RedStone, The Fastest-Growing Modular Oracle, Raises $15M in Series A Funding
BAAR, Switzerland, July 3rd, 2024, Chainwire
RedStone, the fastest growing Modular Oracle, has announced the closure of its $15 million Series A round, led by Arrington Capital. The round included major participation from SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Christian Angermayer’s Samara Asset Group and more.
The $15 million Series A round was joined by Founders of Berachain, Merlin Chain, EtherFi, EigenLayer and extends the Oracle’s strong 2024 growth trajectory. RedStone has elevated its Total Value Secured (TVS) from $250 million to over $4 billion, expanded to over 60 chains and has served more than 100 clients including Pendle, Morpho and Venus. In January, RedStone became the only Oracle to integrate with TON (The Open Network) and has rapidly emerged as the leader of the LSTs and LRTs market, securing a landmark $500 million staking commitment from the biggest liquid restaking protocol, EtherFi, in April. The partnership with EtherFi enhanced the RedStone Oracle’s crypto-economic resilience schema and represented the first deal for securing Oracles by EigenLayer’s restaking. RedStone is the sole production-ready Oracle building an Actively Validated Service (AVS) on top of EigenLayer to utilize up to $18 billion of restaked value.
This latest funding round has kicked off a wide-scale recruitment drive for RedStone. Having already developed a reliable and unique product, the team is looking to add significant firepower to its Marketing and Business Development divisions to fuel an extensive Q3/Q4 growth pipeline. Currently, RedStone is performing tests for Oracle Extractable Value (OEV) implementation, scheduled for trial with customers in the coming months, while also preparing for the launch of its native token later this year – the most anticipated Oracle token in 2024.
Since its $7 million seed round almost two years ago, RedStone has established its credentials as the fastest-growing modular oracle, with a presence on all EVM L1 and L2 networks. RedStone’s 2022 seed round was later supplemented by an exclusive angel investment round led by renowned Web3 leaders such as Stani Kulechov, Sandeep Nailwal, Alex Gluchowski and Emin Gün Sirer.
RedStone now provides affordable and reliable data feeds to the likes of Ethereum, zkSync Era, Avalanche, Base, Polygon, Linea, Celo, Optimism, Arbitrum, Fantom, BNB Chain and Blast. It also expanded to Bitcoin Layer 2s such as Merlin Chain, BOB, B^2 and will launch on highly performant L1s including Berachain and Monad. As a key market differentiator, RedStone is the only Oracle providing both Push and Pull Oracle models with end-to-end support, making it the most suitable Oracle partner for all new networks. Projects can choose the Core model (Pull) for the high frequency of data updates and a broad range of assets, or the Classic (Push) model if they require the most popular Oracle interface. Additionally, RedStone’s X model is geared towards mitigating the risk of front-running, which is particularly useful for perpetual and advanced DeFi protocols.
RedStone’s rapid ascent has been underpinned by the high technical proficiency of its Engineering team, who boast extensive domain-specific expertise in the Oracle market. Due to its modular nature, RedStone delivers feeds that are otherwise unavailable elsewhere, specializing in yield-bearing collateral for lending markets, especially LSTs and LRTs, consistently updating its modular pricing engine to ensure the highest accuracy and relevance. RedStone is also chain agnostic, meaning it can push data to countless EVM, non-EVM ecosystems, rollups and all kinds of appchains, making it the perfect partner for Rollup-as-a-Service Providers as well as Eigenlayer AVSes.
Jakub Wojciechowski, CEO of RedStone Oracles said: “Today’s announcement further underlines RedStone’s status as the undisputed leader in yield-bearing assets price feed delivery. This Series A round gives us ample financial runway to broaden our suite of services while bringing reliable real-world data to a host of blockchain-based protocols. Sincere thanks to our investors and community for their fervent support, and believe me when I say that – we are just getting started.”
Michael Arrington of Arrington Capital said: “Oracles are a critical backbone of our decentralized future and will remain in the spotlight as applications become more intuitive and connected. We have been impressed by RedStone’s ability to push ahead web3 infrastructure when it comes to technical achievement, go-to-market and security. This is a team of builders who we believe will continue to lead in the oracle space.”
RedStone is also preparing for the upcoming launch of Season 2 of RedStone Expedition – an interactive community engagement initiative giving participants the chance to accumulate RSG (RedStone Gems) points through a diverse array of activities. Interested parties can sign up here: https://warpy.redstone.finance/
About RedStone
RedStone is a modular oracle delivering diverse, high-frequency data feeds to EVM Layer1, Layer2, Rollup-as-a-Service networks, and beyond, i.e., Starknet, Fuel Network, or TON. By responding to market trends and developer needs, RedStone can support assets not available elsewhere. The modular design allows for data consumption models adjusted to specific use cases, i.e., capital-efficient LSTfi and early support of LRTs. Trusted by Pendle, Morpho, Venus, Ethena, ether.fi & more.