Sui Network has announced the integration of RedStone, a cross-chain data oracle, to enhance its decentralized finance (DeFi) ecosystem. This collaboration aims to provide real-time and accurate price data for Bitcoin and other assets, strengthening Sui’s position in the growing BTCfi sector.
RedStone is a flexible oracle network that supplies decentralized applications (dApps) with secure financial data. It covers over 1,250 assets—including cryptocurrencies, stocks, ETFs, and commodities and serves various blockchain platforms. With its efficient data delivery model, it has been adopted by more than 130 clients across 70 different blockchain networks.
By integrating RedStone, Sui Network ensures users and developers receive timely and dependable price feeds, particularly for Bitcoin. This improvement enhances lending, borrowing, and staking services, enabling Bitcoin holders to generate yield within Sui’s expanding DeFi ecosystem.
Enhancing BTC-Based DeFi on Sui
The availability of precise, real-time BTC price data benefits DeFi platforms such as Scallop, Navi, and Suilend. Accurate pricing minimizes risks, improves collateral efficiency for lending protocols, and reduces trading slippage. With these upgrades, users experience better liquidity and more precise liquidations, making BTC-focused DeFi (BTCfi) on Sui more efficient and secure.
Sui Network operates on a Delegated Proof-of-Stake (DPoS) consensus mechanism and supports smart contracts through its customized Sui Move programming language. Since launching Bitcoin staking in December, the network has positioned itself as a key player in the BTCfi movement.