integration Models: The platform offers multiple integration models (RedStone Core, RedStone Classic, RedStone X) catering to different smart contract needs. These models include pull, push, and zero-latency mechanisms, providing flexibility for developers to choose the most suitable data delivery method based on their application's requirements.
- Highly Secure Data Aggregation: Security is paramount in RedStone's design. It employs multi-signature validation for data aggregation, ensuring that only authenticated and verified data from reliable sources enter the blockchain. This robust verification process safeguards against tampering and malicious attacks, enhancing trust in the oracle's data feeds.
- Optimized Gas Consumption: RedStone optimizes gas consumption through efficient on-chain execution using low-level assembly code. This optimization reduces transaction costs for users and dApp developers, making it cost-effective to integrate and maintain real-time data feeds within decentralized applications.
- Multi-Chain Compatibility: Supporting over 20 blockchain networks, including EVM-compatible Layer 1s, Layer 2s, StarkNet, and Fuel Network, RedStone offers extensive compatibility. This versatility allows developers to deploy oracle services across various blockchain ecosystems, enhancing accessibility and usability for decentralized finance (DeFi) applications.
- Advanced Risk Management for Derivatives: These USPs collectively position RedStone as a robust oracle solution that addresses the critical needs of decentralized applications in terms of scalability, security, compatibility, and real-time data reliability within the blockchain ecosystem.
Key services & use cases powered by (project) as a Web3 infrastructure provider
- Decentralized Oracle Services: RedStone provides decentralized oracle services that deliver reliable, real-time data feeds to decentralized applications (dApps). This service ensures that dApps have access to accurate information from various sources, crucial for executing smart contracts, managing assets, and enabling automated transactions securely.
- Cross-Chain Data Aggregation: As an infrastructure provider, RedStone aggregates data from multiple blockchain networks, including Ethereum, Binance Smart Chain, Solana, and others. This cross-chain compatibility allows dApps built on different blockchains to access uniform and synchronized data feeds, facilitating interoperability and seamless user experiences.
- Advanced Market Data Integration: RedStone integrates advanced market data into its oracle solutions, including price feeds, liquidity data, and trading volumes from decentralized exchanges (DEXes) and centralized exchanges (CEXes). This integration supports DeFi applications in executing complex financial operations, such as lending, borrowing, and yield farming, based on accurate market conditions.
- Secure and Scalable Infrastructure: The infrastructure provided by RedStone ensures high security and scalability for dApps. Utilizing decentralized networks and optimized data delivery mechanisms, RedStone mitigates risks associated with single points of failure and enhances the scalability of applications as user adoption grows.
- Customizable Oracle Solutions: RedStone offers customizable oracle solutions tailored to the specific needs of dApps. Whether requiring low-latency data for trading applications or secure data feeds for governance protocols, RedStone provides configurable oracle models that accommodate diverse use cases within the Web3 ecosystem.
- Governance and Community Participation: Beyond technical infrastructure, RedStone fosters community-driven governance through its tokenomics model. Token holders participate in decision-making processes related to protocol upgrades, fee structures, and new feature integrations. This participatory approach ensures alignment with community interests and sustainable growth of the ecosystem.
- Support for Decentralized Finance (DeFi): RedStone plays a critical role in supporting DeFi applications by providing essential infrastructure for price oracles, collateral valuations, and automated market making. These services enable DeFi platforms to operate autonomously and securely, offering users reliable financial services such as decentralized lending, stablecoin issuance, and asset management.
- Real-World Data Integration: Through partnerships and data provider integrations, RedStone facilitates the integration of real-world data into blockchain applications. This capability extends the utility of dApps beyond purely financial use cases to include sectors like supply chain management, insurance, and IoT, leveraging blockchain's transparency and security benefits.
