ZKX Partners with RedStone for Data Integration

We’re excited to announce a partnership with RedStone to provide our users with access to diverse and reliable data price feeds.

RedStone* ZKX

RedStone Oracles introduces a new storage-less oracle providing custom data feeds and delivering it to all EVM-compatible chains. ZKX will use RedStone Finance’s price feeds for its listed pairs. This integration enables real-time pricing tracking, and the ability to customize data feeds for trading perpetual pairs on the ZKX Platform.

Tech Integration process

1. We use an innovative approach where the ZKX Node Network is used to procure data from RedStone.
2. The data is then consumed from RedStone’s on-chain source and validated against other procured data sources within the Node Network. The node network enables data integrity preservation through consensus to ensure every price point is processed accurately.
3. The price data is then stored in ZKX Smart Contract on StarkNet Layer 2. This approach allows the ZKX trading platform to run fully permissionless, where the community can decide what digital or synthetic asset can be listed and traded. Therefore, bringing new assets on-chain is nearly instant and fully decentralized.
4. In addition, integrating RedStone’s data feed via ZKX Decentralised Node Network with alternative off-chain sources results in faster with higher consistency of pricing information than any traditional on-chain-only data feed, giving traders the ability to get the most current and accurate prices for all types of assets, including high-volatile assets.

Naman Sehgal, Co-Founder, and COO at ZKX, said: “We’ve known the RedStone team since the inception of ZKX and have seen each other grow in the ecosystem this year. The team at RedStone is not only innovative in their approach to delivering feeds but also offers a different infrastructure design that enables us with a customized data feed to list a new asset pair in the future instantly. This is hugely advantageous and will help us deliver the best for our community.”

Marcin Kaźmierczak, COO at RedStone, said: “This is a culmination of our long-lasting relationship with ZKX. Since the beginning, we have been excited about their novel approach to perpetual swaps and honored to make this vision a reality with our flexible data feeds. We at RedStone are on a mission of powering true innovation in Web3 & DeFi and ZKX fits into this approach perfectly. Can’t wait for what is yet to come from this partnership in the future.”

We integrated with RedStone Price Feeds because they provide a multitude of critical features such as:

1. Higher Update Frequency — RedStone leverages a new generation of blockchain storage on Arweave, which enables low operating costs resulting in processing more data with a higher update frequency.
2. On Demand Fetching — RedStone stores data on the Arweave protocol, and a network of nodes and partners share the data as a decentralized public cache to projects. The protocol is also compatible with EVM-Connector, which enables injection of the data to destination chains only when needed.
3. Flexible Data Stream — Redstone’s ability to process more data creates opportunities for multiple data providers to enter the blockchain ecosystem, and enables them to source data from various sources. It currently delivers data feeds in 10+ categories, including stocks, ETFs and commodities from 60+ data sources.
4. Cross Chain Oracle Solutions — RedStone’s data is cryptographically signed by providers. As a result, it could be used with any other blockchain that supports basic cryptographic primitives.

We have partnered with various strategic data providers to source price feed for ZKX. We will be announcing our next partner soon. Stay tuned!

About RedStone

Founded by Jakub Wojciechowski in 2021, RedStone is a Web3 startup building a novel oracle that delivers data feeds for over 1,100 assets, available on 30+ chains with a 10-second update time. Supported data feeds include prices of major cryptocurrencies as well as long-tail tokens, Forex, commodities, on-chain identity, and much more, delivered in a scalable and secure manner. Thanks to Storage-Less architecture (data is transferred with meta transactions which bypasses expensive on-chain storage), RedStone can offer custom data feeds tailored to specific use cases.

They recently raised $7M in a seed round of funding led by Lemniscap. Other participants include Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11, and SevenX Ventures.

About ZKX

ZKX is the first perpetual futures exchange built on StarkNet. The protocol is designed to provide further scalability with a decentralized node network, an elevated trading experience and offer perpetual swaps and derivatives to any user on StarkNet and Ethereum. ZKX’s mission is to democratize access to global yields through its offerings to anyone, anywhere.

In July, ZKX raised $4.5m in seed funding from backers including StarkWare, Amber Group, Huobi, Crypto.com and others

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