/biz/ - Business & Finance

On-fi lol

>>55529784
Because literally anyone can create an API?

>>55529835
What is this cope?

>>55529855
Are you saying they are no longer using chainlink?

>>55529918
No I'm not saying that. I am saying that the days of Chainlink's dominance is coming to an end. Avalanche is giving preferential treatment to a different oracle provider.

>>55529918
why would they be? apparently redstone oracles are vastly superior

>>55529948
>I am saying that the days of Chainlink's dominance is coming to an end
So how is this a transition? Cope harder faggot loser. Youre not good at this.

>>55529951
>apparently redstone oracles are vastly superior
Go on, how so? Or is this just a blanket statement?

>>55529948
What's "preferential" about this? L1s are incentivized to allow as many people to use it as possible. They're probably thrilled at the $7 they will get from redstone in transaction fees.

>>55529918
>dude, chainlink is a MONOPOLY, the industry standard, don't you get it?
>of course I don't care if this monopoly is suddenly disrupted, it means nothing, AAVE is just experimenting a bit :')

it's just copying data feeds, trivial functionality. you could even reuse the link source code and market it under a different name, it's MIT licensed after all

>>55529985
So how does an "integration" indicate that their monopoly is over?

cope

I don't blame them. They can't wait around for products that don't exist. Congrats to AVAX holders

>>55529972
>What's "preferential" about this?
By making only Redstone be the launch partner, and not any other oracles such as Chainlink? How is this NOT preferential?
>>55530023
Every time an L1 uses an oracle other than Chainlink, then Chainlink's dominance diminishes.
>>55530015
Ok, now explain why they opted for Redstone over Chainlink for this function.

>>55530062
>Every time an L1 uses an oracle other than Chainlink, then Chainlink's dominance diminishes.
This is some serious cope. No one is even using it yet, its just an integration on a ghost chain lmao

>>55530083
It's on an Avalanche institutional subnet testnet. It's a ghostchain because it's a testnet.
As a Linkholder you should be familiar with oracles being deployed on testnets meaning that they are intending to be used in production, right? Functions and CCIP are both on testnets right now, do you call use the same arguments of "No one is even using it yet, its just an integration on a ghost chain lmao" for that too?

>>55530133
Cope harder. Youre not good at this. Go home. End your shift.

>>55530133
>loool it's just vaporware bro, it's on a testnet
>well, if this is vaporware then so is CCIP, DECO, staking, Mixicles etc
fucking brutal

>>55530148
bro, he literally destroyed you and you're literally projecting right now
go outside

>>55530062
>why
do they need a justification? they thought the project looked good and went with it, it's great that there is so much choice. do you agonize over what brand of screw you buy? they all do the same thing

>>55530148
>>55530164

>>55530168
>literally
Go home zoomer. No one cares about this irrelevant oracle, except maybe OP, who follows them just to compare them to chainlink.

>>55530171
>Avalanche and Emin Gun Sirer (former head of IC3) chose the oracle to onboard tradfi institutions with the same simplicity of thought as choosing a brand of screw at the hardware store

>>55529784
This is for the Spruce Testnet along with AAVE. They probably want an Oracle provider 100% dedicated to it, given what is at stake. Maybe Chainlink weren't as committed or enthusiastic.

I will buy the Red Stone shitcoin whenever it comes out, probably when VC money comes in and it's too much for them to say no. Even if Red Stone ultimately rugs the token will outperform LINK for sure.

>>55530225
Hmm that's some good logic anon.
In the Redstone blogpost for this they mentioned that they've been operating on the Avalanche Spruce testnet since April 2023. Then a month later, in late May 2023, they announced their angel investors and Emin was one of them. This makes sense with your supposition: they offered their full support to Spruce and Emin decided to back them to make it work out. I really do wonder why Chainlink wasn't chosen though.
>Maybe Chainlink weren't as committed or enthusiastic.
I wonder what's up with that.

>>55530280
sadly, i must agree
will also buy a bag of the red stone scam

>>55530193
>hey emin, we'd like to use your blockchain, do you have an oracle?
>yes
>alright, golf on saturday?

>>55530307
Data feeds cost money. Chainlink is in PAY UP mode. Emin is Red Stone angel investor and got data feeds for cheap/free since he literally invested in them.
Not that complicated.

everyone in the streets of istanbul is talking about redstone coin sirs, emir the kebab master will make all of us trillionaires with this very good oracles sirs, better than chainalinks sirs, turkey's #1 big banks cant wait to adopt avax and redstone testnet defi sirs

Where do I buy this coin? Trying to diversify my link

>>55530347
How come price feeds are still free then

>>55530460
The token is needed for anything

>>55530504
Are they?

