TL;DR
- ether.fi closes $500 million deal with RedStone Oracles to support its data oracle services.
- The agreement means that more than 20,000 node operators will manage RedStone’s validated services.
- The native eETH token will be used to reinforce the security of the RedStone network.
In a significant move within the blockchain ecosystem, ether.fi, a liquid restaking protocol based on EigenLayer, has closed a $500 million deal with RedStone Oracles, a provider of data feeds for blockchains.
This collaboration aims to strengthen RedStone‘s data oracle infrastructure, enabling more secure and efficient information exchange between blockchains and external data sources.
Honored to be able to support the @redstone_defi team! We've been working with them since the very beginning and wouldn't be where we are today without their help.
As always, rewards will be passed on to $eETH stakers 👍 https://t.co/aCc6Nly2p0
— ether.fi (@ether_fi) April 12, 2024
Under the terms of the agreement, more than 20,000 node operators will work on managing RedStone’s validated services, known as “Actively Validated Services” (AVSs).
This collaborative with RedStone Oracles represents a significant milestone in strengthening the security and reliability of blockchain infrastructures.
By joining forces, not only is the integrity of data on the RedStone network ensured, but it also establishes greater resilience against potential network failures and cyber attacks.
The collaboration between ether.fi and RedStone is not only limited to the allocation of financial resources, but also involves deep technical and operational collaboration.
The combined experience and knowledge of both teams allow proactive measures to be implemented to mitigate risks and strengthen the robustness of the systems.
A prominent aspect of this partnership is the use of ether.fi’s native token, eETH
This token will be used as an additional layer of protection, supporting the critical operations of RedStone provider nodes.
The news comes at a crucial time for ether.fi, which has been experiencing significant growth in its user base and assets under management.
By offering rewards to eETH stakers, the protocol encourages active community participation in the maintenance and security of the network.
This agreement adds to a series of strategic partnerships that ether.fi has established in the validated services space, demonstrating its commitment to security and interoperability in the blockchain landscape.
With a focus on liquid restaking and a strong foundation in the EigenLayer platform, ether.fi continues to position itself as a key player in the evolution of decentralized finance (DeFi) and blockchain infrastructure.
