RedStone Oracles has successfully concluded a Series A funding round, raising a total of $15 million for its innovative modular blockchain oracle solution. The company has already managed to attract 100 clients to its platform.
Self-described as the “fastest-growing modular oracle,” RedStone plans to utilize the newly acquired funds to expand its range of oracle products, which offer gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
The funding round was led by Arrington Capital, with contributions from other prominent investment firms like Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, as well as angel investors, including the founders of EtherFi and Berachain.
According to Michael Arrington, the founder of Arrington Capital, the decision to invest in RedStone’s solution was driven by its advanced infrastructure. RedStone’s gas-optimized oracles have the potential to enhance the efficiency of decentralized applications (DApps).
Established in 2021 during the Arweave incubation program, RedStone has made significant progress since launching its mainnet in January 2023. The company has acquired over 100 clients and secured $4 billion in value. Its chain-agnostic solution supports over 60 blockchains, making it an attractive option for projects on emerging networks such as zkSync Era, Linea, Mantle, and Scroll.
RedStone aims to offer lower transaction costs (gas fees) compared to other oracle solutions. This can help DApps reduce unnecessary data and price feed-related expenses by avoiding unnecessary gas fees through its unique approach of not pushing the same data to multiple chains.
The blockchain oracles market is a rapidly growing segment within the decentralized finance (DeFi) space. As of June 3, the total market capitalization of all oracle-related cryptocurrencies stood at $13.1 billion, according to CoinMarketCap data. Chainlink remains the largest oracle solution, with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink, with a $7.35 billion TVS across two protocols, according to DefiLlama data.
RedStone currently ranks as the sixth-largest oracle solution tracked by DefiLlama, with a $1.32 billion TVS across 38 protocols.
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