This proposal is to enable RedStone as one of the oracle providers for Mento. RedStone would deliver price data for CELO/USD, CELO/EUR, CELO/BRL, USDC/USD, USDC/EUR, USDC/BRL, EUROC/EUR. RedStone will replace Di Wu in the current set of oracle providers, as he has expressed his willingness to step down from the role.
About RedStone
RedStone is a novel Oracle for projects in need of flexible data feeds with frequent update time (<10 sec) - usually, it resonates well with Lending Protocols, Perpetual DEXes, Liquidity Management, Stablecoin protocols and projects responding to market trends. We’ve been live since March 2022, securing hundreds of millions of USD on mainnets. Audited by ABDK, PeckShield and independent auditors. We are now cooperating with some of the most important protocols in the web3 ecosystem, including Lido, Venus, Pendle, Gamma, Swell, Stader, Raft, Gearbox, DeltaPrime, Angle, Sommelier and many more. The company is backed by top VC funds, including Blockchain Capital, Distributed Global, Lemniscap or Coinbase Ventures as well as prominent Builders such as Stani Kulechov (Founder of Aave), Sandeep Nailwal (Co-Founder Polygon), Emin Gün Sirer (Co-Founder Avalanche), Alex Gluchovski (Co-Founder zkSync) and others.
RedStone on Celo
RedStone is no stranger to the Celo ecosystem:
RedStone and Mento
At RedStone we have been staying very hands-on with the Mento Team as well as the newest developments to the protocol and we want to continue to do so. The goal is to actively support Mento’s path to further decentralization and maximal security. Today we would like to open the discussion about adding RedStone to Mento’s SortedOracles Interface. We also look at this proposal as laying the foundation for potential future cooperation, especially in adding security and resilience to Mento’s oracle setup.
Value RedStone brings to the table
Costs
For the 7 proposed Feeds RedStone would receive $2000/month + a lump payment of $6000 if the service meets performance requirements in the first 3 months.
Payment to RedStone would be done according to the same terms outlined in the contract for other external oracle providers - https://forum.celo.org/t/decentralized-oracles/3610/18 , specifically:
5.2. One time compensation
The Celo Community Fund will pay an initial one time compensation of 6000 USD for the initial set up of the up to 5 oracle services, if the oracle service provided by the MMS fulfils the expected quality within the first three months of initial setup as described in section 2.1. b and c of this proposal. In addition, the Celo Community Fund will conduct an initial compensation of 300 USD each for any further oracle service implemented with the same conditions.
5.3. Monthly compensation
1. Tier 1: Up to 5 oracle feeds - $1500 / month
2. Tier 2: Up to 10 oracle feeds - $2000 / month
3. Tier 3: more than 10 oracle feeds $2500 / month
4. Tier 4: more than 15 oracle feeds - can be described in a new proposal. These payments will be at the end of the month for each month passed.
SortedOracles.removeOracle(cUSD address = 0x765DE816845861e75A25fCA122bb6898B8B1282a, Di Wu oracle = 0xF8ffaB8cCB81BcD0DF7f9dF97Ccf8bEF782ebEeB, oracle index = 8)SortedOracles.addOracle(cUSD address = 0x765DE816845861e75A25fCA122bb6898B8B1282a, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(cEUR address = 0xD8763CBa276a3738E6DE85b4b3bF5FDed6D6cA73, Di Wu oracle = 0x3F2691d5B4839c226f4Bd096DC744914cAD5737e, oracle index = 8)SortedOracles.addOracle(cEUR address = 0xD8763CBa276a3738E6DE85b4b3bF5FDed6D6cA73, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(cREAL address = 0xe8537a3d056DA446677B9E9d6c5dB704EaAb4787, Di Wu oracle = 0x4eb4571a475Bea99b6A735B89aae664b82c964a3, oracle index = 8)SortedOracles.addOracle(cREAL address = 0xe8537a3d056DA446677B9E9d6c5dB704EaAb4787, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(USDC/USD identifier = 0xA1A8003936862E7a15092A91898D69fa8bCE290c, Di Wu oracle = 0x504C282C98fe9E7627DCE2c255E3BfF2eeB6e73e, oracle index = 8)SortedOracles.addOracle(USDC/USD identifier = 0xA1A8003936862E7a15092A91898D69fa8bCE290c, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(USDC/EUR identifier = 0x206b25ea01e188ee243131afde526ba6e131a016, Di Wu oracle = 0xBc2F9D199491786A4c68850B6438b8B5eE985735, oracle index = 8)SortedOracles.addOracle(USDC/EUR identifier = 0x206b25ea01e188ee243131afde526ba6e131a016, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(USDC/BRL identifier = 0x25f21a1f97607edf6852339fad709728cffb9a9d, Di Wu oracle = 0xBcBDd157e2d9737049eb3a8aFbC58b725523d002, oracle index = 8)SortedOracles.addOracle(USDC/BRL identifier = 0x25f21a1f97607edf6852339fad709728cffb9a9d, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)SortedOracles.removeOracle(EUROC/EUR identifier = 0x26076b9702885d475ac8c3db3bd9f250dc5a318b, Di Wu oracle = 0xBD136a625299A0ac5Ca7Ce9220aCA6e08a624e37, oracle index = 9)SortedOracles.addOracle(EUROC/EUR identifier = 0x26076b9702885d475ac8c3db3bd9f250dc5a318b, RedStone adapter = 0x6490a3FFAD86CA14FF84Be380D5639Fb8fBD311B)A human readable version of this proposal can be found using the following command (on-chain ID determined after submission):
celocli governance:show --proposalID <tbd>