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Blockchain oracle provider RedStone has announced the launch of oracles designed specifically for Bitcoin staking.
RedStone, a modular oracle provider, is expanding the list of its available oracles across multiple networks by introducing <a href="https://crypto.news/tag/oracle/" target="_blank" rel="noopener noreferrer nofollow">oracles</a> tailored for Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) <a href="https://crypto.news/tag/staking/" target="_blank" rel="noopener noreferrer nofollow">staking</a>, now available on the staking platform Lombard. The Switzerland-based company’s oracles are built to supply real-time data for Bitcoin staking, allowing users to stake their Bitcoin and receive Liquid Staking Tokens on the <a rel="noopener noreferrer nofollow" href="https://crypto.news/tag/ethereum/">Ethereum</a> blockchain.
According to a press release shared with crypto.news, the solution is already live on Lombard, a restaking protocol managing over $500 million in total value locked. The oracles are designed to track and report key metrics such as staked Bitcoin amounts, LST issuance, and net asset value calculations.
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<h2 class="wp-block-heading" id="redstone-plans-further-expansion-of-bitcoin-focused-oracles">RedStone plans further expansion of Bitcoin-focused oracles</h2>
Beyond Lombard, RedStone plans to integrate its oracles into additional platforms, including pumpBTC and Solv. In the coming months, further expansions are expected to reach Arbitrum, Base, and BNB Chain. RedStone’s chief executive, Jakub Wojciechowski, said the latest solution will provide Lombard with the infrastructure “needed to bridge Bitcoin and DeFi seamlessly.”
This isn’t RedStone’s first venture into blockchain oracle services. The company has previously <a href="https://crypto.news/redstone-debuts-first-price-oracles-for-ton-blockchain/" target="_blank" rel="noopener noreferrer nofollow">rolled out</a> similar products across various blockchain networks, including Ethereum and The Open Network. Founded in 2021, RedStone raised $15 million in Series A funding, led by Arrington Capital. Other investors include HTX Ventures, Amber Group, and Spartan.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/chainlink-debuts-price-feed-oracles-on-polygon-zkevm/"> Chainlink debuts price feed oracles on Polygon zkEVM </a>

RedStone brings oracles for Bitcoin staking to expand use cases in defi

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Other articles published on Oct 8, 2024

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