>>55530511
Yes

>>55530460
No token released yet. Well, the fact the oracle is running without a native token means they don't actually need one.

>>55530555
I don't know if you just woke up from a deep slumber or not, but dying projects are crying on twitter that they have to pay to use Chainlink price feeds and other Chainlink services now.
Even the CEO of RedStone said how Chainlink basically made the entire industry think as if price feeds work for free since they subsidized for so long until practically all of DeFi relied on Chainlink. And now they have to pay up, simple as.
Also checked.

>>55530347
>Emin pays literal millions out of his own personal pocket so that Avalanche can use subsidized oracles.

>>55530555
proof?

It sounds liek they're not using red in place of blue
But if they are, i wait patiently for the hack.

>>55530653
The problem is that everyone got used to free oracles, now they'll jump to any that's free since Chainlink is asking for money.
And this is a legitimate concern that CLLabs has, they even referenced it in their recent blogpost (pic related).

>>55530703
How is that a problem? All what that blogpost is saying is that even projects like Red Stone can't just subsidize forever. And poorfag projects can still use Chainlink services by joining the BUILD program if they want to.

And yes projects can choose other price feeds, just like they can use other oracles too. And we all know how that ends up 99% of the time.

>>55530703
projects gotta be jumping from free trial period to free trial period of each new oracle, kek

>>55530703
>The problem is that everyone got used to free oracles, now they'll jump to any that's free
The caliber of mind that we're up against is one of the few things that gives me comfort in these dark days.

>>55530751
>All what that blogpost is saying is that even projects like Red Stone can't just subsidize forever.
It's saying what you said PLUS that projects may intend to just keep switching to new oracles infinitely. Of course they're going to stop eventually, but in the mean time this is what's going to happen:
>Chainlink starts charging for oracle services
>Projects migrate to new oracle system which still subsidizes its price feeds
>The new oracle system grows in scale and security (due to network effect) so becomes secure like Chainlink (due to network effect again).
>The new oracle starts charging for oracle services
>Projects move to a new(er) oracle service
>repeat many times
>Eventually projects get hacked because they migrated to a shitty new oracle
>They look to use "time-tested" and "trusted" oracles.
>There are now multiple "time-tested" and "trusted" oracles, not just Chainlink, because each time they rotated to a new oracle they made them more secure.

Redstone oracles just has a better brand presence than chainlink, just the name "redstone" it inspires trust and reliability

>>55530813
This is not my logic. I also think it's retarded for projects to do what I wrote. HOWEVER, that doesn't mean that those retarded projects won't make that retarded decision. Remember, we're in clownmarket here.
Chainlink agrees that projects legitimately might try the approach - why else would they even write about it? Obviously they've either seen it happen or just conceived it's a possibility with their bright minds.

>>55530816
"Thank you Redstone, you've subsidized our startup but now we're ready to swim with the big fish, can we now have your CCIP solution that connects me with all the banks and financial institutions?"

"Uh, well, we actually don't do that, only chainlink CCIP does that."

these guys figured out price feeds and random numbers a few years after chainlink, I don't think they're taking down the king.

>>55530821
this
just say it out loud
>Red Stone
the name oozes stability, trust, virility, even some machismo
now compare that to
>Chainlink
kek

>>55529784
>>55529789
>>55529804
>>55529855
>>55529948
>>55530062
>>55530133
>>55530170
>>55530193
>>55530307
>>55530651
>>55530669
>>55530703
>>55530816
>>55530828
>sirs pls look at this chenlenk killer, chenlenk is done for this time!!!!
yeah absolutely bro
egas

>>55530816
>>The new oracle system grows in scale and security (due to network effect) so becomes secure like Chainlink (due to network effect again).
Show me a single example where this occured, because I would like to immediately invest in it if there is anything like that.
Everyone would like to be as secure as Chainlink and to scale to such market dominance as Chainlink, but not one project is anywhere even remotely close to that. Do you know how much time, work and effort is needed for such things to happen? RedStone is literally just price feeds, so they are like Chainlink in 2019. But Chainlink in 2019 had near zero competition for the entire market, while there are countless oracle wannabes today.

