Avalanche Community Grants Quadratic Funding: [Round #1] RedStone

Avalanche Community Grants
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Proposal Title: [Quadratic Funding Round #1] RedStone

Overview of RedStone

RedStone is the first Modular Oracle that delivers price feeds for 1,000+ assets in a low-latency pull model, available on Avalanche since March 2022. Our Oracles protect $2+ Billion of TVL and are used by top projects including Pendle, Morpho, Balancer, Venus, Sommelier.

Please explain how your project meets the round eligibility criteria

We work closely with top Avalanche protocols such as Delta Prime, Trader Joe, Pangolin, CIAN & Yield Yak. We’ve secured 200k+ transactions on Avax to date and plan further expansion. We’re the second most used Oracle on the network after Chainlink.

Thanks to innovative storageless architecture usage of our feeds is significantly cheaper than normally. RedStone transfers signed price packages with meta transactions which bypasses cost-generating EVM storage.

We’re supported by some of the most renowned Web3 Entrepreneurs such as Emin Gün Sirer (Avalanche), Stani Kulechov (Aave), Coinflipcanada (GMX), Richard Ma (Quantstamp).

How does your project benefit the Avalanche Ecosystem? Please mention any existing or upcoming partnerships:

We work closely with top Avalanche protocols such as Delta Prime, Trader Joe, Pangolin, Hubble Exchange, CIAN & Yield Yak. We’ve secured 200k+ transactions on Avax to date and plan further expansion. We’re the second most used Oracle on the network after Chainlink.

We’re the only Oracle availabnle on Avalanche EVM Subnets - we’ve enabled Hubble Exchange Subnet launch and have been delivering price feeds there for the past 7 months.
Additionally, RedStone has been the only Oracle supporting Avalanche Spruce testnet and partnered with Aave on the launch. RedStone has proved it’s usefulness for the growth of Avalanche protocols such as Delta Prime, Trader Joe, Pangolin, CIAN & Yield Yak

Additionally, we were the first Oracle for deliver GLP & GM Avax token from GMX

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How old is the project?
RedStone launched the alpha version of the product at Avalanche Summit 2022. The final version was launched in January 2023

Please outline any prior funding sources:

  • Total prior funding in USD: $7.8M
  • Grants: N/A
  • VC: Lemniscap, Blockchain Capital, Coinbase Ventures & more.
  • Token Launch: N/A
  • Sales: N/A
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Hi @grokier, thank you for submitting this application. I have personally worked with many members of your team in the past and highly appreciate your many contributions to the Avalanche ecosystem.

Unfortunately you won’t be eligible for the first quadratic funding round since you have received >= $500k of funding in the past. Future rounds will have different requirements and you’ll be able to apply with the same project if you fit the eligibility criteria.