Value

DeFi

Arweave

RedStone

RedStone Oracles completed a $15 million Series A funding round for its modular blockchain oracle solution, which has already attracted 100 clients.
RedStone, which calls itself the “fastest-growing modular oracle,” will use the newly raised funds to further expand its oracle products, which provide gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
The funding round was led by Arrington Capital, with participation from other notable investment firms, such as Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures and angel investors, including the founders of EtherFi and Berachain.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/860fce77-3c68-403c-9ce4-569e756a0594.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Investors in the RedStone funding round. Source: RedStone Oracle
 </figcaption>
</figure>
Arrington decided to invest in RedStone’s solution due to its advanced infrastructure, said Michael Arrington, the founder of Arrington Capital:
<blockquote data-ct-non-breakable="true">
 “We have been impressed by RedStone’s ability to push ahead web3 infrastructure in technical achievement, go-to-market, and security.&nbsp;This is a team of builders who we believe will continue to lead in the oracle space.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/german-government-bitcoin-transfer-market-impact">German gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressure</a>
<h2 data-ct-non-breakable="true" id="redstone-s-gas-optimized-oracles-can-help-dapp-efficiency">RedStone’s gas-optimized oracles can help DApp efficiency</h2>
Founded in 2021 during the Arweave incubation program, RedStone has received significant traction since its mainnet launch in January 2023. It has amassed over 100 clients and secured $4 billion in value.
The chain-agnostic solution supports over 60 blockchains, making it a good choice for projects building on emerging networks like zkSync Era, Linea, Mantle and Scroll.
RedStone aims to offer lower transaction costs (gas fees) than other oracle solutions, which can help decentralized applications (DApps) reduce unnecessary data and price feed-related costs.
RedStone avoids unnecessary gas fees by not pushing the same data to multiple chains.
Related: <a href="https://cointelegraph.com/news/paxos-singapore-stablecoin-launch-dbs-partnership">Paxos gains approval for Singapore stablecoin launch with DBS partnership</a>
<h2 data-ct-non-breakable="true" id="blockchain-oracles-are-worth-over-13-billion">Blockchain oracles are worth over $13 billion</h2>
Blockchain oracles are a rapidly growing segment of the decentralized finance (DeFi) space.
The total market capitalization of all oracle-related cryptocurrencies stood at $13.1 billion on June 3, <a href="https://coinmarketcap.com/view/oracles/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
Chainlink remains the largest oracle solution, with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink, with a $7.35 billion TVS across two protocols, according to DefiLlama data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/308a02e7-0b97-411a-a6b5-3f8c771c2714.png" alt="" title="">
 <figcaption style="text-align: center;">
 Top oracle solutions, TVS. Source: DeFiLlama
 </figcaption>
</figure>
RedStone is currently the sixth-largest oracle solution tracked by DefiLlama, with a $1.32 billion TVS across 38 protocols.
Magazine: <a href="https://cointelegraph.com/magazine/vaneck-files-for-solana-etf-ether-supply-inflates-hodlers-digest-june-23-29/">VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23–29</a>

RedStone Oracles raises $15M led by Arrington Capital

Table of Contents

Cointelegraph

Other articles published on Jul 3, 2024

South Africa’s Crypto Industry Grows as 63 Firms Receive Licenses

BONE Lands Major Listing In Canada After Shytoshi Kusama’s Announcement

Chromia to Launch MVP Mainnet on July 16th

Headphone Maker Koss’s Stock Surges 250%+ in Echo of 2021 Meme Stock Frenzy

Analyst Reveals Worst-Case Scenario for Bitcoin in July, Predicts When BTC Price Will Resume Rally

Altcoin Adoption Grows: PostFinance Introduces ADA, XRP, and Others for Trading

Join our free newsletter for daily crypto updates!