Mento Labs and RedStone: Enabling Real-World Use Cases for Stablecoins
December 8 2023
by Victoria Calmon
RedStone is the Modular Oracle with the highest security standards, offering flexible and high-frequency data feeds across 50+ chains. To enable builders to bring their visions to life, RedStone provides protocols the ability to consume its data through three models tailored to specific business use cases.
Why RedStone Chose to Partner with Mento Labs
Mento Labs entered into a strategic partnership with RedStone, a pioneering oracle provider, to enhance its position as a leading stablecoin provider. This collaboration seamlessly integrated RedStone’s scalable, customizable, and decentralized oracle solution with Mento’s requirements.
Marcin Kaźmierczak, Co-Founder at RedStone said: “We're excited about our collaboration with Mento on our Oracle integration. Leveraging Mento's extensive experience in building a robust coin infrastructure from scratch has proven invaluable. In an era pre-dating widespread availability of protocol-as-a-service, Mento's pioneering approach has seamlessly elevated our integration efforts. Their professionalism and innovative solutions make them a reliable collaborator. We highly recommend Mento for their unparalleled proficiency in blockchain solutions.”
Nadiem Sissouno, Head of Economics at Mento Labs added: “Mento Labs is pleased to collaborate with RedStone. RedStone meets all of our requirements, offering flexibility in gas efficiency, data aggregation, and interfaces. The RedStone team provided invaluable support in finding solutions to meet our specific needs.”
RedStone Solutions
RedStone is a Modular Oracle offering flexible data feeds in three tailored models: Pull, Push, and Perps. It is particularly suitable for Lending Protocols, Perpetual DEXes, Derivatives, Synthetics protocols, and projects seeking a competitive edge. RedStone has been live on mainnet since January 2023, securing hundreds of millions USD. It is audited by security experts such as ABDK and L2Beat Co-Founder and is backed by top Web3 builders including Stani Kulechov, CoinFlip Canada (GMX), and Richard Ma (Quantstamp).
How Mento Stablecoins are Used with RedStone
Mento is integrated with RedStone to tap into its decentralized network of data providers. Currently, RedStone offers data feeds for over 1,200 assets, including 19 fiat currencies, with the capability to add more as needed.
Next Steps of the Partnership
Mento Labs and RedStone co-hosted a meetup on December 6th in Berlin: “Enabling real-world use cases for crypto with Mento and RedStone.”
Mento and RedStone plan to expand their implementation to other Layer 1 (L1) and Layer 2 (L2) blockchain solutions, introducing the Mento platform to more ecosystems. Additionally, they are actively recruiting partners interested in launching new stablecoins using Mento’s innovative technology. This strategic approach aims to enable more users to benefit from Mento's stability and transparency, further solidifying Mento's position as an innovator building customized solutions and tools to launch and operate digital assets around the world.
About RedStone
RedStone is revolutionizing the Oracles industry by implementing novel modular design and 3 tailor-made data consumption models. You can build the new generation of DeFi & Web3 protocols based on RedStone’s versatile data offering of long-tail, LP, LST, and Ecosystem-native tokens, as well as Real World Data and custom feeds.
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