RedStone Oracles has successfully completed a $15 million Series A funding round to advance its modular blockchain oracle solution, which has already garnered 100 clients.
RedStone, branding itself as the “fastest-growing modular oracle,” plans to utilize the new funds to enhance its oracle products.
These products are designed to provide gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
The funding round was led by Arrington Capital and included contributions from other prominent investment firms such as Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors including the founders of EtherFi and Berachain.
Michael Arrington, the founder of Arrington Capital, highlighted RedStone’s infrastructure as a key reason for their investment.
He stated, “We have been impressed by RedStone’s ability to push ahead web3 infrastructure in technical achievement, go-to-market, and security.
This is a team of builders who we believe will continue to lead in the oracle space.”
Founded in 2021 during the Arweave incubation program, RedStone has seen significant progress since its mainnet launch in January 2023.
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It has acquired over 100 clients and secured $4 billion in value.
The chain-agnostic solution supports over 60 blockchains, making it an appealing choice for projects on emerging networks like zkSync Era, Linea, Mantle, and Scroll.
RedStone aims to offer lower transaction costs (gas fees) compared to other oracle solutions, aiding decentralized applications (DApps) in reducing unnecessary data and price feed-related expenses.
It achieves this by avoiding redundant gas fees associated with pushing the same data to multiple chains.
Blockchain oracles represent a swiftly growing sector within decentralized finance (DeFi).
According to CoinMarketCap data, the total market capitalization of all oracle-related cryptocurrencies was $13.1 billion as of June 3.
Chainlink leads the market with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink with a $7.35 billion TVS across two protocols, as per DefiLlama data.
Currently, RedStone ranks as the sixth-largest oracle solution tracked by DefiLlama, with a $1.32 billion TVS across 38 protocols.
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