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Oracle provider RedStone is developing a data-check service on EigenLayer, aiming to enhance decentralised finance (DeFi) security. The oracles connect blockchain networks with external data, reinforcing traditional financial market roles. RedStone currently secures $3.5bn worth of cryptocurrency across over 50 blockchain networks. Taking advantage of restaking methods, this move targets a growing demand for secure third-party protocols. EigenLayer, led by COO Alan Curtis, maintains $11bn in restaked collateral. Future plans include focusing more on consumer Web3 applications and incentivising restakers with emissions from the native token, EIGEN.

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RedStone, a big-time oracle provider, is launching a data-check service on EigenLayer. This makes it the first of its kind to blend with Ethereum’s restaking protocol. For now, this service remains in the testing phase. However, RedStone dreams of building a versatile platform that could enhance the security of decentralized finance, or DeFi, as it grows in popularity.

Running on more than 50 blockchain networks, RedStone’s oracles are no joke. They safeguard a whopping $3.5 billion worth of cryptocurrency. The RedStone launch on EigenLayer exhibits a well-established oracle system enhancing its security with restaked guarantees. The brains behind this operation is Alan Curtis, the COO of Eigen Labs.

Oracles like RedStone connect blockchain networks with external data sources, like financial market data, among other things. They essentially act as the bridge between the blockchain and the rest of the world. So, these big players are becoming more and more crucial in traditional financial markets.

The idea of restaking is about using a token that has already been backed with a validator for further rewards and using it to secure other protocols at the same time. EigenLayer helps to secure plenty of third-party protocols with roughly $11 billion of restaked collateral.

In the future, EigenLayer is going to focus on bringing in more consumer Web3 applications, following the unlocking of its native token, EIGEN. For starters, they’ll target apps in areas like DeFi and gaming. Once they’ve established a good user base in these fields, they’re planning to branch out into bigger markets.

EIGEN is also planning to attract more restakers through a program of incentives, like rewarding restakers with EIGEN emissions representing about 4% of the total token’s supply. It’s just another move to make their operation even more attractive to the people who matter – you, the users.

Source: Cointelegraph