With the launch of RedStone, Sui is taking significant steps to develop its BTCfi ecosystem further, incorporating Bitcoin's capabilities directly onto the blockchain.

Layer 1 blockchain Sui Network They have unveiled the introduction of a cross-chain data oracle feature for their users. RedStone This piece of technology is set to provide state-of-the-art oracle capabilities to the expanding platform ecosystem.

RedStone is a versatile oracle network specifically built to furnish decentralized applications (dApps) with timely and trustworthy financial insights across various blockchain environments. It supports an extensive array of over 1,250 assets, from cryptocurrencies to stocks, ETFs, and commodities, thereby catering to the varied data demands of the decentralized finance (DeFi) arena. Thanks to its effective data transmission system, RedStone has successfully partnered with over 130 clients spanning 70 different blockchain ecosystems.

Through this collaboration, RedStone will grant users and developers on the Sui Network access to real-time, accurate pricing information for Bitcoin and various other assets. This advancement opens up fresh avenues for Bitcoin holders to earn yields while facilitating seamless integration within Sui's developing DeFi space.

The RedStone Oracle supplies precise and real-time pricing insights for Bitcoin on the Sui Network, significantly enhancing accuracy and reducing risks for DeFi protocols and their user bases. Additionally, by providing liquid and reliable Bitcoin price data, platforms like Scallop, along with others, can refine their Bitcoin lending, borrowing, and staking functionalities. Furthermore, this integration fortifies the BTC-focused DeFi landscape on Sui Network by ensuring continuous and real-time price updates, thereby improving collateral management for lending protocols and minimizing trading slippage while enabling more accurate liquidations. Navi Sui Network is solidifying its status as a major hub for innovative financial solutions powered by Bitcoin.

Constructed using Rust, the network supports smart contracts written in Sui Move, a modified variant of the Move programming language that's tailored by the project team. Operating on a Delegated Proof-of-Stake (DPoS) consensus model, the native token, SUI, is staked by validator operators and token holders who delegate their tokens to designated validators, thus enhancing overall network security.

Sui Network Since launching Bitcoin staking capabilities on the Sui Network back in December, the platform has quickly become a vital participant in the BTCfi movement. Bitcoin holders can restake their BTC on Sui through SatLayer, unlocking additional earning chances, bolstering the security of its DeFi applications, and allowing for smooth engagement within Sui’s expanding BTCfi ecosystem.

The unveiling of RedStone comes on the heels of the recent announcement regarding SatLayer’s Bitcoin-focused infrastructure, further establishing Sui Network as a hotspot for financial innovation centered around Bitcoin.

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