[FIP - 361] Integrate RedStone sfrxETH / ETH Price Feed into Fraxlend on Ethereum

Hello, Marcin here from RedStone. We’ve been the major Oracle provider for Fraxtal since April 2024. Currently, our price feeds are integrated by Fraxlend, Glyph and Trinity on Fraxtal. The aim of this proposal is to help Fraxlend gain further market share and enhance its resiliency.

BACKGROUND

RedStone is the major Oracle on Fraxtal. As the only price feeds provider, RedStone offers the two major oracle implementations:

1. RedStone Classic - Traditional Push model, supporting 5 major pairs at the time of writing (Here).
2. RedStone Core - Pull oracle model allowing for gas efficiency, and low-latency of price feed updates, based on attaching signed data packages to transaction call-data. The model that allowed i.e. Gearbox to grow its TVL by 10x, reaching over $400M.

Our team would like to enhance Fraxlend’s resiliency by incorporating RedStone price feeds and enabling future expansions with new markets powered by RedStone (we are often the first Oracle to provide trending assets like with LRTs, Ethena, etc.).

ABOUT REDSTONE

RedStone is the quickest-growing Modular Oracle with clients including Venus, ListaDAO, Kinza, Pendle, Morpho, Ethena, Etherfi, Renzo, Puffer, Silo, Sommelier, Gearbox, Frax, Swell, Angle and 70+ other companies. Our Oracles are available on 50+ chains including Fraxtal, Arbitrum, BNB Chain, Ethereum, Merlin Chain, BOB, Blast, TON, Mode and many more.

RedStone’s mission is to enable DeFi protocols and dApp’s builders to reach their full potential with versatile, gas-optimized and robust price feeds delivered cross-chain. Our team consists of seasoned engineers with an average of 15+ years of dev experience and a hard-working BD & Marketing team supporting partner protocols at every step: conferences, Twitter spaces, targeted intros, etc. Our technology has been acknowledged by the leading figures in the crypto space, we are proud to be backed by the most renowned Web3 Entrepreneurs such as Sandeep Nailwal (Polygon), Alex Gluchovski (zkSync), Emin Gün Sirer (Avalanche), Richard Ma (Quantstamp) and VCs like Lemniscap, Coinbase Ventures, Blockchain Capital, Maven11, Distributed Global, Lattice Fund and others.

Our tech-first approach allows us to be a leader in LRT & LST price feeds and provide Oracles for blue chip assets, LP and staked tokens and numerous trending tokens. We are the first oracle to create price feeds for weETH (Etherfi) and ezETH (Renzo), STONE (StakeStone) and numerous other assets.

PROPOSAL

Integrating sfrxETH / ETH price feed on Ethereum mainnet into Fraxlend. The feed is configured with a 0.5% deviation threshold and 6 hours heartbeat. The price discovery is set by multiplying the frxETH / ETH market price by the sfrxETH / frxETH contract’s ratio provided by Frax.

BENEFITS TO FRAXLEND

By accepting the proposal Fraxlend is going to benefit in a number of ways:

1. Integrating the feed would increase Fraxlend’s oracle robustness (currently it uses only a single Curve AMM to derive the frxETH / ETH rate, whereas RedStone takes all reliable sources).
2. RedStone would enable new markets as Fraxlend evolves.
3. The RedStone team will support the further cross-chain expansion of Fraxlend.
4. The integration would be a step for Frax DAO eligibility for the possible future RedStone rewards after TGE.
5. Further supporting Fraxlend on the marketing and Go-To-Market front with new assets.

The RedStone team is dedicated to continuing to help the Frax ecosystem in successful expansion horizontally (i.e support for Fraxtal and cross-chain deployments) and vertically (new assets at Fraxlend).

VOTE

• For: Integrate RedStone sfrxETH / ETH Price Feed into Fraxlend on Ethereum.

• Against: Do nothing.