RedStone launches AVS testnet on EigenLayer

RedStone, a modular oracles platform for decentralized finance, has launched a testnet of its data verification service on its repurchase network EigenLayer.

The Oracle platform announced the launch of a testnet for its actively verified service on EigenLayer (EIGEN) on October 23.

The Actively Verified Service enables off-chain verification, allowing users to benefit from reduced gas consumption, accuracy and consistency of price data.

Decentralized finance has reached all-time highs with over $300 billion locked in at its peak in December 2021. Further innovations such as oracle integration could see this exceed the previous ATH, with DeFi TVL currently around $165 billion, according to RedStone.

“Oracles are a critical part of the DeFi and blockchain ecosystem that enables the reliable connection of data. RedStone’s use of EigenLayer repurchasing capabilities showcases a mature oracle system that enhances its security with repurchasing guarantees. We are happy to have RedStone in our ecosystem.”

Alan Curtis, chief operating officer of Eigen Labs

Specifically, launching on EigenLayer allows RedStone to leverage the repurchase platform’s technology and infrastructure to bring the benefits of shared security to users.

In addition to offering a universal framework for restaking, EigenLayer provides flexibility and opportunities to use a range of restaking assets for collateral, including the native oracle token, Ethereum (ETH), stablecoins, and liquid staking tokens. The platform also supports Bitcoin (BTC).

RedStone’s AVS is built with Authentic, a platform that allows users to create AVSes using any programming language.

RedStone eyes enlarged

EigenLayer’s recent activation, allowing EIGEN tokens to be transferrable, is a significant milestone in the repurchase ecosystem. The RedStone team wants to leverage this to expand its verification service.

Beyond the launch of the testnet, the project plans to further expand the repurchase space through deployment to the Ethereum mainnet.

AVS is expected to be available in the coming months. According to the RedStone team, this will coincide with the launch of RedStone Token and EigenLayer’s cutting mechanism.

Meanwhile, projects integrated with RedStone include important industry players such as Ether.fi, Puffer, Pendle and Renzo. RedStone also launched the first oracle integration on the TON blockchain.