Oracle platform RedStone has launched the first staking oracles for Bitcoin, streamlining cryptocurrency tracking in the DeFi ecosystem.
According to the developers, who introduced the first Bitcoin staking oracles last week, this development promises to optimize the way the leading cryptocurrency is managed within the decentralized financial ecosystem.
Through these oracles, DeFi investors will be able to make a Real-time tracking of bitcoins that are staked in decentralized protocols, a development that marks an important step forward at the intersection between Bitcoin and the decentralized finance ecosystem, and that offers new opportunities for users looking to maximize the returns on their assets.
RedStone developers also highlighted this release as a crucial element for incentivize participation in Bitcoin staking.
Driving Bitcoin Innovation in DeFi
The introduction of Bitcoin staking oracles represents a crucial development for the Bitcoin network and its community. Until now, staking has been primarily associated with cryptocurrencies that use consensus mechanisms such as Proof-of-Stake (PoS), like Ethereum. However, RedStone is accelerating the integration of staking into the Bitcoin ecosystem, making it easier for users to unlock the potential of their assets without compromising the security offered by the Bitcoin blockchain.
In the release, the developers highlighted that these first staking oracles debuted on the Lombard protocol, a liquid staking platform. Through this protocol, users can stake their bitcoins and receive Liquid Staking Tokens (LST) on the Ethereum blockchain.
“Oracles track the amount of BTC staked, monitor the issuance of LST, and calculate the net asset value (NAV) of these tokens. This real-time data ensures accurate valuation and enables seamless interaction between Bitcoin and DeFi platforms.”, the developers said.
In this way, RedStone staking oracles not only expand the possibilities of Bitcoin’s use in DeFi, but also provide users with the flexibility to interact with various platforms without losing sight of Bitcoin’s inherent security. The Bitcoin community can benefit from this innovation, as it now has access to new forms of investment and income generation.
RedStone Oracles: The Key to Efficient and Secure Staking
The functionality of RedStone staking oracles is focused on the Optimizing tracking of the amount of Bitcoin that is stakedThese oracles provide real-time data on the volume of staked Bitcoin and the issuance of Liquid Staking Tokens, allowing users to have a clear and accurate view of their investments.
In general, oracles are crucial to the DeFi ecosystem, as they facilitate interaction between different platforms, in this case, between those operating on Bitcoin and Ethereum.
By offering up-to-date data on the value of LSTs and Net Asset Value (NAV), RedStone oracles ensure that users can make informed decisions about their investments. Furthermore, this ability to provide accurate and reliable data in real-time fosters transparency and contributes to user trust in the ecosystem, which is critical for the growth and adoption of DeFi solutions.
RedStone's impact on the DeFi ecosystem
The press release issued by RedStone highlights several important aspects regarding the launch of its staking oracles. Its CEO, Jakub Wojciechowski, emphasized the importance of this innovation by stating that Bitcoin staking oracles ensure reliable and real-time data feeds. For Wojciechowski, this not only provides a robust infrastructure but also allows Bitcoin users and developers to access DeFi safely and efficiently.
On the other hand, the platform revealed its plans to expand the staking oracle network to other platforms, such as pumpBTC and Solv, as well as its possible integration into new blockchains such as Arbitrum, Base and BNB Chain, reflecting RedStone's commitment to interoperability and the expansion of the DeFi ecosystem.
The release also noted that RedStone has seen remarkable growth in its Total Value Secured (TVS), which has increased from $3.000 billion in August to over $5.000 billion. This increase is a testament to the growing adoption of its oracle solutions and its increasingly relevant role in the DeFi space. In addition to this, RedStone recently received $15 million in a Series A funding round, led by Arrington Capital, which has also been taken as an indicator of the confidence investors have in the protocol’s potential to set a new standard in bridging the gap between Bitcoin and decentralized finance.
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