On January 11, 2024, the U.S. Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF, marking a historic moment for the crypto industry as digital assets gradually move towards compliance. Simultaneously, real-world assets are being tokenized through blockchain technology, entering the space of crypto.
As a bridge connecting blockchain and the real world, RedStone is introducing Eurozone government bond ETF data to the crypto world, advancing the application of Real World Assets (RWA). All of this traces back to RedStone’s collaboration with Angle in August 2023. However, what story unfolded in between? And what impact does it bring? Let’s delve into it.
Unraveling Relationships between C3M ETF, bC3M ETF, and agEUR
C3M ETF, issued by Europe’s largest asset management company Amundi, is tracking the short-term Eurozone government bonds belong to traditional financial market investment targets. With the RWA concept advocated, Backed Finance (RWA tokenization platform) introduced the tokenized version of C3M ETF — bC3M, backed by the underlying assets in a 1:1 ratio.
To accelerate the promotion and implementation of RWA, Backed Finance collaborated with the Angle protocol in exploring the combination of RWA with DeFi. Angle is a decentralized stablecoin protocol. It has allocated its Euro stablecoin agEUR reserve to the bC3M ETF launched by Backed Finance after the release of V2 version, providing risk-free returns to all agEUR holders.
It’s hoped we’ve shed light on the relationships between C3M ETF, bC3M ETF, and agEUR. But how does RedStone participate in this?
RedStone Provides C3M ETF Price Feed Service for Angle
agEUR is a stablecoin launched by Angle, pegged to the value of the Euro. If Angle wants to use agEUR to purchase bC3M ETF, an oracle needs to provide a price feed service for C3M ETF. This is where the story of collaboration between Angle and RedStone unfolds.
RedStone is hailed as the next-generation oracle, featuring innovative modular design and being a powerful oracle project. Additionally, RedStone has three integration models: Core Model, Classic Model, and X Model. Their characteristics are as follows:
- Core Model: RedStone’s push model, a commonly used integration method, providing data feed services on demand.
- Classic Model: RedStone’s pull model, a more flexible integration method allowing projects to configure data sources and update times.
- X Model: This model is more suitable for financial applications, focusing on solving front-running issues in transactions.
After integrating with RedStone, Angle receives a daily price feed service for C3M ETF around noon, ensuring its platform and users have access to the latest and reliable data. Moreover, RedStone supports agEUR on both the on-demand and pull models, providing price feed services for over 50 blockchains.
The integration between RedStone and Angle seamlessly merges RWA with DeFi, as commented by Mariam Kouanda, Director of Business Development and Marketing at Angle — RedStone’s integration expands the possibilities for many protocols beyond Angle.
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