Redstone, a blockchain oracle provider, has introduced a push-based Oracle on Megaeth to tackle latency problems that query the efficiency of Onchain trading.
According to a spokesman for Redstone, the brand new Oracle can launch latest prices to 2.4 milliseconds. The product initially made his debut on Megaeth, an Ethereum Layer-2 network, and will be introduced to additional chains in the long run.
Redstone said his Oracle source prices on centralized stock exchanges and provides them directly at applications or intelligent contracts for nodes that work natively within the Megaeth chain.
This “co -location” strategy minimizes the latency by eliminating delays which are typically brought on by the physical distance between servers. In the long run, Redstone also plans to just accept price regulations from decentralized stock exchanges.
Oracle, that are compatible with the virtual machine (EVM) from Ethereum, have gotten increasingly popular. According to Alchemy, there are currently 12 decentralized Oracle networks in Ethereum.
Oracles can earn money through data use fees, licenses, rewards and nodes. According to CoinmarketCap, the present market capitalization for Oracle Tokens is $ 10.2 billion.
Defi growth further spreads the oracle
The total value of the decentralized financial company, which is closed, costs on April 8 after April 8 on April eighth around 116% in 2024. Ethereum.
Defi TVL over time. Source: Defillama
Defi's rise has increased the competition on the Oracle market – a vital part for the function of decentralized applications. Price Oracles feeds real-time market data in intelligent contracts and acts as a bridge between blockchains and the actual world.
The popular players within the Oracle area include Chainlink and Pyth Network. In October 2024, Pyth Chainlink turned 30-day volume and reached transactions of $ 36 billion. The protocol offers a pull-based model that gives data on request, which optimizes it for activities with a high volume.
