The podcast features Jacob and Marcin, co-founders of RedStone, a rising oracle in the crypto space. The discussion revolves around the intricacies of oracles, RedStone’s strategy to compete with Chainlink, their unique selling propositions, and an exclusive update.
- RedStone’s Unique Approach: RedStone aims to steadily grow as an oracle, focusing on cost-efficiency and security. They prioritize a ‘dapp-first’ approach, not charging EVM chains for their presence and supporting builders.
- Business Model: RedStone operates on a revenue share model with projects, charging a small percentage of the transactions they secure. They also offer a monthly subscription fee for their ‘RedStone Classic’ service, which is based on calculated gas and infrastructure costs.
- Plans for 2023 and Beyond: RedStone is working on ‘Model X’ to prevent front-running and automatically set up transactions. They’re also developing multi-dimensional prices to provide a firm market estimation of liquidation costs. Expansion to other protocols and ecosystems is a key focus.
- Regulation and KYC: RedStone has created a prototype called ‘Know Your DeFi and Oracle’ that allows soft KYC on a smart contract level, enabling protocols to implement rules for specific addresses.
- Future of DeFi: The co-founders believe in the potential of DeFi to overtake centralized finance, citing the rapid innovation, open and permissive system, and the ability to attract liquidity and users quickly.
- Bullish: The co-founders of RedStone express a bullish sentiment towards the growth of DeFi and their oracle service. They believe in the potential of DeFi to overtake centralized finance and are confident in their unique approach and business model.
- Bearish: No bearish sentiment was expressed in the podcast.
- Neutral: The discussion around regulation and KYC reflects a neutral sentiment. While it presents challenges, RedStone sees it as an opportunity to innovate and provide solutions that cater to the evolving needs of the DeFi space.