RedStone Oracle expansion — A glance at the growing value and its advantages to the RedStone ecosystem

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Many integrations have taken place in the RedStone’s Oracle ecosystem the past few weeks. With different applications, more coverage, expanding the Oracle success. It’s not surprising to see a lot of talk about RedStone in many social medias, and that’s only the result of a success that will be studied.

Understanding why the process is indeed necessary, but also a great prowess, will be look at upon this article.

An expansion that seemingly doesn’t stop — RedStone is striking hard since January

Major integrations have happened since January, including many price feeds, and specific modular applications. (Remember ? RedStone modular design goes very well with others dAaps !)

Integrations since January includes, each one with a URL from the official RedStone team :

• Stakewise - $osETH to DeFi
• Ton
• Manta — Classic (Push) method added
• Curvance — Core & classic (Push) method added
• Morpho Blue — new LSTs & RWAs
• Etherlink
• Sturdy Finance — SwETH price feed
• Redactedcartel — $pxETH & $apxETH price feed
• Silo Finance — $weETH price feed
• Gearbox Protocol — Core model method added
• Blast — Classic (Push) method added
• PrismaFi — $ULTRA price feed
• Frax Finance — Core model
• Pendle
• Renzo — Classic (Push) method added

That’s more than 15 projects RedStone interacted with, with each one having different ecosystems and use cases. That’s a lot !

Let’s dive in further 👇

Each project above has a dedicated use case

Covering each one of the applications mentioned above would take a toll on my head, and that’s because each of these applications has different use cases that are not linked toward another.

However, project such as Manta and Frax Finance are the most interesting one out of the bunch as Modularity is the footprint of their applications.

“ Manta Pacific is the modular blockchain for zero-knowledge apps. Manta leverage Celestia Data Availability layer and OP stack, ensuring low fees. Soon, Manta will be transitioning into zkEVM using Polygon CDK for stronger security guarantees and improved user experience. “

Link : https://blog.redstone.finance/2024/01/19/redstone-becomes-official-push-oracle-for-manta-pacific-l2/

“ Fraxtal is a modular blockchain that follows a “fractal scaling” roadmap and offers unique blockspace incentives. The incentive systems, liquidity rewards, and new $FXTL points allow launch partners and teams to deploy their dapps and stake $FXS. “

Link : https://twitter.com/redstone_defi/status/1758506568990199855

The modular aspect of their project would follow the core foundation of RedStone, which is to be integrated easily in others projects.

While we’ve seen previously that the process of integration of an Oracle can be tedious based on different settings, RedStone is especially great at developing itself on numerous applications.

It’s important to notice that RedStone is indeed covering a large part of applications with diverse needs. But what does it mean in the grand scheme of things ?

Partnerships and user base — Its advantages

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It’s significant to understand that users and projects are indeed an essential aspect of your project coverage.

RedStone ambassador program, not only allows anyone that wants to it to spread the word of RedStone, it also gives the opportunity to each member to prove their worth as the core team can reward them. It also pushes out several members to learn more about RedStone ecosystem, and spread the project by understanding its core principles over time.

Others projects such as ZkSync launched their own Ambassador program, allowing the same process to be repeated. It’s not unusual to see a project allowing its users to grow alongside the project !

But why does exactly are they doing it ?

• More users will spread the word of your project on different social media, and potentially in good terms if you take care of them
• All users can as well interact with the project, socially or by pushing out transactions on partnered protocols
• Users will be able to cover others part of the world where the native team doesn’t know the language (Exemple : French people writing French article, Swedish publishing a Swedish video, etc.)

And that bring us to the second part of this sub-topic : projects and partnerships. Each project that will invest in RedStone needs to see the notoriety of RedStone, and the social push is indeed important. But what’s even more significant for all projects is to see the past success of those they’re collaborating with, alongside the total coverage of the project in question. Think about it : if one Oracle is totally new and hasn’t been integrated in many applications, has failed a security review, provided wrong data feeds numerous time, will they succeed in a successful partnership ?

Probably not.

Which is why RedStone has done those steps beforehand :

• Official audits
• Integrations in more than 20+ blockchains
• Many successful clients
• Investors

Each of those steps allows each partnership to form smoothly, as its notoriety increases alongside the project.

More incorporation of the Oracle is bringing eyes and more investments

Credit : Unsplash

When the news come that a partner or a business inject millions of dollars toward a project, it wouldn’t be surprising to see a quick spurt of the user base coming toward the project in question.

Retaining the users that came is the hardest part that comes after. Proving your activity on a large scale is the best way to retain your users that were attracted to your project.

If you take a look at RedStone official twitter, the team is doing exactly what’s right. Proving their activities.

As seen on their twitter page, here is what they’ve done the past week (19th — 25th of February) :

• Restaking live stream 💰➿
• Live on stage, for the ETH Denver event 🎤
• Kelp integration🤝
• Renzo integration 🤝
• Liquid Restaking Report 📕
• PrismaFi

The tokenomics will reward its growing user base

For those who don’t know, RedStone has published in their documentation a part of the process of their incoming tokenomics. While TGE (Token generation event), TVL (Total value locked), and numbers of tokens released is still unknown as seen in this article (providers & tokenomics section), there’s already major points that have been teased :

• More users putting themselves as data providers will increase the accuracy of the Oracle
• It also requires more peoples to interacts as more data feeds are injected and provided
• The fees can be given back to the users providing values to RedStone ecosystem once it will be fully released, which can be Data providers
• “Judges” will resolve dispute and be rewarded if correct, and punished if wrong

All of those means that more users onboard, the more successful the tokenomics will be.

Is there is any drawback from all of this ?

Of course.

If more users come, project coverage will increase as well. It means that the numbers of transactions, at once, will be larger. There will also be more price feed to be given as new tokens are added for RedStone to provide data. And all of it on real time… 10 tokens at once, given towards 5 or 6 projects, wouldn’t hurt. But if the numbers of tokens and projects reach the hundred or even the thousands, imagine how harder it would quickly become.

But RedStone already covers it all. From its decentralized streamr network to its modularity, RedStone is readied up to take on as many partnerships as needed, while providing values that will be accurate as possible. The decentralized aspect of the data, with incoming rewards to its data providers in the near future, will be the last step of RedStone foundation.

The RedStone miniseries, which I recommend you to read if you haven’t yet, already cover those key points and the major problems Oracle are facing nowadays.

Conclusion

RedStone is still fighting to correct the flaws of others Oracles while expanding quickly its universe alongside many protocols. Despite being integrated in major projects, none of the price feed given were damaging to others ecosystems.

It’s essential for the project coverage to increase, as there’s still a lot of market share to take a hold on. Its ranking up on DefiLlama (from rank 9 to 5) recently prove that it’s still room to grow, but that it’s currently working as attended.

Furthermore, for those who still don’t know, the start of the season one of the expedition program is nearly upon us, and should be an amazing campaign to interacts with numerous applications that has RedStone integrated.

Increase your knowledge about RedStone with us ! Join us on Discord and take part in it !

Official links

RedStone documentation : https://docs.redstone.finance/docs/smart-contract-devs/how-it-works

RedStone Discord : https://discord.gg/redstonedefi

RedStone Twitter : https://twitter.com/redstone_defi

My Twitter account (which contains many twitter threads about RedStone) : https://twitter.com/ChachalotteF