RedStone Launches First Bitcoin Liquid Staking Oracles
RedStone, a leading smart contract oracle provider, has introduced a groundbreaking tool for Bitcoin liquid staking. This innovation, akin to stETH by Lido in the Ethereum ecosystem, enables users to lock their BTC and receive liquid staking tokens (LST) for use in various DeFi protocols.
RedStone's latest offering, the first market-ready Bitcoin Staking Oracles, bolsters their Babylon-powered solutions. The initial implementation is for Lombard Finance, signaling a significant stride in Bitcoin liquid staking. Previously, RedStone had launched the stBTC liquid staking token on the Mezo network, underscoring their dedication to this space.
The LBTC token, purpose-built for Bitcoin liquid staking, is now supported on the Lombard platform and accessible on the Ethereum network via the Babylon protocol. This token facilitates BTC redemption through its burning, ensuring a smooth and secure process. RedStone's oracles empower the integration of LST in popular protocols such as Morpho, Gearbox, and Pendle, broadening the functionality and utility of these platforms.
RedStone's latest innovation, the LBTC/BTC price feed, marks the debut of Bitcoin Staking Oracles. This tool opens new avenues for Bitcoin liquid staking, mirroring the success of stETH in the Ethereum ecosystem. With RedStone's recent $15 million Series A funding, the company is primed to continue pioneering in the Bitcoin staking realm.
