Quick take:
- The Bitcoin staking oracles will further be integrated with pumpBTC and Solv, before expanding to new chains including Arbitrum, Base, and BNB Chain in the coming months.
- The announcement follows RedStone’s huge surge in TVL which grew from $3 billion to nearly $5 billion in August.
- The company secured a $15 million Series A round in July, led by Arrington Capital.
RedStone, a decentralised finance (DeFI) Oracle focused on Bitcoin staking has launched its Bitcoin Staking Oracles on Lombard, the issuer of the LBTC token, which has over $500 million in TVL.
The Bitcoin staking oracles will provide real-time on-chain data on staked Bitcoin and liquid staking tokens created on Ethereum.
The announcement comes just over a month following RedStone’s surge in TVL, which 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.
Lombard is a leading liquid Bitcoin staking platform on Babylon, a self-custodial Bitcoin Staking Protocol, whose phase-1 mainnet went live in August.
Lombard leverages the security of the Bitcoin blockchain and the flexibility of proof-of-stake blockchains to unlock Bitcoin utility without compromising on trust or security. On the other hand, RedStone’s Bitcoin staking oracles are designed to track the amount of staked BTC, monitor the issuance of LSTs, and calculate the Net Asset Value (NAV) of these tokens, thus ensuring accurate valuation and the smooth interaction between Bitcoin and DeFi platforms.
The oracles are scheduled for further integration with pumpBTC and Solv, before expanding to new chains including Arbitrum, Base, and BNB Chain in the coming months.
Commenting on the launch, Jakub Wojciechowski, CEO of RedStone said in a statement: “Our innovative Bitcoin Staking Oracles ensure reliable, real-time data feeds, providing Lombard with the robust infrastructure needed to bridge Bitcoin and DeFi seamlessly. As Bitcoin staking grows, we’ll continue expanding our data services to support its increasing demands, empowering users and developers with uninterrupted, secure access to DeFi.”
The launch also follows RedStone’s $15 million Series A, led by Arrington Capital and backed by SevenX Ventures, IOSG, Protagonist, Gumi Cryptos Capital, Kinetic Ventures, and Spartan Capital, among others.
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