RedStone, a major oracle provider, has launched its data-validation service on the Ethereum-based EigenLayer protocol, marking the first large oracle to integrate with Ethereum’s restaking system.
As of October 23, RedStone’s new service is in the testnet phase, but the goal is to build a scalable framework that can dynamically adapt its security measures as decentralized finance (DeFi) continues to expand. This will enable cryptoeconomic security to grow alongside DeFi.
RedStone oracles, which are currently active on over 50 blockchain networks and help secure nearly $3.5 billion worth of cryptocurrency, aim to use EigenLayer’s restaking capabilities to enhance the security of their data validation processes. According to Alan Curtis, COO of Eigen Labs, this move reflects RedStone’s commitment to increasing security by leveraging restaked guarantees from the Ethereum ecosystem.
Summary Review: RedStone has launched a data-validation service on EigenLayer, becoming the first large oracle to integrate with Ethereum’s restaking protocol. Currently in the testnet phase, RedStone aims to enhance the security of decentralized finance (DeFi) as it scales. The oracle operates across over 50 blockchains, securing around $3.5 billion in crypto assets.
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