RedStone is an innovative Oracle system designed to provide reliable and diverse data feeds for dApps and smart contracts on multiple blockchain layers (L1s & L2s). It addresses the limitations of existing Oracle protocols and offers a more efficient, scalable and builders’ centered solution for the DeFi ecosystem.
RedStone Oracles offer a range of advancements and benefits:
Introduction | RedStone Documentation
Blockchain oracles serve as crucial connectors between blockchain networks and the external world, enabling smart contracts to interact with real-world data and systems. They enhance the functionality, flexibility, and practicality of blockchain applications by incorporating external information and enabling decentralized applications to interact with existing legacy systems.
In practice, almost all DeFi dApps (that are not DEXes) utilize Oracles, so there would be no DeFi as we know today but for Oracles.
Avoiding wasteful on-chain data delivery: RedStone eliminates the need to push data on-chain indiscriminately, saving gas costs.
Overcoming scalability limitations: RedStone's modular design allows for easy integration of new chains reduces latency and enhances scalability.
Customization of your data: RedStone enables protocols to have full transparency and more control over trusted data sources, update conditions, and aggregation logic.