RedStone, a leading provider of smart contract oracles, has introduced a new tool tailored for Bitcoin liquid staking. Similar to Ethereum’s ecosystem, users can lock their BTC and receive liquid staking tokens (LST) for use in various DeFi protocols.
Enhanced Integration with DeFi Protocols
“With our oracles, users can integrate LST for extended utility in protocols such as Morpho, Gearbox, and Pendle,” RedStone developers stated.
The LBTC token, designed for Bitcoin liquid staking, is supported on the Lombard platform and accessible on the Ethereum network via the Babylon protocol. BTC redemption is facilitated through the burning of LBTC.
📣 Introducing Bitcoin Staking Oracles 📣
— RedStone Oracles ♦️ (@redstone_defi) October 8, 2024
RedStone launches the first market-ready Bitcoin Staking Oracles, enhancing Babylon-powered solutions. Delivering the first implementation for @Lombard_Finance.
The LBTC/BTC price feed marks the debut of Bitcoin Staking Oracles. pic.twitter.com/SLYX5ChKHo
Strategic Funding and Future Potential
RedStone recently secured $15 million in a Series A funding round.
“The RedStone tool unlocks new opportunities for Bitcoin liquid staking, mirroring the success of stETH by Lido,” the company explained.
Previously, RedStone developers launched the stBTC liquid staking token on the Mezo network, marking a significant expansion into the Bitcoin staking landscape.
Integration with Babylon Ecosystem
The introduction of the LBTC/BTC price feed solidifies RedStone’s position as a pioneer in Bitcoin staking solutions, enhancing its usability in DeFi markets powered by the Babylon protocol.
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