After LINK in 2017 and PYTH in 2023, the market finally has an oracle project that is going to issue coins. It is led by Jakub, a senior Ethereum developer, and supported by Coinbase and Kraken. It is Babylon’s only on-chain quotation partner.
After 3 years, what is the potential of RedStone? This article sorts it out:
RedStone is a cross-chain oracle that uses Arweave technology and is the fastest growing project in the same field this year.
It mainly focuses on on-chain price feeding and support for liquidity staking LST, re-staking ReStaking and Bitcoin ecosystem BTCFi.
Such as EigenLayer, EtherFi, Renzo, Puffer, etc., are all its strategic partners. RedStone currently accounts for 90% of the re-staking market share.
Simply put, any on-chain contract that requires off-chain data, such as weather, stocks, election results, etc., requires price feed support from an oracle, which plays the role of a data porter and verifies the authenticity of the data.
If the project party wants to obtain data once, it must pay the corresponding tokens or money to obtain the oracle's feed price, which provides the oracle project with income and motivation to repurchase tokens.
Not long ago, Babylon, a popular project in the Bitcoin ecosystem, wanted to create its own Layer1 public chain, so it needed an external continuous price feeding service on the chain so that DeFi, lending or prediction projects on the chain could have a quote reference source.
Therefore, RedStone became the first oracle project in the Bitcoin ecosystem to provide price feeds for the public chain, enabling Babylon to successfully launch the Bitcoin staking mainnet.
Currently, in addition to support in the fields of ReStaking and BTCFi, RedStone is also building price feed oracle support for Monad and Berachain, which will be available after the mainnets of the two public chains are launched.
The team will soon launch Sui to support price feed support on the underlying layer of Move, and may expand to public chains such as Solana and Aptos.
In terms of the team, RedStone was founded by Jakub, a senior Ethereum developer. He was previously the CTO of Alice, an Ethereum charity project. That project started in 2016 and lasted for 4 years, during which time it received support from the community.
Coinbase, 1kx, Kreken, The Graph of the token GRT, and Arweave of AR are all its major investors.
In terms of market value estimation, according to information obtained from VC peers, the coin is expected to be issued in early 2025. The team has submitted an application for listing to the exchange. The last round of valuation was around 100 million US dollars. Referring to the competitor Pyth, which issued a coin in 2023, the opening market value is expected to be more than 2 billion US dollars.
Coinbase, Kreken, Upbit or Bithumb have a relatively certain chance of being the first to launch.
Judging from the team's movements in the past six months, since the oracle track has been led by the perennial leader Chainlink, RedStone has mainly focused on emerging tracks, such as taking the lead in supporting BTCFi and promptly cooperating with various Move public chains and re-staking protocols.
Regarding the upcoming coin issuance, considering the future main rhythm, affected by the loose policies and the return to DeFi, RedStone has great market potential.