RedStone Oracles Launches Bitcoin Staking Oracles for DeFi

Empowering Bitcoin Holders in DeFi

RedStone Oracles, a prominent provider of oracle data for smart contracts, has unveiled a groundbreaking feature tailored for Bitcoin enthusiasts. This new offering enables users to stake their Bitcoin and receive Bitcoin-based liquid-staking tokens (LSTs) on the Ethereum blockchain, such as Lombard Staked BTC (LBTC).

The Significance of Staking Oracles

Blockchain oracles serve as vital bridges, connecting real-world data with blockchain systems. These services ensure accurate verification and incorporation of real-world information into the blockchain, playing a crucial role in several DeFi applications.

Expanding the Use of Bitcoin LSTs

Prior to RedStone’s innovation, Bitcoin LSTs were confined to providing liquidity on decentralized exchanges. With the introduction of Bitcoin staking oracles, users can now leverage Bitcoin LSTs like LBTC in DeFi lending platforms such as Morpho and Compound. This advancement also offers the ability to combine oracles and LBTC on the Gearbox Protocol to create leverage.

RedStone’s Growth Trajectory

RedStone’s introduction of Bitcoin staking oracles follows a successful Series A funding round that raised $15 million, led by Arrington Capital. This development marks a significant stride in the DeFi landscape, opening doors for more Bitcoin holders to engage in the expanding ecosystem.