Redstone Oracle: Revolutionizing Price Feeds for the Restaking Ecosystem
Redstone Oracle has been leading the way in delivering accurate price feeds for the liquid staking and restaking ecosystem across various chains. Restaking major assets has become a core component of decentralized finance. In early H1 2024, there has been a significant increase in the number of holders of restaked assets, particularly on Ethereum.
Liquid staking has further amplified the success of this breakthrough by offering enhanced benefits to the restaking ecosystem. Ethereum, being the most widely held asset for restaking, has attracted many holders to this narrative due to its potential for higher yields.
Redstone has been integrating its oracle infrastructure into this ecosystem providing price feeds for several assets.
Redstone powers major assets on Lido. Lido is an Ethereum staking protocol with a native restake asset — stETH. It secures more than $20 Billion worth of assets.
Lido is extending to BNB Chain utilizing Redstone oracle as well. RedStone powers Lido’s $wstETH on BNB Chain using the Push and Pull model.
RedStone Team previously implemented a custom solution to ensure the accuracy and robustness of the stETH price feed by Gathering data from off- and on-chain sources, aggregation, and broadcasting the price to their Data Distribution Layer (DDL)
stETH is a rebasable token, so by holding it your stETH balance appreciates. It is very much important for an oracle price feed to keep track of the real time value because stETH is ETH’s derivative and should follow its price but redeeming stETH is not istant, that’s why the price of stETH may slightly depeg during a turbulent market.
RedStone’s Core model and evm-connector library streamline fetching signed data from DDL and using it in smart contracts.
Moreso, Redstone powers price feeds on othe protocols such as pendle finance and Ether Fi
Pendle is one of the leading DeFi protocols including the Lending and borrowing market. It is a permissionless yield-trading protocol where users can execute various yield-management strategies.
Redstone powers weETH assets on pendle finance. weETH is a native wrapped asset of the EtherFi protocol.
Etherfi enables restaking of Eth for DeFi usecases.
When ETH is being staked into the pool on EtherFi, the pool mints eETH tokens and transfers them to the depositor. However, Stakers can natively restake them for additional rewards.
However, The Pendle LRT enables the restaking floodgates on Arbitrum with a notable growth since the launch of eETH and rsETH on Pendle.
Moreso, not just on pendle, Redstone powers EtherFi native LST asset (weETH) across o the protocols.
This includes the following protocols
- Morpho Blue
- Ionic network
- Gearbox
- Silo
- Sommelier
There are more others as well.
Have even talk about LRT such as the rewETH on Swell Network. RedStone supports the $rswETH price feed in the Core (Pull) and Classic (Push) Oracle model. This is also used by protocols such as Silo finance. The most interesting hook is that Redstone also powers restaking assets on Bitcoin ecosystem. Staking and LRTs on Bitcoin is now gaining more traction over the months. Redstone previously partnered with Bitlend Finance to power BTC Pegged stable coin on BSquare Network.
There are endless integrations on how Redstone is paving the way in accurate price feeds in the DeFi and LRT industry.
However, more will be featured in my next article. You can read through my previous articles on Redstone.
