RedStone Oracles has successfully concluded a $15 million Series A funding round to bolster its modular blockchain oracle platform, which has already garnered the interest of 100 clients.
Dubbed the “fastest-growing modular oracle,” RedStone plans to utilize the freshly acquired capital to enhance its oracle offerings. These solutions are tailored to provide gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
Leading the funding round was Arrington Capital, with significant contributions from prominent investment firms including Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors such as the founders of EtherFi and Berachain.
Michael Arrington, founder of Arrington Capital, highlighted the advanced infrastructure of RedStone’s solution as a key factor in their decision to invest:
Founded in 2021 during the Arweave incubation program, RedStone has experienced substantial growth since launching its mainnet in January 2023, amassing over 100 clients and securing $4 billion in value.
The chain-agnostic platform supports more than 60 blockchains, making it particularly attractive for projects developing on emerging networks like zkSync Era, Linea, Mantle, and Scroll.
One of RedStone’s primary objectives is to offer lower transaction costs (gas fees) compared to other oracle solutions, thereby assisting decentralized applications (DApps) in reducing unnecessary data and related costs associated with price feeds.
RedStone achieves this by avoiding redundant gas fees through efficient data distribution across multiple chains.
Blockchain oracles represent a burgeoning sector within decentralized finance (DeFi), valued at over $13 billion. As of June 3, the total market capitalization of oracle-related cryptocurrencies stood at $13.1 billion according to CoinMarketCap.
Among oracle solutions, Chainlink remains the largest with a total value secured (TVS) exceeding $24.3 billion across nearly 400 protocols, followed by WinkLink with $7.35 billion TVS across two protocols, based on DefiLlama data.
Currently ranked as the sixth-largest oracle solution tracked by DefiLlama, RedStone boasts a TVS of $1.32 billion across 38 protocols.