The future of Modular Oracles: why we invested in RedStone Oracles’ $15m Series A
By Sep Alavi, General Partner, and Robin De Baets, Associate
Oracles are critical components in the blockchain ecosystem, serving as bridges between decentralised applications (dApps) and the external world. They provide the necessary data feeds that smart contracts need to function, delivering real-time information such as asset prices, weather data, and event outcomes.
This data is essential for various blockchain-based applications, including decentralised finance (DeFi), insurance, and supply chain management.
Despite their importance, traditional oracles face significant challenges. The fragmented nature of blockchain data makes it difficult to ensure:
- accuracy,
- reliability,
- and security of the information provided
Many oracles are also centralised, creating single points of failure and vulnerabilities to attacks. Additionally, as the blockchain ecosystem expands, the need for oracles to support multiple chains and diverse data types grows, adding complexity and potential inefficiencies.
Solving these challenges is crucial for the continued growth and adoption of blockchain technology. Reliable and secure data feeds are foundational to the integrity and functionality of dApps.
Without robust oracle solutions, the risk of incorrect data inputs increases, leading to potential financial losses, security breaches, and reduced trust in blockchain applications.
As the ecosystem evolves and more sophisticated applications emerge, the demand for advanced oracle solutions that can handle diverse and complex data needs will only intensify.
Enter RedStone Oracles
RedStone Oracles is at the forefront of addressing these challenges with their multichain, modular oracle solution.
Their decentralised oracle network is designed to provide accurate and real-time data across various blockchain platforms, ensuring the integrity and reliability of the information dApps depend on.
Having implemented modular architecture, RedStone can quickly integrate new data sources and support a wide range of blockchain ecosystems. This flexibility allows them to stay ahead of the curve, adapting to the evolving needs of the decentralised landscape.
RedStone’s approach includes a decentralised network to fetch, aggregate, sanitise, and normalise data in a secure and verifiable manner. Their ability to quickly onboard customers and integrate with new technologies, such as Ether.fi and the restaking ecosystem, has enabled them to capture significant market share and demonstrate strong traction, securing over $1.5 billion in Total Value Secured (TVS) to date.
RedStone’s $15m Series A
At White Star Capital, we are excited to be supporting RedStone Oracles via our Digital Asset Fund as they revolutionise the decentralised oracle space.
Other investors joining the round include Kraken Ventures, Spartan Group, Amber Group, SevenX Ventures and IOSG Ventures.
Our investment reflects our strong confidence in their vision, technology, and the stellar team behind the company. Led by Jakub Wojciechowski, a seasoned professional in web3 and fintech, the RedStone team brings together a wealth of experience and expertise in blockchain and DeFi. Their proactive approach to integrating with new chains and ecosystems such as Ether.Fi, Blast, and Manta, demonstrates their commitment to innovation and excellence.
We are thrilled to support RedStone Oracles as they continue to innovate and lead in the decentralised oracle space. Their commitment to providing flexible, reliable, and real-time data solutions will undoubtedly contribute to the growth and maturity of the blockchain ecosystem. We look forward to working with the RedStone Oracles team as they drive the next wave of innovation in decentralised data.
If you’re interested in learning more about Redstone Oracles’ offering, feel free to reach out to us directly, visit their website, or check out the round announcement from The Block!
