Arrington Capital-Backed RedStone Launches Bitcoin Staking Oracles

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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October 8, 2024 06:29 EDT

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Arrington Capital-backed RedStone has launched Bitcoin staking oracles on Monday to enhance DeFi protocols on platforms like Ethereum, Avalanche, and Polygon.

This will enable Bitcoin holders to stake their assets in decentralized finance (DeFi) by delivering real-time data for liquid staking.

In July, RedStone raised $15 million in a funding round led by Arrington Capital, supporting its expansion efforts.

The firm provides data feeds to blockchains and layer 2 technologies compatible with the Ethereum Virtual Machine (EVM).

RedStone Bitcoin Staking Oracles Offer Real-Time Data on Staked BTC

RedStone’s Bitcoin staking oracles deliver up-to-the-minute data on staked Bitcoin and liquid staking tokens (LSTs).

These oracles track the amount of Bitcoin staked, monitor LST issuance on Ethereum, and calculate the net asset value of these tokens in real time.

LSTs (liquid staking tokens) are utility tokens issued during network staking processes. For example, the stETH token is issued by Lido when staking ETH on Ethereum.

In addition to tracking staked Bitcoin, RedStone’s oracles monitor LST issuance on Ethereum, offering seamless support across DeFi platforms.

Cross-Chain Data Feeds Deliver Real-Time Staking Insights

Looking ahead, RedStone plans to integrate its Bitcoin staking oracles with platforms such as pumpBTC and Solv, with further support for Arbitrum, Base, and BNB Chain.

RedStone’s CEO Jakub Wojciechowski stated, “As Bitcoin staking grows, we’ll continue expanding our data services to support its increasing demands.”

RedStone’s Bitcoin staking oracles will also deliver data services for Bitcoin and Ethereum interactions across leading DeFi platforms like Morpho, Gearbox, Pendle, and ZeroLend, further solidifying its presence in decentralized finance.