RedStone Launches Price Oracles on Stellar Mainnet
Oracle supplier RedStone has launched its value feed infrastructure on the Stellar network, introducing a new data layer for decentralized finance (DeFi) applications on a blockchain focused on historical payments and stablecoin transfers.
The deployment provides price feeds for major crypto assets and stablecoins on the Stellar mainnet, including Bitcoin (BTC), Ether (ETH), USD Coin (USDC) and PayPal USD (PYUSD). The release also includes pricing information for the Franklin Templeton Benji Token Money Market Fund.
RedStone says its feeds are designed to support platforms such as credit markets, decentralized exchanges (DEXs) and real-world asset (RWA) platforms built on top of Stellar.
The startup adds a new infrastructure provider to Stellar's emerging DeFi stack as developers experiment with loans, tokenized assets and onchain financial services.
Stellar expands the DeFi infrastructure
Redstone said the price feeds rely on a variation-based update system and freshness checks designed to ensure data accuracy for financial applications.
“Stellar has long demonstrated its strength as a blockchain for real-world financial transactions, particularly in payments and statscoins,” Redstone co-founder Marcin Kazmirczak said in a statement.
He added that Oracle's enterprise-level infrastructure is “lacking” to unlock more advanced financial applications for the network.
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RedStone operates in a competitive oracle market led by Chainlink. According to data from DeFillama, Chainlink holds 64% of the market by value, followed by Chronicle at 11%.
Internal Protocol Oracles account for 6%, while Pitt and Redstone account for 5.8% and 5.5%, respectively.
Oracle vulnerabilities have been highlighted in recent exploits.
The launch comes weeks after a DeFi exploit on Stellar highlighted risks related to the value feeds and lending protocols.
In the year On February 21, attackers withdrew about $10 million from a loan pool managed by the YeldBlox DAO after using the value of the USTRY token built on a hybrid protocol as collateral.
A security analysis by blockchain security firm Bloxsec found that the lending protocol relies on the price path of the shallow USTRY/USDC market on the Stellar decentralized exchange. The manipulated price inflated the token's collateral value, allowing the attacker to borrow assets above its actual value.
A Redstone spokesperson told Cointelegraph that relying on thin on-chain markets for price discovery could expose lending pools to fraud risks.
“The February exploit was only possible because an oracle could get off the market at less than a dollar per hour,” the spokesperson said.
RedStone's price feeds instead use margin-based updates, typically 0.5% to 1% for stablecoins, with minimal daily refreshes to ensure the data is up-to-date.
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