RedStone Launches Bitcoin Staking Oracles on Lombard, a Liquid Bitcoin Staking Platform

The Bitcoin staking oracles will provide real-time on-chain data on staked Bitcoin and liquid staking tokens created on Ethereum.

Decentralised finance (DeFi) Oracle RedStone has launched its Bitcoin Staking Oracles on Lombard, the issuer of the LBTC token with over $500 million in total value locked (TVL).

The oracles will provide real-time on-chain data on staked Bitcoin and the liquid staking tokens created on Ethereum.

The announcement comes just over a month after RedStone’s surge in TVL, which spiked from $3 billion to nearly $5 billion in August, before retracting to the current levels of $2.74 billion, according to DeFiLlama data.

Lombard is a leading liquid Bitcoin staking platform on Babylon, a self-custodial Bitcoin Staking Protocol, whose phase-1 mainnet went live in August.

Lombard combines the security of the Bitcoin blockchain with the flexibility of proof-of-sale blockchains to unlock Bitcoin utility without compromising on trust or security.

Meanwhile, RedStone’s Bitcoin staking oracles are designed to track the amount of staked BTC, monitor the issuance of LSTs, and calculate the Net Asset Value (NAV) of these tokens, ensuring accurate valuation and smooth interaction between Bitcoin and DeFi platforms.

The oracles are set for further integration with pumpBTC and Solv, before expanding to new chains including Arbitrum, Base, and BNB Chain in the coming months.

Commenting on the launch, Jakub Wojciechowski, CEO of RedStone, said in a statement: “Our innovative Bitcoin Staking Oracles ensure reliable, real-time data feeds, providing Lombard with the robust infrastructure needed to seamlessly bridge Bitcoin and DeFi. As Bitcoin staking grows, we’ll continue expanding our data services to support its increasing demands, empowering users and developers with uninterrupted, secure access to DeFi.”

The launch also follows RedStone’s $15 million Series A, led by Arrington Capital and backed by SevenX Ventures, IOSG, Protagonist, Gumi Cryptos Capital, Kinetic Ventures, and Spartan Capital, among others.

Don't miss a beat - keep up-to-date with the latest news by following us on X and Telegram

The above is the detailed content of RedStone Launches Bitcoin Staking Oracles on Lombard, a Liquid Bitcoin Staking Platform. For more information, please follow other related articles on the PHP Chinese website!