RedStone, a platform that provides oracles for decentralized finance, has recently launched the testnet of its data validation service on EigenLayer, a restaking network. This new service, called Actively Validated Service, allows for off-chain validation, which leads to benefits such as reduced gas consumption, accurate price data, and consistency for users.
The DeFi industry has been experiencing rapid growth, reaching over $300 billion in total value locked at its peak in December 2021. RedStone believes that by incorporating innovations like oracle integration, this number could surpass its previous all-time high. Currently, the total value locked in DeFi stands at around $165 billion.
EigenLayer’s COO Alan Curtis expressed enthusiasm about RedStone’s integration, stating that oracles play a crucial role in ensuring data connectivity in the DeFi and blockchain ecosystem. By utilizing EigenLayer’s restaking capabilities, RedStone enhances the security of its oracle system through restaked guarantees.
Launching on EigenLayer allows RedStone to take advantage of the platform’s technology and infrastructure, offering users shared security benefits. EigenLayer not only provides a universal framework for restaking but also allows users to utilize various assets for collateral, including Ethereum, stablecoins, liquid staking tokens, and even Bitcoin.
RedStone’s Actively Validated Service is developed using Othentic, a platform that enables users to create AVSes using any programming language. The RedStone team has ambitious plans for expansion, especially following EigenLayer’s recent activation that made EIGEN tokens transferrable. This milestone opens up new opportunities for RedStone to grow its validation service.
In addition to deploying on the Ethereum mainnet in the future, RedStone is set to roll out its AVS in the coming months, coinciding with the launch of the RedStone Token and EigenLayer’s slashing mechanism. The project has already integrated with prominent industry players like Ether.fi, Puffer, Pendle, and Renzo, with RedStone also introducing the first oracle integration on the TON blockchain.
Overall, RedStone’s collaboration with EigenLayer marks a significant step towards enhancing the security and reliability of oracles in the DeFi space. With plans for further expansion and integration with key players in the industry, RedStone is poised to play a crucial role in shaping the future of decentralized finance.
