An interesting short Case Study:RedStone Integrates with Venus Protocol
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Venus launched in 2020 on BNB Chain. It combines features from Maker and Compound to simplify decentralized finance in one app. Venus quickly grew to a top decentralized app with $1.4 billion total value locked. It focuses on improving risk management, decentralization and user experience.
Venus wants maximum oracle security after suffering an $11M loss. Integrating RedStone into Venus' Resilient Oracle module adds redundancy. This better protects against failures. Previously, Venus relied on Chainlink as the sole oracle. This risked catastrophic failure. RedStone adjusts its feeds for Venus' interface and handles infrastructure.
RedStone discussed needs with Venus developers. RedStone Classic was chosen as the quickest integration. It extends core feeds with relayers for on-chain data.
Key features include:
Customizable parameters
Transparent data sources/methods
RedStone handles infrastructure The proposal passed voting with 100% approval. RedStone launched monitoring and an on-chain relayer.
The integration allows Venus to easily use RedStone's feeds for assets like stablecoins and real-world assets. This enhances flexibility and security. Together, RedStone and Venus will keep pushing the boundaries of decentralized finance.
