Arweave Network Transaction Volume Surges: Redstone Drives Explosive Growth

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Author: Kyle @ Contributor of PermaDAO

Translator: Kyle @ Contributor of PermaDAO

Reviewer: Nananaa @ Contributor of PermaDAO

Arweave's transaction volume has been steadily soaring in November, breaking new records every week. This momentum actually started to show in October and accelerated even more in November, breaking previous highs twice.

According to Viewblock data, Arweave's weekly transaction volume in November is as follows:

Week 1: 47,082,812 transactions;
Week 2: 76,429,851 transactions;
Week 3: 101,139,917 transactions;
Week 4: 103,326,734 transactions.

It's evident that Arweave's transaction volume in November has shown continuous growth, consistently breaking previous highs. Naturally, the total transaction volume in November reached an all-time high - 321,659,762, representing a 159% increase compared to the previous month.

Now, the question arises: What factors contributed to the explosive growth in transaction volume in November, and which projects played a role in it?

According to data analysis provided by DataOS, we can find the answer - the biggest contributor to the surge in transaction volume is Redstone.

The data shows that Redstone generated a remarkable transaction volume in November, accounting for 99.6% of the total network volume. Additionally, Redstone also demonstrated impressive storage performance, reaching 566 GB, representing 22% of the total storage.

Redstone: Arweave's Oracle Project

💡 Oracle is crucial infrastructure in the Web3 space, acting as a bridge connecting blockchain and the real world. Specifically, oracles enable decentralized applications (DApps) to use information from the real world, expanding and enhancing practical application scenarios.

RedStone is an oracle project built on Arweave, and its most significant feature is its cost-effective and flexibility, thanks to its innovative modular design. RedStone utilizes Arweave as its data availability layer and significantly reduces data storage costs by packaging data through bundle technology and uploading it to the Arweave network. Furthermore, RedStone not only periodically uploads information to the blockchain but also supports projects in retrieving data from Arweave as needed.

Currently, RedStone has obtained data for over 1,000 assets, including cryptocurrencies, stocks, and fiat currencies. These data are aggregated from more than 50 external sources and seamlessly integrated into any EVM public blockchain.

Continuous Efforts Driving Transaction Volume Growth

RedStone's Unyielding Integration Measures

RedStone has three integration models: Core Model, Classic Model, and X Model. Their characteristics are as follows:

Core Model: As the name suggests, this is RedStone's most commonly used integration model, suitable for scenarios requiring real-time data.
Classic Model: A flexible integration model that allows projects to selectively choose and configure data sources.
X Model: This model is more suitable for financial applications, focusing on solving the problem of front-running in transactions.

However, the remarkable achievement in transaction volume by RedStone in November cannot be solely attributed to integration measures taken that month. To comprehensively understand RedStone's efforts, the author has compiled RedStone's integration events over the past three months - a total of 10 projects have been integrated, with a preference for Layer2 and liquidity staking tracks.

The integrated projects or protocols over the past three months can be categorized as follows:

Layer2: Conduit, Gateway.fm, Caldera, AltLayer, Loanshark, MIM_Spell.
Liquidity Staking: Stader ($ETHx), Gravita ($swETH), Enzyme ($swETH), StakeWise ($osETH).
Others: Abracadabra.

The RedStone team's diligent integration efforts continuously introduce external data to the blockchain world, adapting to different public chains or applications and providing better data feeding services.

RedStone Launches the Expedition Activity

The conception and launch of the Expedition activity may be one of RedStone's wisest decisions in 2023. The RedStone Expedition essentially gathers the community through a series of activities cleverly, effectively consolidating the RedStone community. Community members can earn RSG points by completing tasks and then use these points to claim rewards. Additionally, RedStone has established a consensus community, encouraging community participation in the project's collective development, creating a win-win situation.

The Expedition activity is conducted in three phases and consists mainly of four parts:

RedStone Gems (RSG) - Points System, the core part of the Expedition activity;
Discord - Community Hub, used for announcing activities, distributing RSG points, and community interaction;
Warpy - Discord Bot, connecting the community, activity, and points system;
Dashboard - Points Viewing Dashboard.

You can check out the Expedition Activity details for a series of activities where you can earn RSG points; detailed explanations are not provided here.

However, it's noteworthy that the RSG points system is built on Warpy, and all data generated in the points system is stored on the Arweave network. In other words, the successful Expedition activity also contributed to the growth in transaction volume.

Conclusion

RedStone is hailed as the next-generation oracle, and looking at its performance in 2023, the transaction volume data has consistently been impressive, reaching a true explosive growth in November. This achievement is undoubtedly a result of the RedStone team's dedicated efforts over the past days. Through well-planned activities, continuous integration collaborations, and constant refinement and innovation of products, they have become the key contributor propelling the growth in Arweave's transaction volume, gradually gaining market recognition.

As 2023 comes to a close, RedStone has delivered a commendable report card, and we look forward to it becoming a leading project in the oracle race, standing shoulder to shoulder with Chainlink.

In Redstone

Tagged with In RedStone