Arrington Capital-Backed RedStone Launches Bitcoin Staking Oracles

Arrington Capital-Backed RedStone Launches Bitcoin Staking Oracles

Arrington Capital-backed RedStone launched its Bitcoin staking oracles on Monday, aiming to enhance decentralized finance (DeFi) on platforms such as Ethereum, Avalanche, and Polygon.

These oracles enable Bitcoin holders to stake their assets directly in DeFi, providing real-time data that is essential for liquid staking.

RedStone Secures $15 Million Funding to Expand Operations

In July, RedStone raised $15 million in a funding round led by Arrington Capital, allowing the company to expand within the blockchain ecosystem. The firm now delivers data feeds to blockchains and Layer 2 technologies that operate with the Ethereum Virtual Machine (EVM).

Real-Time Data for Staked Bitcoin

RedStone’s Bitcoin staking oracles actively provide up-to-the-minute data on staked Bitcoin and liquid staking tokens (LSTs). These oracles track Bitcoin staking volumes and monitor LST issuance on Ethereum. Additionally, they calculate the net asset value of these tokens instantly.

LSTs, such as the stETH token issued by Lido during ETH staking, are utility tokens created during the staking process. RedStone’s oracles ensure seamless support for tracking these tokens across different DeFi platforms.

Cross-Chain Data Feeds for Enhanced Staking Insights

Looking ahead, RedStone plans to integrate its Bitcoin staking oracles with platforms such as pumpBTC and Solv. Furthermore, the company aims to extend its services to Arbitrum, Base, and BNB Chain.

Jakub Wojciechowski, CEO of RedStone, expressed the company’s focus on expansion, stating, “As Bitcoin staking grows, we will continue to broaden our data services to meet increasing demands.”

RedStone’s oracles will also support data services for Bitcoin and Ethereum interactions on DeFi platforms like Morpho, Gearbox, Pendle, and ZeroLend, further establishing the company’s presence in decentralized finance.

The post Arrington Capital-Backed RedStone Launches Bitcoin Staking Oracles appeared first on Cryptonews.

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