Interest Protocol integrates RedStone Finance Oracles
There is no stopping RedStone Finance from spreading their fully customisable oracle price data feeds across the web – via their protocol built on Arweave. This time around RedStone has announced that they are integrating into Interest Protocol.
Interest Protocol is a DeFi platform built on the Sui and BNB chains that allows for trading, farming, and borrowing via its Dinero Markets and Dinero stablecoin.
RedStone Finance and Interest Protocol
Initially operating on the BNB Chain Test Net, Interest Protocol shared the news that it had successfully launched its DEX on the Sui Devnet this past January (2023).
So what does Interest Protocol do exactly?
Interest Protocol is a DeFi platform that allows trading, yield farming, and borrowing. It operates a decentralised exchange (DEX) that supports two trading formulas to price assets fairly. The stable markets are designed to maintain the price of pegged assets such as BUSD and USDT, while volatile markets price uncorrelated assets like BTC and ETH.
One of the unique features of Interest Protocol is its focus on security. Liquidity providers can offset impermanent loss by borrowing a stablecoin called Dinero using their Liquidity Provider (LP) tokens as collateral. The loans have no cost, and the collateral tokens are placed on yield farms to earn Interest Tokens. That allows liquidity providers to invest their free capital to offset impermanent loss.
Dinero is their stablecoin pegged to the US dollar and is minted only by Dinero Markets and vaults in Interest Protocol. That means it has a low risk of losing its peg, unlike centralised solutions like USDC, USDT, and BUSD. Dinero is managed by smart contracts, so all of the collateral behind it is verifiable.
Dinero Markets allows users to create Dinero stablecoins based on the value of their collateral. These are one-sided markets where the user is not borrowing Dinero from a supplier but is creating it through over-collateralisation. The market contracts evaluate the dollar value of the collateral using oracles and mint new Dinero. The loans have no maturity as long as the user has enough collateral to cover the loan.
The Interest Protocol team is made up of tech entrepreneurs based in Europe with a combined experience of 10 years in crypto:
- José Cerqueira – Co-Founder & CEO
- José P. Nelumba – Co-Founder & CFO
- Marco Pitra – Developer
- António Kipanda – Developer
- Nilam Jaiswal – Marketing Manager
- And advisor João Simões – CCG Advisory COO
In order to use Interest Protocol users must have a Metamask wallet set up. Read more about Interest Protocol here and get started using it here.
RedStone integration
RedStone Finance provides cross-chain oracle solutions that provide decentralised applications (dApps) and smart contracts with reliable and verified data. This partnership allows Interest Protocol users to benefit from real-time price feeds that will offer live asset valuations upon the creation of Interest Protocol’s Dinero.
The integration of RedStone oracles into Interest Protocol is significant for its users. Being powered by RedStone Finance oracles means that Interest Protocol will now have access to fully customisable data feeds for over 1,100 assets, including cryptocurrencies, stocks, commodities, on-chain reputation, and more.
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