RedStone — Chainlink killer?
RedStone is an Oracle that delivers frequently updated, reliable, and diverse data feeds for your dApp and smart contracts on multiple L1s & L2s.
You can learn more about this project from my previous articles, and also from one of the articles you can integrate some modules into your own applications, and now I will tell you about the main technical aspects of this oracle.
Solution
RedStone offers a radically different design of Oracles catering to the needs of modern DeFi protocols.
- Data providers can avoid the requirement of continuous on-chain data delivery
- Allow end users to self-deliver signed Oracle data on-chain
- Use the decentralized Streamr network to deliver signed oracle data to the end users
- Use token incentives to motivate data providers to maintain data integrity and uninterrupted service
- Leverage the Arweave blockchain as cheap and permanent storage for archiving Oracle data and maintaining data providers’ accountability
Key facts
- The modular architecture maintains data integrity from source to smart contracts
- There are 3 different ways to integrate our service tailored to your needs
- We provide feeds for more than 1000 assets integrating ~50 data sources
- We are present on 20+ chains
- RedStone has been live on mainnets since March 2022 with no downtime. Code was audited by ABDK, Packshield and L2Beat Co-Founder.
- RedStone was a launch partner for DeltaPrime on Avalanche and delivered data feeds not available anywhere else. Thanks to that DeltaPrime became the top 3 fastest growing dApps according to DefiLama.
⛓️ Supported Chains
RedStone Oracles are available on all EVM-compatible L1s & L2s + Starknet + Fuel Network. Potentially you can use it on any other chain but it would require some custom development.
You can check the integration with the showroom app for EVM Chains and for StarkNet.
The following EVM chains are supported
- Ethereum
- zkSync Era
- Polygon zkEVM
- Arbitrum
- Polygon PoS
- Optimism
- Avalanche
- Celo
- Canto
- BNB Chain
- Fantom
- Kava
- Evmos
- Gnosis
- Rootstock (RSK)
- Klaytn
- Cronos
- Elrond
- Fuel Network
- Starknet (Cairo 1.0)
- TON
- Metis
- Boba network
- Stacks
- Harmony
- Moonbeam
- Dogechain
- Mantle Network
- Base (Coinbase L2)
- Scroll
- Aurora
- OKC
- Oasis Network
- Velas
- Caduceus
- And many more…
We also support few non-EVM-compatible chains
🪙 Tokens
REQUIREMENTS
The token has not being launched yet. Beware of anyone trying to sell you RedStone tokens.
The token facilitates the provision of reliable and accurate information from the outside world to blockchain networks.
Usage of the token
Tokens have proven to be a very useful tool for achieving coordination in distributed systems and aligning the incentives of various actors. RedStone facilitates a data sharing ecosystem by incentivizing participants to produce, publish, and validate data in a continuous and diligent way.
Data access fees
The end users who benefit from access to valuable information use tokens to reward providers that published this data. The exact fee and the subscription terms are at the discretion of the provider and depend on their effort, demand for data and potential competition.
Locking
Every provider needs to publish a Service Level Agreement describing the scope of data being served, the source of information, and the frequency of updates. In the event that a provider breaches the terms of service, there will be a penalty applied that is also denominated in tokens. To reassure users that any future claims will be fully covered, providers must set aside a certain number of tokens and lock them for a set period of time. These funds are locked in the ecosystem and are an important factor for users when selecting the most reliable provider.
Dispute resolution
Because of the diverse nature of the provided information, it will not always be possible to decide if a data was corrupted. Therefore, it will be necessary to have a fallback procedure to resolve any disputes about the data quality. The process could be facilitated by tokens, where juries will be rewarded for voting with the majority and punished for supporting the losing side.
Bootstrapping the market
At the early stage of development, the token could be distributed to providers to reward their availability and bootstrap the market before there is enough demand from data users.
🎲 Randomness
RedStone deliver entropy proxied from https://drand.love/, which can be used to power pseudo-random number generation in Smart Contracts.
Example with RedStone’s randomness
🐵 NFT Data Feeds
RedStone delivers floor price data for 20 popular NFT collections from OpenSea. Check the NFT tab in the redstone web app to see the historical data and corresponsing data feed ids.
You can also check out the official documentation yourself -https://docs.redstone.finance/docs/introduction
