RedStone introduces Bitcoin Data Oracle, offering compatibility with Lombard's LBTC digital currency.
RedStone, a decentralized finance (DeFi) Oracle focused on Bitcoin staking, has announced the launch of its Bitcoin Staking Oracles on Lombard, a leading liquid Bitcoin staking platform on Babylon. This move marks a significant step forward in bridging Bitcoin and DeFi, providing reliable, real-time data feeds.
Lombard, the issuer of the LBTC token, has over $500 million in Total Value Locked (TVL). The integration of RedStone's Bitcoin Staking Oracles will enable the tracking of the amount of staked BTC, monitoring the issuance of LSTs, and calculating the Net Asset Value (NAV) of these tokens.
The launch of RedStone's Bitcoin Staking Oracles follows their successful $15 million Series A funding round, led by Arrington Capital. The round was also backed by SevenX Ventures, IOSG, Protagonist, Gumi Cryptos Capital, Kinetic Ventures, and Spartan Capital, among others.
Proof of Reserves and Multi-Chain Expansion
One of the key enhancements of RedStone's Bitcoin Staking Oracles is the deployment of real-time Proof of Reserves (PoR) feeds for Bitcoin liquid staking tokens, such as Lombard LBTC. These PoR feeds cryptographically verify that the tokenized Bitcoin assets are fully backed by their underlying reserves, providing transparency and preventing insolvency risks. This is a crucial development for DeFi applications relying on staking derivatives as collateral, ensuring accurate real-time collateralization monitoring.
In addition, RedStone has expanded its oracle service to over 50 blockchains, delivering low-latency, gas-optimized price feeds tailored specifically for yield-bearing collateral types including liquid staking tokens. This expansion is crucial for decentralized lending protocols. The modular architecture of RedStone's oracle service supports pull, push, and hybrid data delivery, enabling real-time price updates and supporting fast, secure liquidations and MEV protection across chains.
Future Integrations and Expansion
The Bitcoin Staking Oracles developed by RedStone are scheduled for integration with pumpBTC and Solv, and will expand to new chains including Arbitrum, Base, and BNB Chain in the coming months. RedStone's CEO, Jakub Wojciechowski, commented on the launch, stating that they will continue to expand their data services to support the increasing demands of Bitcoin staking, empowering users and developers with uninterrupted, secure access to DeFi.
This latest development positions RedStone as a strong competitor in oracle services for complex DeFi assets across multiple chains. The $RED token, the utility token of RedStone, continues gaining market access, most recently listing on Coinstore Exchange, improving ecosystem liquidity and outreach.
TVL Surge and Babylon Mainnet
RedStone's surge in TVL, according to DeFiLlama data, spiked from $3 billion to nearly $5 billion in August, before retracting back to the current levels of $2.74 billion. The phase-1 mainnet of Babylon, the self-custodial Bitcoin Staking Protocol where Lombard operates, went live in August.
This news comes at an exciting time for the DeFi and Bitcoin staking industries, as the demand for reliable, real-time data feeds continues to grow. RedStone's Bitcoin Staking Oracles are set to play a significant role in this growth, providing the transparency, security, and flexibility needed for the seamless integration of Bitcoin with DeFi.
- The integration of RedStone's Bitcoin Staking Oracles with Lombard, a leading liquid Bitcoin staking platform, will enable the tracking of staked BTC, monitoring the issuance of LSTs, and calculating the Net Asset Value (NAV) of these tokens, thus contributing to the growth of the DeFi industry.
- RedStone's upcoming integrations with pumpBTC and Solv, along with their expansion to new chains such as Arbitrum, Base, and BNB Chain, signify their commitment to providing uninterrupted, secure data services for the increasing demands of Bitcoin staking, positioning them as a key player in the oracle services for complex DeFi assets across multiple chains.
