🎯 Description
RedStone is a data ecosystem that delivers fast and accurate financial information in a decentralised fashion.
Problem Statement (Defi Pain points)
- It is not sustainable to put all the pricing data into the Ethereum blockchain, as it wasn’t designed for this purpose. Sourcing data becomes enormously expensive with Gas price spikes. On a historically busy day on Ethereum, with a day average 500gwei Gas price, a single transaction may cost above $100, so if we persist every 10m across 30 sources, the daily bill will be more than $400k per one token
- To reduce costs current providers cover only a small subset of tokens and have low update frequency
- DeFi protocols cannot expand beyond a small set of assets and cannot offer advanced solutions like margin lending (which require higher update frequency)
Solution
RedStone offers a radically different design of Oracles catering for the needs of modern Defi protocols.
- Leverage Arweave blockchain as a cheap and permanent storage
- Use token incentives to motivate data providers to maintain data integrity and the uninterrupted service
- Use signed meta-transactions to deliver prices on-chain
- Although the data at RedStone is persisted on the Arweave chain, it could be used with any other blockchain
📅 Launch Time (UTC)
17th September
🛠 Network
Multi-Chain
🧩 Sector
Blockchain Service
‼️ Sale Details
- Exchange: TBA
- Token price: TBA
- Token type: TBA
🔗 Social Links
Website | Twitter | Discord | Telegram | Github | LinkedIn