Redstone, the Oracle provider of blockchain, has introduced push-based Oracle in Megaeth to tackle the latency issue that challenges the efficiency of Onchain transactions.
According to a Redstone spokesperson, the new Oracle can turn on new prices every 2.4 milliseconds. Products that initially debuted on Megaeth, the Ethereum Layer-2 network, could potentially be deployed in additional chains in the future.
Redstone said Oracle Sources Price from Guntrace Exchanges will deliver directly to applications or smart contracts through nodes that run natively in the Megaeth chain.
This “colocation” strategy minimizes latency by eliminating the delays normally caused by physical distances between servers. In the future, Redstone also plans to include price supplies from decentralized exchanges.
Compatible with Ethereum Virtual Machine (EVM), Oracles is becoming more popular. According to alchemy, there are currently 12 decentralized oracle networks operating in Ethereum.
Oracles can make money through data royalties, licensing, reward staking, and node incentives. According to Coinmarketcap, Oracle Tokens currently has a market capitalization of $10.2 billion.
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Defi Growth drives Oracle’s further rise
According to Defilama, the total value-locked on-chain for distributed financial finances is approaching $88 billion as of April 8, following a 116% increase in 2024. Ethereum is the top blockchain for Defi applications, with $47.8 billion locked into the network, and Solana has since won a $6.1 billion Defi TVL.
Defi tvl over time. Source: Defilama
The rise of DEFI has intensified competition in the Oracle Market. This is an essential component of the functionality of distributed applications. Price Oracle supplies real-time market data to smart contracts and acts as a bridge between blockchain and the real world.
Popular players in Oracle Space include ChainLink and Pyth Network. In October 2024, Pyth flipped its chain links over a 30-day volume, reaching a $36 billion deal. This protocol is optimized for large amounts of activity as it provides a pull-based model that provides data on request.
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