RedStone Oracles Secures Major Funding

RedStone Oracles has successfully completed a significant milestone by raising $15 million in its Series A funding round. The company, known as the "fastest-growing modular oracle," is focused on enhancing its blockchain oracle solution to cater to the needs of its expanding user base.

Expansion Plans and Fund Utilization

RedStone intends to utilize the newly acquired funds to amplify its oracle product offerings. These products are designed to provide optimized price feeds with reduced gas fees for various Ethereum Virtual Machine (EVM) and Rollup-as-a-Service (RaaS) networks.

Funding Round Details

Arrington Capital spearheaded the recent funding round for RedStone Oracles. The investment was not limited to Arrington Capital, as other prominent firms like Spartan, IOSG Ventures, SevenX, Amber, and HTX Ventures also participated. Additionally, notable angel investors, including the founders of EtherFi and Berachain, contributed to the funding.

Image Source: RedStone Oracle

Acknowledgment from Arrington Capital

Michael Arrington, the founder of Arrington Capital, expressed admiration for RedStone's innovative infrastructure and market strategies. He commended the team's technical prowess, market approach, and commitment to security, emphasizing their leadership in the oracle industry.

RedStone's Growth Trajectory

RedStone was established in 2021 as part of the Arweave incubation program. Since its official launch in January 2023, the company has witnessed significant success, attracting over 100 clients and securing a total value of $4 billion.

The platform supports more than 60 blockchains, making it a preferred choice for projects exploring emerging networks such as zkSync Era, Linea, Mantle, and Scroll.

Gas-Optimized Oracle Advantages

RedStone's gas-optimized oracles play a pivotal role in enhancing decentralized application (dApp) efficiency. By offering reduced transaction costs and avoiding redundant data transmission across multiple chains, RedStone empowers dApps to streamline their operations and minimize expenses.

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Significance of Blockchain Oracles

The realm of blockchain oracles continues to grow, with their market value surpassing $13 billion. These oracles are vital components of the decentralized finance (DeFi) ecosystem, facilitating seamless data integration and secure transactions.

Notably, Chainlink dominates the oracle sector with a total value secured (TVS) of $24.3 billion across various protocols. RedStone ranks sixth among the leading oracle solutions, with a TVS of $1.32 billion across 38 protocols.

Image Source: DeFiLlama