DeFi oracle supplier RedStone has launched its AVS testnet on the favored Ethereum resttaking protocol, EigenLayer.
That is the primary time an oracle has used EigenLayer remediation know-how to enhance safety.
RedStone – EigenLayer
In accordance with the official press launch shared with CryptoPotatothis integration represents an necessary step for RedStone and the broader DeFi ecosystem, as EigenLayer’s restoration mannequin will enable the oracle supplier to guard its programs by adjusting the quantity of collateral primarily based on market situations.
That is anticipated so as to add an extra protection towards doable assaults.
RedStone can guarantee its knowledge feeds stay each safe and dependable by utilizing various kinds of collateral, comparable to ETH, liquid staking tokens (LSTs), stablecoins, and even BTC.
Commenting on the launch of AVS testnet on EigenLayer, Alan Curtis, COO of Eigen Labs, the developer of the rerecording protocol, mentioned:
“Oracles are important to the DeFi world and allow dependable knowledge connections. RedStone’s use of our restoration capabilities is an instance of a mature oracle system taking its safety to the subsequent stage. We’re happy to welcome them to the EigenLayer ecosystem.”
EigenLayer: Till now in 2024
The newest improvement comes lower than a month after EigenLayer’s native cryptocurrency, EIGEN, made its long-awaited debut on main cryptocurrency exchanges together with Binance, Bybit, OKX, Kraken and Uniswap v3.
With a completely diluted market worth (FDV) of $7 billion, OWN rapidly gained consideration after its launch. The launch, thought of one of the talked-about symbolic occasions of 2024, was formally introduced by the Eigen Basis.
EigenLayer is among the high gamers within the restorative ecosystem, with a complete worth (TVL) of $10.77 billion in accordance with knowledge collected by DeFiLlama.
As a result of its recognition, the repossessing platform’s official X account was hacked final week, leading to plenty of fraudulent messages, together with a faux airdrop marketing campaign focusing on customers who had been eligible for a earlier distribution. Eigen Labs acknowledged the breach and suggested customers to keep away from suspicious hyperlinks, urging them to confirm all interactions by way of the official web site ‘eigenlayer.xyz’.