RedStone Finance and Voltz Protocol have entered into a significant collaboration, redefining the financial landscape by connecting traditional finance (TradFi) with the exciting world of decentralized finance (DeFi).
TradFi enters DeFi with SOFR rates ⚡️
We’re excited to announce our successful integration with @voltz_xyz! We’ve just brought TradFi and DeFi worlds a little closer together 🌐
How? 🧵 pic.twitter.com/3ckoRYiLyy
— RedStone Oracles ♦️ (@redstone_defi) June 8, 2023
Unique Market Creation on Avalanche Blockchain
This strategic partnership has yielded a groundbreaking development in the form of a unique market for Secured Overnight Financing Rates (SOFR)-based interest-rate swaps, hosted on the Avalanche blockchain. RedStone’s instrumental role in providing on-chain SOFR data feeds paved the way for Voltz Protocol to inaugurate this novel market on their platform.
Integration: Merging TradFi with DeFi
The alliance between Voltz and RedStone has stirred up a revolution in the DeFi space by translating off-chain SOFR rates to on-chain, thus bridging the gap between TradFi and DeFi. The Voltz Protocol, armed with its concentrated liquidity, has established a robust presence in the DeFi landscape, boasting over $16.8 billion notional traded and $11 billion notional liquidity provided.
Powering DeFi With Real-World Data
In furtherance of this collaboration, RedStone provided four crucial data feeds, including the SOFR spot value and effective date, which contributed to the creation of the SOFR interest-rate swap market on Avalanche. This integration marks a significant milestone in transitioning TradFi onto Web3 infrastructure and bringing a key aspect of traditional finance on-chain.
Innovation through Partnership
The Voltz Protocol, equipped to facilitate markets with instruments carrying variable rates, effectively utilized RedStone’s on-chain SOFR rates to make the market functional. This successful collaboration illuminates RedStone’s robust and efficient technology, demonstrating their credibility as a collaborator in the DeFi space.
RedStone: A Leader in the Oracles Industry
RedStone’s versatile data offering and modular design place them at the forefront of the Oracles industry. They specialize in providing real-world data and custom feeds for DeFi and Web3 protocols, proving invaluable to the progressive world of digital finance. This collaboration is an exciting stride in the world of DeFi, leveraging cutting-edge technology to bridge the gap between traditional and decentralized finance.