RedStone, a blockchain oracle provider, has announced the integration of its price feed solutions into The Open Network (TON) blockchain.
TON Integration Challenges
Compared to Ethereum-based systems, the TON integration presents unique technical challenges due to the design of the blockchain. Marcin Kazmierczak, the chief operating officer at RedStone, stated that as the first oracle on TON, there were no examples to follow, making this project truly innovative.
Ecosystem Growth Implications
Kazmierczak explains that the oracle integration has wide implications for TON’s ecosystem, with potential for further expansion of decentralized finance (DeFi) on the network. He noted that incorporating Oracle price feeds and real-time data on TON would support its rich GameFi and social ecosystem.
RedStone's $15 Million Raise
On July 3, RedStone completed a $15 million Series A funding round to expand its Oracle products, exemplified by becoming the first oracle integrated with TON blockchain. The modular blockchain oracle’s raise was led by Arrington Capital with participation from other investment firms, including Spartan, SevenX, and IOSG Ventures. Arrington’s founder, Michael Arrington, explained that the firm’s decision to invest in RedStone was based on the oracle provider’s ability to push ahead Web3 infrastructure.
RedStone's integration with the TON blockchain opens new opportunities for the network, supporting the development of technological and financial solutions. This collaboration is expected to significantly strengthen TON's ecosystem and promote further growth and innovation in the DeFi sector.
Comments