RedStone Oracles announced the completion of a $15 million Series A funding round for its modular blockchain oracle solution, which has already attracted the interest of 100 customers. RedStone, calling itself the fastest-growing modular platform, will use the newly raised funds to further expand its products optimized for Ethereum Virtual Machine (EVM) and roll-up solutions.
RedStone Team Completes Funding Round
The funding round was led by Arrington Capital with participation from other significant investment firms such as Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors including the founders of EtherFi and Berachain. Michael Arrington, the founder of Arrington Capital, said they decided to invest in RedStone’s solution due to its advanced infrastructure:
“We were impressed by RedStone’s technical achievements and its ability to advance Web3 infrastructure in market entry and security.”
Founded in 2021 as part of the Arweave incubation program, RedStone has garnered significant interest since its mainnet launch in January 2023, attracting over 100 customers and achieving a valuation of $4 billion. The chain-agnostic solution supports more than 60 blockchain networks, making it a good choice for projects built on emerging networks like zkSync Era, Linea, Mantle, and Scroll.
RedStone aims to offer lower transaction costs compared to other oracle solutions, which can help decentralized applications (dApps) reduce costs related to unnecessary data and price feeds. RedStone avoids unnecessary transaction fees by not transmitting the same data to multiple networks.
Details on the Subject
Blockchain oracles are gaining attention as a rapidly growing segment of the decentralized finance (DeFi) space. According to CoinMarketCap data, the total market value of all cryptocurrencies related to Oracle was $13.1 billion as of June 3.
According to DefiLlama data, Chainlink remains the largest oracle solution with over $24.3 billion in total value secured (TVS) across approximately 400 protocols, followed by WinkLink with $7.35 billion in TVS across two protocols. RedStone is currently the sixth-largest oracle solution tracked by DeFiLlama, with $1.32 billion in TVS across 38 protocols.
