RedStone, a cross-chain data oracle that’s providing pricing data for smart contracts as well as decentralized finance (DeFi) protocols, is now reporteldy live on Sui.
Claiming to be “trusted” by more than 140 DeFi protocols, RedStone ensures pricing integrity and accelerates the “adoption of Bitcoin-backed DeFi, further strengthening Sui’s BTCfi ecosystem.”
This expansion brings RedStone’s oracle solutions to a “fastest-growing” Layer 1 ecosystem.
With this integration, RedStone will provide Sui users and builders with real-time price feeds for Bitcoin and other assets, “unlocking opportunities for Bitcoin holders to earn yield while ensuring seamless composability across Sui’s DeFi ecosystem.”
Here’s how the RedStone integration will benefit builders and users:
- Reliable BTC pricing onchain: RedStone’s Oracle ensures Bitcoin assets on Sui have accurate, up-to-the-second price feeds, improving accuracy and reducing risks for DeFi protocols and their users.
- More ways to earn yield: With liquid and accurate BTC price data, platforms like Scallop, Navi, and Suilend can offer enhanced Bitcoin-based lending, borrowing, and staking products.
- Deeper liquidity and more efficient markets: RedStone’s integration enhances BTCfi on Sui by delivering liquid, real-time price feeds for Bitcoin assets, improving collateral efficiency for lending protocols, reducing trading slippage, and enabling more accurate liquidations.
Bitcoin has long been the most widely held digital asset, yet its practical financial utility has “remained largely untapped.”
The rise of BTCfi – bringing Bitcoin into DeFi – has “enabled new ways for BTC holders to use their assets.”
Since announcing Bitcoin staking on Sui in December, Sui has “become a core destination for the BTCfi movement.”
Holders can restake their Bitcoin on Sui via SatLayer, “unlocking earning opportunities, security for DeFi apps, and integration into Sui’s budding BTCfi ecosystem.”
As noted in the update:
“Sui is redefining smart contract security and performance, proving its power. This integration allows us to bring our high-integrity Bitcoin pricing to an ecosystem built for massive scale.”
Jakub Wojciechowski, Founder of RedStone added:
“The Move language makes Sui one of the most secure and developer-friendly environments we’ve worked with, allowing us to integrate RedStone’s price feeds faster and more securely than ever before. With RedStone’s onchain price integrity, Sui is primed to accelerate the next wave of BTCfi innovation, and finally transform Bitcoin into a fully functional financial asset.”
Christian Thompson, Sui Foundation Managing Director said:
“As BTCfi gains momentum, accurate and secure pricing like that provided by RedStone is critical to ensuring that Sui’s DeFi ecosystem can fully unlock Bitcoin’s utility.”
The RedStone integration comes on the heels of Sui’s announcement of SatLayer’s Bitcoin-native infrastructure, “strengthening Sui as the home of Bitcoin-based financial innovation.”