RedStone launches AVS testnet on EigenLayer

RedStone, a modular oracle platform focused on decentralized finance (DeFi), has launched the testnet for its actively validated service (AVS) on EigenLayer, a prominent restaking network. The testnet was officially launched on October 23, 2024, marking a key step forward for RedStone in enhancing its data validation services.

The actively validated service (AVS) enables off-chain validation, which allows users to benefit from reduced gas costs, improved price data accuracy, and increased consistency. RedStone’s goal is to integrate oracles seamlessly into DeFi, helping to increase the total value locked (TVL) in the space, which currently stands at around $165 billion, after surpassing $300 billion at its peak in December 2021.

According to RedStone, integrating oracle technology could help the DeFi market surpass its previous all-time high (ATH), with oracles playing a crucial role in ensuring data reliability and connectivity across the blockchain ecosystem.

Partnership with EigenLayer:

The launch of RedStone’s AVS on EigenLayer allows it to leverage the restaking platform’s technology and infrastructure, enhancing the security of its oracle service through shared guarantees provided by restaked assets. EigenLayer provides flexibility, allowing users to use a wide variety of assets for collateral, including Ethereum’s native token (ETH), stablecoins, liquid staking tokens, and even Bitcoin (BTC).

Alan Curtis, COO of Eigen Labs, emphasized the significance of this collaboration, stating, “Oracles are a critical part of the DeFi and blockchain ecosystem, ensuring connectivity of data in a reliable manner. RedStone’s utilization of EigenLayer restaking capabilities showcases a mature oracle system enhancing its security with restaked guarantees. We’re glad to have RedStone in our ecosystem.”

Expansion Plans:

Looking ahead, RedStone plans to continue expanding its restaking efforts. Following the testnet launch, the platform is preparing for deployment on the Ethereum mainnet. This will include the full rollout of the AVS in the coming months, alongside the RedStone Token and EigenLayer’s slashing mechanism, which will further bolster security.

RedStone’s ecosystem is already seeing significant adoption, with key projects such as Ether.fi, Puffer, Pendle, and Renzo integrating with its oracle services. Additionally, RedStone recently debuted its first oracle integration on the TON blockchain, marking another significant milestone in its broader expansion.

In summary, RedStone is positioned to play a pivotal role in the future of DeFi, enhancing data reliability and security through its oracle services and integration with EigenLayer’s restaking capabilities.