RedStone unveils bitcoin staking oracles for use in decentralized finance

RedStone Oracles has launched the first oracles designed for bitcoin staking products for the Bablyon network.

These oracles are now live for Lombard’s LBTC product, which has over $500 million in total value locked. These oracles aim to enhance bitcoin's functionality within decentralized finance, offering holders ways to leverage their assets across various DeFi ecosystems.

"These oracles mark a significant advancement in expanding bitcoin's utility in DeFi," RedStone said in a statement on Monday. "They provide holders with innovative ways to put their bitcoin to work."

These oracles aim to deliver real-time data feeds to power Lombard’s liquid bitcoin staking platform. Lombard lets users stake bitcoin (on Babylon) and receive LBTC, Liquid Staking Tokens (LSTs) on the Ethereum blockchain. This provides liquidity while maintaining exposure to their bitcoin holdings.

The Lombard platform, which aims to connect bitcoin to DeFi, is built on top of Babylon, a blockchain that utilizes bitcoin's economic properties to enhance the security frameworks of proof-of-stake blockchains.

"As bitcoin staking grows, we’ll continue expanding our data services to support its increasing demands, empowering users and developers with uninterrupted, secure access to DeFi," said RedStone CEO Jakub Wojciechowski.

In addition to its partnership with Lombard, RedStone’s oracles will be integrated with pumpBTC and Solv . In the coming months, plans are to expand to other networks, including Arbitrum, Base , and BNB Chain .

LBTC is yield-generating, inherently cross-chain, and fully backed by BTC on a 1:1 basis. LBTC enables BTC holders to earn staking rewards from Babylon while participating in various DeFi activities like borrowing, lending, yield farming, etc.

Lombard’s Liquid Staking Tokens are now available on major DeFi platforms such as Morpho, Gearbox, Pendle, and ZeroLend. By leveraging RedStone’s oracles, these platforms can ensure reliable data across Bitcoin and Ethereum ecosystems, making it easier for users to engage in DeFi without sacrificing the security and trust associated with their bitcoin holdings.

RedStone provides various in-demand assets such as LSTs, LRTs, bitcoin LSTs, and many others across over several blockchains.

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RedStone unveils bitcoin staking oracles for use in decentralized finance

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