RedStone Oracles in 10 Questions

5 min readJun 10, 2024

In this article, we’ll deep into RedStone Oracle in 10 questions. Straightforward. All the information you need to start your RedStone Journey.

What is RedStone Oracles?

RedStone is a novel Oracle that delivers data based on meta transactions and Layer2 Arweave storage.

What is a meta transactions ?
A simplified view is that meta transactions are a method allowing users to interact with a blockchain network without paying transaction fees. They provide a method enabling third-party actors to step in and cover a user’s gas costs.

It supports over 1 000 data feeds delivered at a few seconds refresh interval and over 30 top blockchains.

What problems RedStone is solving ?

The first problem RedStone Oracle solves is the diversity of data available on chain. In contrast to other oracles of the market (Chainlink, UMA Oracle, Band Protocol), RedStone offers a variety of price feeds of tokens, Fiat currencies, commodities, stocks or Nfts’ floor, volume data or results of real-world events like sport games.

The team created a dedicated web wizard, so that anyone can create a custom Oracle based on an URL and json path (tutorial incoming!). A good example of the usefulness of this is Lens Score Oracle. It delivers an aggregated score for a Lens Handler based on its historical activity like posts, number of followers and more.

The second problem RedStone solves is the data update interval. The majority of current data solutions provide data on chain every 10 minutes or even longer. At RedStone they provide dApps with refreshed data every 10 seconds for ay asset supported by the Oracle. You can fin more details on how they achieve this efficiency here.

The third problem they are solving is the cross-chain interoperability. Standard oracles enter a new blockchain ecosystem by delivering the data feeds to a Layer1. RedStone aggregates data off-chain and optimize the way dApps fetch data and use it supported blockchains. You can find sample integration here.

What is the technology ?

The technology behind RedStone Oracle is one of the key of their success.

RedStone Oracle aggregates and keeps data off-chain in the Decentralised Public Cache powered by thousands of nodes worldwide and the StreamR network. You can find more details on data aggregation here. From that Decentralised Public Cache, dApps pull data to their front end.

our idea is to store data on Arweave, while a network of nodes and partners (such as Streamr) makes them available to DeFi projects — in a form of decentralised public cache.

https://blog.redstone.finance/2022/01/10/introducing-redstone/

To summarize, RedStone data providers do not need to push data to each target blockchain directly. Users of dApps do it when they send transaction on blockchain. The dataremains secure because smart contracts verify its integrity and relevance using attached signatures and timestamp.

All of that is possible thanks to the proprietary technology of RedStone, called EVM-Connector.

Who are the team members?

With a vast experiences from big companies, RedStone is well equipped to meet the challenges of the best oracle. They won multiple Web3 hackatons in the past and are dedicated to creating innovative solutions. Don’t forget that transparency is the sign of a healthy project ;)

Jakub — Founder CEO

https://x.com/kuba_eth
https://www.linkedin.com/in/jakub-wojciechowski-5901b68/

Marcin — CoFounder COO

https://x.com/Marcin_Kaz13
https://www.linkedin.com/in/marcin-kazmierczak1/

Alex — CoFounder RedStone Lead Dev

https://x.com/hatskier_me
https://www.linkedin.com/in/alex-suvorov/

Piotr — CoFounder Warp Lead Dev

https://www.linkedin.com/in/piotr-p%C4%99dziwiatr-2ab105215/

Matt — RedStone Head of BD

https://x.com/mattgurbiel

Filip — DeFi Degen

https://x.com/Hundert1000
https://www.linkedin.com/in/filip-rogalski-0020611b3/

Maja — RedStone Marketing Lead

https://x.com/MajaCholewka
https://www.linkedin.com/in/majacholewka/

Wolf — Warp Marketing Lead

https://x.com/warcin101
https://www.linkedin.com/in/marcin-wilk-73895a1a2/

Who are the investors?

RedStone is backed by a great deal of investment. Among them are Lemniscap, BlockchainCapital, Coinbase VENTURES, Lattice or SevenX Ventures

https://redstone.finance/ — Top-class investors for RedStone Oracle

But it’s not just investors who have put their money into RedStone. Business angels too. Among them are Stani Kulechov the Aave and Lens Founder, Sandeep Nailwal Polygon co-founder or Alex Gluchovski zkSync co-founder.

https://redstone.finance/ — Top-class business angels for RedStone Oracle

What is the business model?

RedStone can be viewed as an Oracle marketplace. Data Providers join the RedStone network for providing high-quality data feeds. Data Consumers use that data in their dApps. Currently, data is free. It’s beneficial for developers and Web3 projects to early engage in the RedStone ecosystem.

RedStone Roadmap ?

The solution is currently deployed on multiple blockchains, pulling over 1 000 data feeds from ~50 sources. Data are available here. Some dApps integrated RedStone with real money on Avalanche.

The team secures a 7 Million Dollar seed round (see investors above).

RedStone is still onboarding new Web3 projects and developers willing to get a competitive advantage with the technology developed by RedStone.

The team was also present at numerousWeb3 events worldwide to spread the word, like Avalanch Summit, Celo Connet, Paris Blockchain Week Summit, ETHLisbon, Web3Dubai, etc.

What about the governance ?

Governance can mean.. tokens! How will these tokens be useful ? This is where we should introduce the RedStone Dispute Resolution Protocol. Token holders can vote whether they believe some data was correct or not, if there is any doubt about the quality of the data supplied by a Data Provider.

What is the role of the community ?

There are a lot of dedicated community incentivization programs. The main one is the Ambassador Program, I wrote an article about it. You should obtain Discord roles and complete Zealy quests to climb the leaderboard.

Another possibility is the Expedition. You will find some details here. This the easiest way to get RSG points!

In addition of the Ambassador Program and the Expedition you will find many games and activities on Discord. Join us!

What is the tokenomics ?

Tokenomics can be detailed in 2 major ways. (1) The data providers lock RedStone tokens to set up RedStone nodes, delivering data feeds. (2) Token holders can vote on the veracity of the data from data providers.

I hope you enjoyed these 10 questions to discover RedStone Oracle.