RedStone launches AVS testnet on EigenLayer

RedStone, a modular oracles platform for decentralized finance, has launched the testnet of its data validation service on the restaking network EigenLayer.

The oracle platform announced the launch of a testnet for its actively validated service on EigenLayer (EIGEN) on Oct. 23.

An Actively Validated Service allows for off-chain validation, enabling users to benefit from reduced gas consumption, price data accuracy, and consistency.

Decentralized finance reached all-time highs of over $300 billion in total value locked at its peak in December 2021. According to RedStone, further innovations such as oracle integration could see this surpass its previous ATH, with DeFi TVL currently around $165 billion.

“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.”

Alan Curtis, chief operations officer at Eigen Labs

Notably, launching on EigenLayer allows RedStone to leverage the restaking platform’s technology and infrastructure to bring the benefits of shared security to users.

In addition to offering a universal framework for restaking, EigenLayer provides flexibility and opportunities to utilize a range of restaked assets for collateral, including the native oracle token, Ethereum (ETH), stablecoins, and liquid staking tokens. The platform also supports Bitcoin (BTC).

RedStone’s AVS is built with Othentic, a platform that allows users to build AVSes using any programming language.