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Information about RedStone (RED)
RedStone is a system that provides financial data to decentralized applications (DApps). Unlike traditional oracles that store data directly on the blockchain, RedStone takes a different approach to make data delivery faster and cheaper. RedStone aims to provide customizable, low-cost, and secure data feeds that support over 1,250 assets across dozens of blockchains.
RedStone provides data to DApps through different models of data consumption, allowing clients and developers to choose the most suitable option. It has a modular architecture that handles data collection and data delivery separately, meaning it can scale better across multiple networks.
Since its launch in 2021, RedStone has been adopted by many DeFi projects, including EtherFi, Ethena, Pendle, Solv, Venus, and Puffer.
RED is a native coin of the RedStone ecosystem, operating on Ethereum according to ERC20 standard.
The RED token is mainly used for staking, which helps keep the RedStone network secure. Data providers and token holders can stake their RED tokens through RedStone’s system, which works with EigenLayer’s AVS. In return, they can earn rewards in different cryptocurrencies like ETH, BTC, SOL, and USDC from users who rely on RedStone’s data.
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