RedStone Oracles completed a $15 million Series A funding round for its modular blockchain oracle solution, which has already attracted 100 clients.
RedStone, which calls itself the “fastest-growing modular oracle,” will use the newly raised funds to further expand its oracle products, which provide gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and Rollup-as-a-Service (RaaS) networks.
The funding round was led by Arrington Capital, with participation from other notable investment firms like Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors including the founders of EtherFi and Berachain.
Arrington decided to invest in RedStone’s solution due to its advanced infrastructure, said Michael Arrington, the founder of Arrington Capital:
“We have been impressed by RedStone’s ability to push ahead web3 infrastructure in technical achievement, go-to-market, and security. This is a team of builders who we believe will continue to lead in the oracle space.”
RedStone’s gas-optimized oracles can help dApp efficiency
Founded in 2021 during the Arweave incubation program, RedStone has received significant traction since its mainnet launch in January 2023. It has amassed over 100 clients and secured $4 billion in value.
The chain-agnostic solution supports over 60 blockchains, making it a good choice for projects building on emerging networks like zkSync Era, Linea, Mantle, and Scroll.
RedStone aims to offer lower transaction costs (gas fees) compared to other oracle solutions, which can help decentralized applications (dApps) cut unnecessary data and price feed-related costs.
RedStone avoids unnecessary gas fees by not pushing the same data to multiple chains.
Blockchain oracles are worth over $13 billion
Blockchain oracles are a rapidly growing segment of the decentralized finance (DeFi) space.
The total market capitalization of all oracle-related cryptocurrencies stood at $13.1 billion on June 3, according to CoinMarketCap data.
Chainlink remains the largest oracle solution, with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink, with a $7.35 billion TVS across two protocols, according to DefiLlama data.
RedStone is currently the sixth largest oracle solution tracked by DeFiLlama, with a $1.32 billion TVS across 38 protocols.