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BAAR, Switzerland – May 22, 2023 – RedStone, originator of the next-generation decentralized finance oracle platform, has announced an exclusive $350,000 angel investment round led by recognized Web3 leaders including Stani Kulechov, Sandeep Naiwal, Alex Gluchovski, and Emin Gün Sirer.
The support from a host of Web3 pioneers demonstrates the pronounced need for diverse and efficient oracle options across the industry. With presence on all EVM L1 and L2 networks, modular design and customizable data feeds, RedStone is disrupting the status quo oracle space, providing Web3 and DeFi protocols with actionable real-time data at lower latency.
The high-profile list of angel round participants includes Stani Kulechov, Aave Companies Founder and CEO; Sandeep Nailwal, Polygon Co-Founder; Alex Gluchovski, Matter Labs (zkSync) CEO & Co-Founder; Emin Gün Sirer, AvaLabs CEO & Co-Founder; Coinflipcanada, GMX Core Contributor; Jacob Blish, Lido Head of BD and Partnerships; Richard Ma, Quantstamp CEO; Marco Cora, Matter Labs (zkSync) SVP Business and Operations; Justin Reyes, Lido Head of DeFi BD; and Patrick Dai, Qtum Founder.
Having recently raised $7 million in seed funding – supported by some of the most renowned Web3-focused VCs such as Lemniscap, Blockchain Capital, Maven11 and Coinbase Ventures – RedStone is spearheading the development of cost-efficient, cross-chain oracles that provide high-performance DeFi protocols with rich, actionable real-time data at lower latency. RedStone provides affordable and reliable data feeds delivered to over 40 chains, including Ethereum, Avalanche, Polygon, Celo, Optimism, Arbitrum, Fantom, Stacks and EVMOS – all with testnets.
Founded in 2021 with first production deployment in January 2023, RedStone leverages a proprietary ‘EVM-connector’ method for putting data on-chain, in which data is automatically attached to a transaction and subsequently erased, reducing gas fees. By keeping signed data packages in the RedStone Data Access Layer and delivering them according to conditions set by dApps, gas costs can be reduced by up to 90% while achieving sub-second price feed latency on high-performance ecosystems. Moreover, RedStone offers data feeds that are unique and otherwise unavailable in the industry.
Jakub Wojciechowski, CEO and Founder of RedStone, said: “Receiving buy-in from these renowned Web3 visionaries is major validation for our platform. The oracle market has been monopolized for years, placing a glass ceiling on innovation and the ability of dApps’ to negotiate. By embracing modular flow, we are delivering a customizable data scalability layer that inherits the security of the destination chain. Sincere thanks to the participating angels for supporting our vision!”
Stani Kulechov, Aave Companies Founder and CEO said: “RedStone has created a unique, modular oracle that supports both new and established dApps on L1 and L2 networks. Combined with strong security measures and their ability to deliver non-standard data, RedStone is poised to provide choice and flexibility for the industry.”
Sandeep Nailwal, Polygon Co-Founder said: “To create innovative protocols, we can’t keep on using the same concepts from the 2020 DeFi summer. The way oracles work has not evolved much in the past years, which stifles growth. We need quick responses to market trends, an architecture compatible with zk-powered L2s and optimization in gas costs – that’s what RedStone Oracles brings to the table.”
Alex Gluchovski, Matter Labs (zkSync) CEO & Founder said: “Creative startups who come and challenge incumbents are very important as they boost growth and ecosystem vibrancy. In the coming months, we will see innovative DeFi protocols powered by RedStone models launching on major networks such as zkSync era.”
About RedStone
RedStone is a next-generation cross-chain data oracle providing pricing data for financial protocols. It leverages the Arweave blockchain to create affordable storage with a permanent audit trail and provides an automatic dispute mechanism, backed with insurance through locked collateral from Data Providers. Follow the official RedStone and Warp Twitter accounts to stay up to date on all key developments.
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Source: https://cryptopotato.com/top-web3-builders-back-redstones-cross-chain-expansion-with-350k-angel-round/