RedStone raises $7M seed round led by Lemniscap

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RedStone has just announced that they have raised a $7M seed round led by Lemniscap. The funds will enable the team to continue building and working towards their mission of creating the right tools needed to help power Web3 innovation and development. The team is most well known for their decentralised RedStone Oracles as well as their modular data-processing Smart Contracts on Arweave called Warp.

The full list of round participants

The seed round was led by Lemniscap, but the full list of investors are as follows:

Who are RedStone?

RedStone began their journey at the Open Web Foundry incubation program in 2020. Ever since then they have been working on creating and putting into production storage-less Oracles and other Web3 tools. What they have created so far has been disrupting the world of Web3 and DeFi, and there is no indication of them stopping any time soon.

The full team currently stands at eight members and is as follows:

Main focus

RedStone – who recently partnered with Evmos – builds two products for developers looking for a competitive edge for their projects:

RedStone Oracle — The RedStone Oracle delivers a wide range of fully customisable price data feeds from the cryptosphere, (including cryptocurrencies and NFTs), as well as covering long tail tokens, Forex, commodities and much more – in a truly scalable and cross-chain manner. The highly customisable DeFi data streams are delivered quickly, reliably and cost-efficiently.

Its architecture ensures resistance to network congestion, enabling reliable data delivery every few seconds.

Warp Contracts — A modular Smart Contract platform on top of the Arweave storage chain delivering unparalleled computation efficiency by decoupling storage from computation. Warp Contracts optimise throughput by the implementation of Decentralised Execution Networks (DEN) that focus on specific applications. Warp Contracts offer fast transaction processing, a secure WASM sandboxed execution environment, as well as a convenient set of extra tools for developers.

Other Ventures

Other than these main ventures, the team has also given more to the Web3 space, including:

Warp AcademyRedStone’s Warp Academy is a portal to teach people how to develop on Arweave’s Permaweb and deploy their first smart contract to the blockchain, using their SmartWeave Contracts SDK, as well as other valuable tools. It seeks to be the go-to place for people of all skill levels who want to learn how to build or further their Arweave and blockchain dev knowledge.

Oracle Attacks mini series – One more notable mention is the new mini-series the team launched that focuses on important Oracle Hacks and Manipulations, in order to raise awareness of the methods used by exploiters and hackers to manipulate the affected Web3 protocols, learning from the past and not repeating the same mistakes. You can find the first issue of the series on their medium page here.

RedStone links

Twitter | Discord | Website | Github | Linkedin

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