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Home » Arrington Capital leads 15M funding round for RedStone Oracles
Blockchain

Arrington Capital leads 15M funding round for RedStone Oracles

2024-07-03No Comments2 Mins Read
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Arrington Capital leads 15M funding round for RedStone Oracles
Arrington Capital leads 15M funding round for RedStone Oracles
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RedStone Oracles has successfully closed a $15 million Series A funding round for its modular blockchain oracle solution, which has already garnered interest from 100 clients.

Claiming the title of the “fastest-growing modular oracle,” RedStone plans to leverage the newly acquired funds to further enhance its oracle products. These products offer gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.

The funding round was spearheaded by Arrington Capital and included contributions from other prominent investment firms such as Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors, including the founders of EtherFi and Berachain.


Investors in the RedStone funding round. Source: RedStone Oracle

Michael Arrington, the founder of Arrington Capital, highlighted the advanced infrastructure of RedStone’s solution as a key reason for their investment.

Founded in 2021 during the Arweave incubation program, RedStone has seen substantial growth since its mainnet launch in January 2023. The company has secured over 100 clients and $4 billion in value.

The chain-agnostic solution supports more than 60 blockchains, making it an attractive option for projects building on emerging networks such as zkSync Era, Linea, Mantle, and Scroll.

RedStone aims to reduce transaction costs (gas fees) for decentralized applications (DApps) by minimizing unnecessary data and price feed-related expenses. It achieves this by avoiding redundant gas fees associated with pushing the same data to multiple chains.


Top oracle solutions, TVS. Source: DeFiLlama

Blockchain oracles are a booming sector within the decentralized finance (DeFi) space, with the total market capitalization of oracle-related cryptocurrencies reaching $13.1 billion as of June 3, according to CoinMarketCap data. Chainlink leads the market with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink with $7.35 billion TVS across two protocols, based on DefiLlama data. RedStone is currently the sixth-largest oracle solution tracked by DefiLlama, with a $1.32 billion TVS across 38 protocols.

Magazine:
VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23–29

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