The lending platform HyperLend has integrated the modular oracle RedStone to ensure reliable and accurate price feeds.
Integration of HyperLend and RedStone
The modular oracle RedStone will provide price data for the platform HyperLend, which operates on Ethereum Virtual Machine. This integration allows HyperLend to securely carry out its lending operations through reliable price information from RedStone.
Functionality of HyperLend
HyperLend is a lending protocol based on Aave, adapted for the Hyperliquid ecosystem. The platform offers users high speed, dynamic interest rates, and deep liquidity. The mainnet launched on March 24 on Hyperliquid EVM, and the developers noted that they utilized RedStone’s oracles from day one.
Current Trends of RedStone
Recently, RedStone token (RED) demonstrated a 12% increase over the past 24 hours, reaching $0.36. However, since March 16, it has been in a clear downtrend, hitting $0.82 following the rollout of the DRILL program. Currently, a new support level has been established around $0.30.
The integration of RedStone’s module in HyperLend highlights the commitment to reliable price information to enhance the functionality of lending platforms in the DeFi ecosystem.
