AI Crypto

Optimism

RedStone

Chainlink

<a href="https://redstone.finance/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">RedStone Oracles</a> 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.
READ MORE: <a href="https://www.cryptointelligence.co.uk/fetch-ai-price-prediction-major-surge-anticipated-amid-ai-crypto-merger-and-market-optimism/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fetch AI Price Prediction: Major Surge Anticipated Amid AI Crypto Merger and Market Optimism</a>
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.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

RedStone Oracles Secures $15 Million in Series A Funding to Expand Gas-Optimized Blockchain Oracle Solutions

Crypto Intelligence

Other articles published on Jul 4, 2024

3 Top Real World Asset Cryptocurrencies To Monitor In July 2024

Joe Biden admits to being a failure at presidential debate

Bittensor (TAO) Down After a Network Attack: Crypto Analysis of July 4, 2024

Bitcoin Investments Propel MicroStrategy’s Stock Growth by 380%

Bitcoin Dips Spark Market Debate

Qubetics Whitelist Takes the Cake with Massive Sign-Ups as Near Protocol and EOS Face Investor Cr...

Join our free newsletter for daily crypto updates!