The collaboration strengthens decentralized finance applications with secure, real-time data solutions and cross-chain interoperability.
New York, September 26, 2024 — RedStone Oracles, a leader in modular oracle solutions for decentralized finance (DeFi), today announced its integration with Hemi Network, a next-generation Layer 2 blockchain platform designed to seamlessly link Bitcoin and Ethereum ecosystems. This partnership aims to deliver enhanced scalability, security, and interoperability to DeFi applications, driving innovation in the space with Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs).
A Revolutionary Step for Hemi Network
Hemi Network is focused on building a modular blockchain infrastructure that connects the power of Bitcoin and Ethereum in a unified "supernetwork." By integrating RedStone's oracle services, Hemi's decentralized applications (dApps) will gain access to secure, real-time market data feeds for vital DeFi operations such as staking, swaps, and lending. This collaboration is designed to improve Hemi's DeFi products' efficiency while boosting their security.
Jeff Garzik, Co-founder of Hemi Network, stated, "The integration with RedStone Oracles brings a new level of efficiency and security to Hemi's infrastructure. With RedStone’s cutting-edge oracle technology, we are confident that developers will have the tools needed to push DeFi to new heights."
Empowering DeFi Applications with RedStone’s Oracle Solutions
RedStone Oracles provides real-time pricing data for decentralized applications, ensuring that market fluctuations are accurately reflected within Hemi Network’s DeFi protocols. Through its unique modular design, RedStone can offer highly secure and cost-efficient data feeds by delivering pricing information only when required, reducing blockchain overhead and gas fees.
“We are excited to collaborate with Hemi Network and bring our secure and efficient oracle solutions to their ecosystem. This integration opens the door to enhanced DeFi products that leverage the best of Bitcoin and Ethereum, all while offering users the reliability and flexibility of RedStone’s oracles,” said Jakub Wojciechowski, CEO of RedStone Oracles.
Key Benefits of the Integration:
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Enhanced Security: Through RedStone’s decentralized data aggregation methods, Hemi Network users can rely on tamper-resistant and highly accurate market data, even during volatile market conditions.
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Capital Efficiency with LSTs and LRTs: RedStone’s modular design is crucial for supporting Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs), providing Hemi’s protocols with better capital efficiency while securing cross-chain assets.
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Cross-Chain Connectivity: Hemi’s innovative Tunnels feature allows secure and non-custodial asset movement between blockchains, further reinforced by RedStone’s reliable data feeds.
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Developer Flexibility: The RedStone Push oracle offers developers a familiar interface for integrating price feeds, ensuring that both new and existing applications can easily migrate to Hemi Network without losing data precision or speed.
About RedStone Oracles
RedStone Oracles is a leader in providing modular oracle solutions tailored to the specific needs of decentralized finance applications. With support for over 50 blockchain networks, including rollups and leading DeFi platforms, RedStone specializes in yield-bearing collateral, especially for Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs). Trusted by top-tier DeFi projects like Morpho, Venus, and ether.fi, RedStone offers secure, gas-optimized data feeds that ensure the highest level of integrity and performance.
About Hemi Network
Hemi Network is a blockchain Layer 2 platform that aims to integrate the security of Bitcoin with the programmability of Ethereum, creating a robust and interconnected blockchain ecosystem. Hemi’s Proof of Proof (PoP) consensus mechanism enhances security by utilizing Bitcoin's state, while the network’s hVM (Hemi Virtual Machine) allows for seamless development using familiar Ethereum tools. Hemi also provides secure, non-custodial asset transfers through its Tunnels feature and ensures finality with Superfinality, where transactions become immutable within just nine Bitcoin blocks.