RedStone, a blockchain oracle provider, has introduced a push-based oracle on MegaETH to tackle latency issues that challenge the efficiency of onchain trading.
According to a spokesperson for RedStone, the new oracle can push new prices onchain every 2.4 milliseconds. Initially debuting on MegaETH, an Ethereum layer-2 network, the product may be rolled out to additional chains in the future.
RedStone said its oracle sources prices from centralized exchanges and delivers them directly to applications or smart contracts via nodes that operate natively on the MegaETH chain.
This “co-location” strategy minimizes latency by eliminating delays typically caused by the physical distance between servers. In the future, RedStone also plans to include price feeds from decentralized exchanges.
Oracles compatible with the Ethereum Virtual Machine (EVM) are becoming more popular. According to Alchemy, there are currently 12 decentralized oracle networks operating on Ethereum.
Oracles can make money through data usage fees, licenses,