RedStone Oracles, a prominent oracle data provider for smart contracts, has introduced staking oracles specifically for Bitcoin staking. This new feature allows users to stake their Bitcoin and receive Bitcoin-based liquid-staking tokens like LBTC on the Ethereum blockchain. Marcin Kaźmierczak, RedStone’s COO, mentioned that this is the first time BTC LSTs can be utilized in DeFi for lending and other purposes. Oracles play a crucial role in bridging real-world data with blockchains, essential for functions like lending and staking in DeFi protocols. The introduction of Bitcoin staking oracles by RedStone is expected to revolutionize the DeFi ecosystem around Bitcoin LSTs. This development follows RedStone Oracles' successful $15 million Series A funding round led by Arrington Capital. The innovative approach of using Bitcoin LSTs in DeFi platforms like Morpho and Compound showcases the potential for growth and adoption in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

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