RedStone integrates oracle price feeds into TON blockchain

Mila September 19, 2024

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Key Takeaways

RedStone becomes the first to offer oracle price feeds on the TON blockchain.
The integration facilitates real-time, accurate asset pricing, crucial for developing sophisticated financial protocols on TON.

RedStone, a modular blockchain oracle provider, announced today it is bringing its oracle solutions to the TON blockchain. With this move, RedStone becomes the first oracle provider to integrate data feeds into TON, the team said.

Oracles play a key role in enabling smart contracts to access external data that is not inherently available on the blockchain, such as real-time asset prices.

The integration of RedStone’s oracle data feeds will provide reliable, real-time data to TON’s DeFi ecosystem, ultimately fostering the building of complex financial protocols, according to RedStone.

The team said that integrating with TON requires overcoming its unique communication method, which involves asynchronous message transmission. RedStone has developed a robust relayer system to ensure consistent price updates and provide smart contract templates for easier integration.

Jakub Wojciechowski, CEO of RedStone, said the project plans to expand its data feeds and develop new tools to support the growth of TON’s DeFi ecosystem.

“Our vision for TON goes beyond integration. We are committed to providing developers with essential tools like smart contract templates and automatic relayers, ensuring seamless data flow and uninterrupted service,” Wojciechowski said.

“As TON’s DeFi sector evolves, we’ll continue expanding our data offerings to meet its increasing demands, driving innovation and growth in the space,” he added.

The TON ecosystem has seen remarkable growth, with the total value locked in various projects reaching $412 million as of September 19, a 2,900% increase since January 1, per DefiLlama.

TON has recently secured a $30 million investment from Bitget and Foresight Ventures. The funding is aimed at enhancing the adoption of the tap-to-earn model and GameFi within the TON ecosystem.