Redstone, an Oracle Blockchain supplier, introduced an oracle based on the push on Megaeth to solve latency problems that question the effectiveness of onchain trading.
According to a Redstone spokesperson, the new Oracle can push new prices to all 2.4 milliseconds. Initially by making its debut on Megaeth, an Ethereum Layer-2 network, the product can be deployed to additional channels in the future.
Redstone said its Oracle sources are prices for centralized exchanges and books directly to applications or intelligent contracts via nodes that natively operate on the Megaeth channel.
This “colocation” strategy minimizes latency by eliminating the delays generally caused by the physical distance between the servers. In the future, Redstone also plans to include price foods from decentralized exchanges.
Oracles compatible with the Ethereum virtual machine (EVM) are becoming more popular. According to Alchemy, there are currently 12 decentralized oracle networks operating on Ethereum.
Oracles can earn money through data use costs, licenses, staunch rewards and nodes incentives. The current market capitalization for Oracle Tokens is at $ 10.2 billion, according to CoinmarketCap.
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Defi Growth Spurs Rise of Oracles
According to Defillama, the total decentralized finance value approaches $ 88 billion, after having increased by 116% in 2024, according to Defillama. Ethereum remains the main blockchain for DEFI applications, with $ 47.8 billion locked in the network, followed by Solana with $ 6.1 billion in TVL defi.
TVL DEFI Over time. Source: Defillama
The rise of DEFI has intensified competition on the Oracle market – an essential element for the operation of decentralized applications. Price oracles fuel market data in real time in smart contracts, acting as a bridge between blockchains and the real world.
Popular Oracle space players include ChainLink and Pyth Network. In October 2024, Pyth overthrew Chainlink in volume of 30 days, reaching $ 36 billion in transactions. The protocol offers a traction -based model which provides data on request, which makes it optimized for high volume activities.
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