RedStone helps Float achieve 20x faster transaction speeds

Float is a platform that creates peer-to-peer markets for users to mint leveraged tokens easily, and now, by using RedStone's on-demand Oracles and Gelato’s Web3 Functions, Float has managed to process user transactions 20x faster. 

Float is now 20x faster

RedStone offers fast, reliable, fully customisable Oracle feeds for over 1,100 assets, both from the crypto and traditional spaces (e.g. bitcoin, stocks, gold, etc.), while Gelato is best described as a decentralised backend that empowers builders to create automated smart contracts. And at the beginning of 2023, the two partnered.

Taking advantage of what RedStone and Gelato have to offer has effectively taken Float to the next level.

Float's leveraged token trading platform offers users exposure to leveraged returns of popular crypto assets without the additional risks of liquidations, margin maintenance, and collateralised debt positions. The integration of RedStone's on-demand Oracles and Gelato's Web3 Functions makes the platform even more efficient, enabling users to mint tokens, burn their tokens, and redeem their tokens for collateral in one click at speeds twenty times as fast as before.

How exactly is it possible?

According to the RedStone blog:

Float’s system uses the “RedStone Cache Layer,” an off-chain, decentralised network of nodes that collect validated price data. This updated and verified data is then used by the newest product from Gelato - Web3 Functions - to update Float’s system state. As a result, incoming user transactions are executed and pool balances are updated.

In a Q&A session with RedStone, the Float team shared their thoughts on the partnership with RedStone and Gelato, as well as the future of what they are building.

In September 2021 our v1 – Float Alpha – went live. In early 2022 we closed a seed round of $5 million from amazing VCs like Maven 11, IDEO CoLab Ventures, and MetaCartel Ventures, and angel investors like Stani Kulechov. Since then we’ve been working flat out towards our v2 – Float Arctic.

Float Arctic is the latest version of the Float protocol, which the team rewrote from the ground up, making it modular. This allowed them to integrate RedStone’s Oracles at a later date with ease.

While Float Arctic was in evolution and we hadn’t settled on a final design for the mechanism, we took the decision to effectively rewrite all the Alpha code line by line. We made Float Arctic modular, such that when we decided to add in the Float pool mechanism, we were able to largely ship it in two weeks. This extends to being able to switch from push-based to pull-based oracles on a dime and integrate a great product like RedStone.

The Float team also discussed their future in building an innovative DeFi infrastructure. 

We’re committed to our investors and users to build something special. We’re going to take Float as far as we can and build a product that can dominate DeFi, and be as significant and reliable as AAVE and MakerDAO, said the team.

Float channels:

Website: https://float.capital/

Twitter: /float_shipping

Discord: /invite/float-capital

GitHub: /float-capital

Gelato channels:

Website: .network/

Twitter: /gelatonetwork

Discord: /gelatonetwork

GitHub: /gelatodigital

LinkedIn: /company/gelato-digital/

RedStone channels:

Website: https://redstone.finance/

Twitter: /redstone_defi

Discord: /invite/PVxBZKFr46

GitHub: /redstone-finance

LinkedIn: /company/redstone-finance/