RedStone, a modular oracles platform for decentralized finance, has launched the testnet of its data validation service on the restaking network EigenLayer.
The oracle platform announced the launch of a testnet for its actively validated service on EigenLayer (EIGEN) on Oct. 23.
An Actively Validated Service allows for off-chain validation, enabling users to benefit from reduced gas consumption, price data accuracy, and consistency.
Decentralized finance reached all-time highs of over $300 billion in total value locked at its peak in December 2021. According to RedStone, further innovations such as oracle integration could see this surpass its previous ATH, with DeFi TVL currently around $165 billion.
“Oracles are a critical part of the DeFi and blockchain ecosystem ensuring connectivity of data in a reliable manner. RedStone’s utilization of EigenLayer restaking capabilities showcases a mature oracle system enhancing its security with restaked guarantees. We’re glad to have RedStone in our ecosystem.”
Alan Curtis, chief operations officer at Eigen Labs
Notably, launching on EigenLayer allows RedStone to leverage the restaking platform’s technology and infrastructure to bring the benefits of shared security to users.
In addition to offering a universal framework for restaking, EigenLayer provides flexibility and opportunities to utilize a range of restaked assets for collateral, including the native oracle token, Ethereum (ETH), stablecoins, and liquid staking tokens. The platform also supports Bitcoin (BTC).
RedStone’s AVS is built with Othentic, a platform that allows users to build AVSes using any programming language.
RedStone eyes expansion
EigenLayer’s recent activation that allowed the EIGEN tokens to be transferrable is a key milestone in the restaking ecosystem. The RedStone team wants to tap into this to expand the validation service.
Beyond the launch of the testnet, the project plans further expansion in the restaking space via deployment on the Ethereum mainnet.
The AVS is expected to roll out in the coming months. According to the RedStone team, this will coincide with the launch of the RedStone Token and EigenLayer’s slashing mechanism.
Meanwhile, projects that have integrated with RedStone include key industry players such as Ether.fi, Puffer, Pendle, and Renzo. RedStone also debuted the first oracle integration on the TON blockchain.
Source: https://crypto.news/redstone-launches-avs-testnet-on-eigenlayer/