RedStone, a blockchain oracle provider, has launched a push-based oracle on MegaETH aimed at reducing trading latency in onchain trading. This new system can deliver price updates every 2.4 milliseconds and operates primarily on the MegaETH, an Ethereum layer-2 network. RedStone's oracle minimizes latency by employing a “co-location” strategy, which reduces delays linked to the physical distance between servers. The oracle sources prices from centralized exchanges and plans to incorporate data from decentralized exchanges in future updates. The oracle market is currently valued at $10.2 billion, with a growing number of decentralized oracle networks on Ethereum. As of April 2024, decentralized finance (DeFi) activity has surged, with nearly $88 billion locked on-chain, highlighting the crucial role of oracles in feeding real-time market data into smart contracts. Prominent competitors in this space include Chainlink and Pyth Network, the latter of which experienced significant transaction volumes in 2024, showcasing the evolving landscape of blockchain oracles.

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