RedStone Finalizes $7M Seed Round from Lemniscap, Blockchain Capital, Coinbase Ventures, Others

The team at RedStone is pleased to announce that in August 2022, they successfully raised a $7M seed round led by Lemniscap in order “to pursue [their] mission of powering Web3 innovation with a novel approach to on-chain data storage.”

The funds will play a key role in “the further development of [their] decentralized RedStone Oracles & modular data-processing Smart Contracts on Arweave called Warp.”

As mentioned in a blog post, RedStone build two data-focused products:

  • RedStone Oracles — Deliver price data feeds covering long tail tokens, Forex, commodities and much more, in a truly scalable and cross-chain manner. The novel product design ensures resistance to network congestion and enables the delivery of data to projects every few seconds. Moreover, projects can integrate RedStone Oracles once and use it on any L1 or L2 chain they would like to expand to, thanks to our storageless architecture (data is transferred with meta transactions which bypasses expensive EVM-storage).
  • Warp Contracts — A modular Smart Contract platform on top of the Arweave storage chain delivering unparalleled computation efficiency by decoupling storage from computation. Warp Contracts optimize throughput by the implementation of Decentralised Execution Networks (DEN) that focus on specific applications, i.e. DEN for gaming, DEN for DeFi, DEN for NFT marketplace, etc. The list of developer tools provided by Warp as well as example use cases can be found here.

As of August 2022, RedStone reportedly “offers over 1,000 assets with over 4 Million data points.”

They aim to “provide builders with truly scalable data infrastructure — the invaluable missing piece in the blockchain puzzle which is needed to push innovation forward.”

Their products are highly customizable “enabling projects to tailor them directly to their specific needs.” They can easily “add new data feeds to [their] Oracle ecosystem so builders can leverage different types of data which have never been used in Web3 and create projects that were previously not viable.”

They have designed the architecture to scale easily which makes them “well positioned for accelerating blockchain adoption.”

Roderik van der Graaf, Founder of Lemniscap, said:

“While the DeFi space continues to provide fertile ground for innovation, the foundational infrastructure has remained static over time, and is not fit for purpose in today’s rapidly scaling, blockchain-agnostic environment. Given the conveyor belt of sophisticated DeFi protocols hitting the market, the need for decentralized oracles that can process huge amounts of data has never been more pronounced. We are excited to support RedStone as the company continues to underline its credentials as the oracle platform of choice for DeFi users across the industry spectrum.”

For more details, check here.

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