RedStone, a modular oracle platform focused on decentralized finance, has introduced the testnet for its data validation service on the EigenLayer restaking network.
The oracle platform declared the launch of its testnet for the Actively Validated Service on EigenLayer (EIGEN) on October 23.
With an Actively Validated Service, users can take advantage of off-chain validation, leading to enhanced gas efficiency, accurate price data, and improved consistency.
Decentralized finance witnessed a peak total value locked (TVL) surpassing $300 billion in December 2021. RedStone suggests that further advancements like oracle integration could lead to surpassing this previous all-time high, with the current DeFi TVL at approximately $165 billion.
“Oracles play a vital role in the DeFi and blockchain landscape, ensuring reliable data connectivity. RedStone’s use of EigenLayer’s restaking features illustrates a mature oracle system that enhances security through restaked guarantees. We’re excited to have RedStone as part of our ecosystem.”
Alan Curtis, Chief Operations Officer at Eigen Labs
The launch on EigenLayer notably allows RedStone to utilize the advanced technology and infrastructure of the restaking platform, providing users with the advantages of shared security.
EigenLayer not only offers a comprehensive framework for restaking but also provides flexibility and opportunities to use various restaked assets as collateral, which includes the native oracle token, Ethereum (ETH), stablecoins, and liquid staking tokens. The platform is also compatible with Bitcoin (BTC).
RedStone’s Actively Validated Service is developed with Othentic, a platform enabling users to create AVSes in any programming language.
RedStone aims for growth
The recent activation of EigenLayer, allowing EIGEN tokens to be transferable, marks a significant milestone for the restaking ecosystem. The RedStone team is eager to leverage this development to enhance their validation service.
In addition to launching the testnet, the project has plans for further advancements within the restaking landscape through deployment on the Ethereum mainnet.
The AVS is anticipated to be released in the upcoming months, coinciding with the launch of the RedStone Token and the slashing mechanism of EigenLayer.
Additionally, projects collaborating with RedStone include major industry names such as Ether.fi, Puffer, Pendle, and Renzo. RedStone has also launched the first oracle integration on the TON blockchain.
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