XVS / USD price feed enabling Venus launch on Arbiturm, Ethereum XVS feed maintenance and enhancing ResilientOracle module

RedStone has been an Oracle provider for Venus since July 2023. Currently, their price feeds are integrated by Venus on the BNB Chain and Ethereum (Covered by Venus Stars 1). The aim of this proposal is to help Venus gain further market share and enhance its resiliency.

BACKGROUND

RedStone has enabled the launch of Venus on the Ethereum mainnet by providing XVS / USD price feed, which is the obligatory piece of the deployment on a new chain. RedStone covered the full cost of the price-discovery set-up and monthly maintenance, subsidizing $20,000+ cost to enable the successful launch of Venus on Ethereum and being a long-term partner.

The RedStone team would like to enable Venus expansion on Arbiturm L2 by providing XVS / USD price feed there. Additionally, they would like to further boost Venus’ robustness by delivering needed price feeds to the proprietary ResilientOracle module created by the Venus Core Contributors.

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 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.

RedStone's tech-first approach allows them to be a leader in LRT & LST price feeds and provide Oracles for blue chip assets, LP and staked tokens and numerous trending tokens. They are the first oracle to create price feeds for weETH (Etherfi) and ezETH (Renzo), STONE (StakeStone) and numerous other assets that are being integrated into Venus.

PROPOSAL

RedStone is willing to create the XVS/USD price feed on Arbitrum, needed for Venus launch on this L2. They suggest the same configuration as the XVS feed on the Ethereum mainnet, so a 1% deviation threshold and 24-hour heartbeat. Additionally, we have prepared two feeds BNB/USD and BTC/USD on the BNB Chain according to the specs of Venus Core Contributors. They suggest implementing these two feeds as main into the ResilientOracle module alongside Chainlink or Binance Oracle as pivot and fallback, following Venus Core Contributors’ recommendations based on backtest analysis. Such configuration would allow the achievement of the full potential of this module and ensure Venus is protected further against mispricing events during high market volatility conditions.

BENEFITS TO VENUS

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

• RedStone would enable the long-awaited Arbiturm deployment.
• Venus’ resiliency on the BNB Chain would be upgraded.
• The RedStone team will support the further cross-chain expansion of Venus.
• RedStone will organize dedicated “Venus campaigns” analogous to the ones with Sommelier 1 and LayerBank allocating RedStone Gems to users of Venus Protocol.
• Assign additional rewards for the Venus Prime holders.
• Ensure Venus Protocol’s eligibility for the future RedStone rewards airdrop.
• Further supporting Venus on the marketing and Go-To-Market front with new assets.