RedStone has integrated its oracle infrastructure into DogeOS, a network designed to bring DeFi applications to the Dogecoin ecosystem.
The integration is already live on the DogeOS testnet and will be supported from the launch of its mainnet. RedStone will provide price data so developers can build lending protocols, derivatives exchanges, stablecoins, and prediction markets.
DogeOS is an Ethereum Virtual Machine (EVM)-compatible application layer developed by the team behind MyDoge. It uses zero-knowledge proof technology and enables smart contracts to run without modifying Dogecoin’s underlying blockchain. Transaction fees are paid in DOGE.
Dogecoin’s original network was not designed to execute smart contracts. As a result, the ability to use DOGE in financial applications has historically been limited, despite the existence of more than 10 million wallets associated with the cryptocurrency, according to RedStone.
The oracles will allow protocols to access external prices to calculate collateral values, price loans, and execute liquidations. They can also be used to determine whether the reserves backing an asset-backed stablecoin meet the required thresholds.
Jordan Jefferson, founder and CEO of DogeOS, said the integration will enable the development of more sophisticated financial applications and expand DOGE’s utility.
RedStone’s infrastructure will be available to developers building on DogeOS. A specific mainnet launch date has not yet been announced.
Source: RedStone
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