RedStone, the oracle development team, is the latest project to deploy on MegaETH, the buzzy Ethereum Layer 2, bucking the traditional rollup trend. The move follows shortly after MegaETH launched its public testnet, the last step before deploying its much-anticipated mainnet.
“As MegaETH scales toward 100,000 TPS and sub-millisecond latency, RedStone is the only oracle fast enough — and flexible enough — to keep up,” the team wrote in a statement, noting the oracle service can push out price updates “every 2.4 milliseconds.”
Oracles are a key component of the blockchain ecosystem. They are purpose-built systems that feed off-chain information, including prices and other data, to onchain smart contracts.
RedStone’s latest oracle system, RedStone Bolt, was designed through a partnership with MegaETH. Bolt is said to be “the first and only ultra-fast, sub-second, push oracle.” Unlike "pull oracles,” which require specific smart contracts to actively request data from an oracle as needed, push oracles proactively "push" data to the blockchain without being prompted.
RedStone Bolt will feature “plug-and-play” capabilities to integrate with “protocols built for traditional push feeds” like DeFi giants Compound, Morpho, Spark, Venus, Euler, Fluid and Aave, RedStone co-founder Marcin Kazmierczak said in a statement.
Last month, institutional tokenization firm Securitize tapped RedStone as its primary data provider for current and future products issued by the likes of Apollo, BlackRock, Hamilton Lane and KKR, enabling those institutional funds to deploy deeper into DeFi.
RedStone, which raised $15 million in Series A funding from Arrington Capital, Kraken Ventures and others, powers protocols on Ethereum, Avalanche, Polygon and 70 other chains.
MegaETH is looking to become a “monolithic” scalability solution for Ethereum by tapping alternative data availability solutions like EigenLayer and using bespoke sequencers that operate in parallel. The project testnet achieved 20,000 TPS on its first day and hopes to quadruple that.
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