Layer 2 Optimism Network Integrates Redstone Oracle Services to Provide Reliable Data Feeds
In a groundbreaking move to enhance the DeFi ecosystem of Layer 2 networks and smart contracts, Layer 2 Optimism Network has announced its strategic partnership with Redstone Oracles.
This collaboration aims to provide highly reliable and real-time data feeds, setting a new industry standard for speed and accuracy.
RedStone Fuels Reliable Data Feeds To Optimism
Layer 2 Optimism Network has been at the forefront of scalability solutions for Ethereum. By reducing gas fees and transaction times, Optimism has made it feasible for developers to build more complex and user-friendly dApps.
With the latest integration of Redstone Oracle services into the OP ecosystem, the network is poised to enhance its price feed accuracy and transaction experience for users.
OP Builders, we are here 🔴
As @optimismFND rapidly reshapes the landscape of the blockchain world, we’re excited to fuel this ecosystem with reliable Data Feeds 🔮
Let’s dive in 🧵 pic.twitter.com/LvY3TBwjeE
— RedStone Oracles ♦️ (@redstone_defi) August 25, 2023
RedStone serves as a robust Oracle, providing consistently updated, trustworthy, and varied data feeds that are essential for decentralized applications (dApps) and smart contracts across multiple Layer 1 and Layer 2 solutions.
Unlike traditional Oracle designs, RedStone has innovatively tailored its services to meet the unique demands of DeFi protocols.
One of its standout features is that it eliminates the need for data providers to continuously deliver data on-chain, thereby reducing the associated costs and complexities.
Moreover, RedStone empowers end users by allowing them to self-deliver signed Oracle data directly to the blockchain.
This not only enhances data reliability but also puts control back into the hands of the users.
To further ensure the integrity and availability of data, RedStone employs the decentralized Streamr network for delivering signed Oracle data to end users.
This decentralized approach significantly minimizes the risk of data manipulation or service outages.
In addition, RedStone uses token-based incentives to motivate data providers to maintain the highest levels of data integrity and continuous service.
This creates a self-sustaining ecosystem where quality and reliability are rewarded.
Adoption Of Optimism Continues To Rise
The token OP has emerged as the top-performing Layer 2 asset, triggering a surge in demand for the token. In just one day, the adoption rate soared from 18% to 45%, marking a 150% increase.
While the adoption rate gauges user activity, network growth focuses on the creation of new addresses.
For Optimism, this is a positive indicator, as it aligns with a shift in OP token ownership towards long-term investors who have held their tokens for over a year.
Redstone said, “We believe that novel DeFi protocols require novel Oracle solutions, allowing builders to innovate and taking costs & time commitment off their shoulders.
Our data consumption models and customizability enable the development of unprecedented dApps.”
Oracles act as digital intermediaries that link real-world data to blockchain-based contracts and agreements.
They facilitate the interaction between on-chain activities, which are all the transactions happening within the blockchain, and off-chain information.
This linkage enables smart contracts, which are self-executing code sequences that carry out irreversible actions, to perform operations dependent on external data.
This could include variables like interest rates, weather conditions, or lists from third parties.
The total crypto market cap is around $1 trillion, a figure dwarfed by the global financial system, which processed over $5.76 trillion in transactions in a single year and has a total value exceeding $487 trillion, according to McKinsey.
Additionally, it is estimated that the U.S. residential real estate market is worth around $43.4 trillion, while the U.S. healthcare system is valued at about $4.1 trillion, as per the Center for Medicare and Medicaid.
These massive numbers underscore the vast amount of value that exists outside the blockchain, emphasizing the need for a conduit between centralized and decentralized ecosystems.
To leverage the capabilities of smart contracts in these markets, decentralized oracles are essential.
They provide a secure and unalterable channel for data to flow into the blockchain, thereby widening its applicability in real-world scenarios.