RedStone, a decentralized data ecosystem that provides accurate and fast financial information, has announced an exclusive integration. According to the announcement, the platform integrates with Frax Finance, a decentralized finance protocol, to provide support for Fraxlend. On its official X account, the company expressed excitement about its latest venture.
Making innovative lending possible 🧠
RedStone is pleased to announce its support of Fraxlend through @fraxfinance, an isolated lending protocol. Fraxlend uses $FRAX $FXS $ETH and more price feeds in the RedStone Classic (Push) model.
More information 🧵 pic.twitter.com/4GliE0Y19w
— RedStone Oracles ♦️ (@redstone_defi) May 7, 2024
RedStone Oracles integrates with Frax Finance to support Fraxlend
Fraxlend reportedly uses ETH, FXS and FRAX tokens along with additional price feeds related to the RedStone Classic model. The company shared a series of X-posts to provide details about the new development. It was mentioned that the Frax protocol includes three sub-protocols operating under it. According to the platform, the respective sub-protocols integrate its stablecoins.
The above sub-protocols take into account Fraxferry, Fraxswap and Fraxlend. In addition, RedStone also pointed out that it has started supporting the Frax Finance-based modular blockchain Fraxtal. As a result of this initiative, consumers can use the RedStone Core model optimized for gas. It also ensured the delivery of reliable data feeds to strengthen the builder community.
The customers can earn significant interest through yield-bearing fTokens
According to RedStone, Fraxland is among the prominent platforms offering credit markets in the case of ERC-20 asset pairs. Furthermore, it allows consumers to deposit assets and avail interest through yield-bearing fTokens. The users can redeem them to increase the amounts of the underlying asset. This entire procedure involves borrowers and lenders communicating through pairs.
Therefore, lenders provide asset tokens in exchange for fTokens. On the other hand, borrowers exchange collateral tokens in exchange for asset tokens. The pairs register keeps track of all the pairs deployed. Credit markets require oracles to offer market rates, letting interest rate calculators specify interest rates in accordance with demand.
