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BAAR, Switzerland โ May 22, 2023 โ RedStone, originator of the next-generation (DeFi) oracle platform, has announced an exclusive $350,000 angel financing round led by recognized Webย 3.0 leaders including Stani Kulechov, Sandeep Naiwal, Alex Gluchovski, and Emin Gรผn Sirer.
The support from a host of Webย 3.0 pioneers demonstrates the pronounced need for diverse and efficient oracle options across the industry. With presence on all EVM L1 and L2 networks, modular design and customizable data feeds, RedStone is disrupting the status quo oracle space, supplying Webย 3.0 and protocolsย ofย Decentralizedย Finance with actionable real-time data at lower latency.
The high-profile list of angel round participants includes Stani Kulechov, Aave Corporations Founder and CEO; Sandeep Nailwal, Polygon Co-Founder; Alex Gluchovski, Matter Labs (zkSync) CEO & Co-Founder; Emin Gรผn Sirer, AvaLabs CEO & Co-Founder; Coinflipcanada, GMX Core Contributor; Jacob Blish, Lido Head of BD and Partnerships; Richard Ma, Quantstamp CEO; Marco Cora, Matter Labs (zkSync) SVP Business and Operations; Justin Reyes, Lido Head of Decentralizedย Finance BD; and Patrick Dai, Qtum Founder.
Having recently raised $7 Million in seed financing โ supported by some of the most renowned Web3-focused VCs such as Lemniscap, Blockchainย Tech Financialย resources, Maven11 and Coinbaseย Cryptoย exchange Ventures โ RedStone is spearheading the development of cost-efficient, cross-chain oracles that provide high-performance protocolsย ofย Decentralizedย Finance with rich, actionable real-time data at lower latency. RedStone provides economical and reliable data feeds delivered to over 40 chains, including Ethereumย (ETH), Avalancheย (AVAX), Polygon, Celo, Optimism, Arbitrum, Fantom, Stacks and EVMOS โ all with testnets.
Established in 2021 with 1st production deployment in January 2023, RedStone leverages a proprietary โEVM-connectorโ method for putting data on-chain, in which data is automatically attached to a transaction and followingย that erased, reducing gas charges. By keeping signed data packages in the RedStone Data Access Layer and delivering them reportsย by conditions set by dApps, gas costs can be reduced by up to 90 percent while achieving sub- Second price feed latency on high-performance ecologicalย systems. Furthermore, RedStone offers data feeds that are unique and otherwise unavailable in the industry.
Jakub Wojciechowski, CEO and Founder of RedStone, stated: โReceiving buy-in from these renowned Webย 3.0 visionaries is major validation for our platform. The oracle market has been monopolized for years, placing a glass ceiling on innovation and theย potential of dAppsโ to negotiate. By embracing modular flow, we are delivering a customizable data scalability layer that inherits the security of the destination chain. Sincere thanks to the takingย partย angels for supporting our vision!โ
Stani Kulechov, Aave Corporations Founder and CEO stated: โRedStone has created a unique, modular oracle that supports both new and established dApps on L1 and L2 networks. Combined with strong security measures and their capacity to deliver non-standard data, RedStone is poised to provide choice and flexibility for the industry.โ
Sandeep Nailwal, Polygon Co- Founder stated: โTo create innovative protocols, we canโt keep on using the same concepts from the 2020 Decentralizedย Finance summer. The way oracles work has not evolved much in the past years, which stifles growth. Weย must quick responses to market trends, an architecture compatible with zk-powered L2s and optimization in gas costs โ thatโs what RedStone Oracles brings to the table.โ
Alex Gluchovski, Matter Labs (zkSync) CEO & Founder stated: โCreative startups who come and challenge incumbents are very important as they boost growth and ecologicalย system vibrancy. In the monthsย ahead, we will see innovative protocolsย ofย Decentralizedย Finance powered by RedStone models launching on major networks such as zkSync era.โ
About RedStone
RedStone is a next-generation cross-chain data oracle supplying pricing data for financial protocols. It leverages the Arweave blockchainย tech to create economical storage with a permanent audit trail and provides an automatic dispute mechanism, backed with insurance through locked collateral from Data Providers. Follow the official RedStone and Warp Twitter accounts to stay up to date on all key developments.
