One of the biggest theses for Web3 infra are oracles. Every lending market, perp exchange, or tokenized fund depends on reliable data feeds. And as the ecosystem expands – with new L2s, tokenized assets, and sub-second perps – the limits of first-gen oracles are starting to show. My @redstone_defi thesis ↓ *** DeFi began with two models: • Chainlink’s push feeds → constant updates, highly reliable, but expensive at scale. • Pyth’s pull feeds → cost-efficient, on-demand, but not universal. Both remain critical, but neither covers the full spectrum of today’s needs. That gap has opened space for a third design: RedStone’s modular architecture. Market Snapshot • $97B → Chainlink TVS (still dominant, the incumbent). • $9B → RedStone TVS (fastest-growing, now solid #2). • $8.8B → Pyth TVS (neck and neck with RedStone). Rather than trying to “win” push vs. pull, RedStone delivers both + specialized integrations. This flexibility is why it’s scaling into perps, tokenization platforms, and lending protocols simultaneously. Why It Matters The real shift is from price feeds → full data layers. RedStone already ships: • RWA Oracle (verifiable NAVs for tokenized funds), • Credora integration (real-time credit ratings), • Bolt (sub-2.4ms updates), • Atom (liquidation-aware feeds with OEV capture). This isn’t just plumbing; it’s active risk management infrastructure. Tokenomics: The RED Flywheel Just as Chainlink uses LINK and Pyth uses PYTH, RedStone anchors its network in the RED token. But RED’s design adds a twist: it not only pays for data but also secures the network through EigenCloud restaking, giving tokenholders direct exposure to network growth. TVS/FDV at ~15× is eye-catching. Either the market hasn’t priced in this traction, or expectations are already running hot. If adoption keeps climbing, this could be the most efficient token in the oracle space. What I like here is that $RED isn’t just a payment token; it’s the economic backbone of the network. But that also means it inherits all the pressure: if adoption slows, rewards drop, and security could weaken. This is a flywheel that spins both ways. Muur Score: Product • Architecture → 9/10 → Modular, dual-model, future-proof. • Adoption → 8/10 → $9B TVS, 110+ chains, early but fast. • Products → 8/10 → Bolt, Atom, RWA, Credora cover key needs. • Economics → 7/10 → Strong TVS/FDV, yield durability untested. • Positioning → 8/10 → Fills gap between Chainlink & Pyth. Overall: 8/10 → Strong case, but watch modularity usage and token reward sustainability. RedStone isn’t trying to win the “push vs. pull” debate, it sidesteps it. While modularity looks elegant on paper, the real measure will be adoption: whether teams actively switch models as conditions change, or stick with the defaults they started with. If that flexibility is used in practice, it could mark a new phase in oracle design, one where infrastructure adapts dynamically instead of forcing builders into a single paradigm.