There is a reason why even to this day projects which even openly hate on Chainlink still have to end up using Chainlink services, just like people hate on Google but still use Google services daily, even though there are many Google "competitors"

>>55530872
chad prognosticator vs virgin oracle

>>55530133
I hope they don't announce they're using redstone's cross chain bridge too oh noooo

>>55530703
>we made it free, now people don't want to pay. anchoring? never heard of it

interesting

>>55531084
Current head of IC3, Ari Juels (Chainlink oracles) vs former head of IC3, Emin Gun Sirer (backing Redstone oracles).

>>55531195
>(backing Redstone oracles).
Give up. Youre still not good at this. No one cares

>>55529784
After the most recent Chainlink exploit, the market is demanding something more reliable.

>>55531251
You mean the exploit that wasnt covered by link?

>>55531236
>Give up. Youre still not good at this. No one cares
Tbh I only hold Chainlink. I created this fud thread in the hopes that someone could prove me wrong and thus reassure me of my bags. But most replies are simply dismissive of the threat (burying their head in the sand) rather than actually dismantling it. Why can't anyone write a convincing argument for why "Redstone is a nothingburger and will continue to be a nothingburger threat to Chainlink"?

>>55531325

You already got some.
>>55530225
>>55530896

>Why can't anyone write a convincing argument for why "Redstone is a nothingburger and will continue to be a nothingburger threat to Chainlink"?
Because they have very limited experience in making oracles networks offering basic services, hence why link has a monopoly. Its thats simple.

>>55531365
Nobody is answering you because Redstone is some new, unknown grift and we don't know anything about what is or who is building it, and we do not care enough to look into it. If you feel that Redstone is actually something you should create a thread outlining why it is superior and how it will be able to supplant Chainlink as the standard. Nobody cares about Redstone, so if you really do care then make us.

What is the business model of a company trying to replace a paid service with a free one? What am I missing here?

>competition is....LE BAD!
by this logic just throw avalanche into a dumpster and then the oracle it uses won't matter anyways

>>55531931
RedStone isn't working for free, it's just that Emin is their angel investor so he definitely has a fat discount of some sort on using their services

Damn it's really over. I am sellink 1.000.000 chainlink tokens for avax and redstone. You should do the same.

>>55531985
Yeah I am doing the same fuck this scam

>>55531985
Yeah I am doing the same fuck this scam

>>55530133
got em

>>55530703
they are still gonna jump ship for new oracle protocols for the next 20 years so link will never pump

Regardless of what happens with coin prices, Link holders can relish in the fact that your donations helped build a new technology. You may not have made any money off of it personally, but YOU were part of it, and no one can take that away from you. Congratulations on that, seriously

>>55532078
this :}
thanks for everything, stinkies :}

>>55530555
kind of but not really
the users are expected to pay so any decent sized project is paying

>>55530751
>just like they can use other oracles too. And we all know how that ends up 99% of the time.

>>55529784
They're not. It looks like some oracle is launching a subnet. Nothing burger.

>>55530703
nice find
both stani and emin are investors in redstone
probably upset about chainlink forcing them to pay up or wanting to create some competition
they have a long, long way to catch up but might be worth buying, they just straight up copied chainlink's model and tokenomics which nice i guess hah
chainlink has and will have google like dominance but diversifying a bit is good

Token not needed. Oracles not needed.

>>55533257
friendly reminder stani sold out link holders and gave insider info to bancor to short link

>>55533302
was there ever any evidence of that?

>>55529784
>SWIFT partnership with Redstone comfirmed!

>>55533687
everyone in this thread knwos that the oracle war is over but still can be good picking up some competitors if we see an oracle season again
remember crap like band back in the day?
many here made lots on that
it's dead now but served a use

I hope the oracle assassin punishes this transgression severely

>>55533777
Look at those digits. I think you might just get what you’re looking for

>>55533777
good lord

>>55533777
oh my

I can give you one simple reason why...

>>55533777
Body of Kek. Amen

>>55533777

>>55533777
Oh fffuu

>>55533777
checked

Uhh "they're only integrated into gjostchains bro" bros... our response?

>>55530751
I’ve never paid any attention to BUILD until now. So basically other projects get free Chainlink services in return for giving CL bags of their tokens, some of which trickle down to stakers? If so that’s a great way to make some money this cycle.

>>55533777

>>55532078
>build a new technolog
they even made everything open source under a permissive license, so other companies can build on their work. it's selfless donations like these that make the world a better place. kudos linkies!

>>55534414
Didnt venus already learn their lesson? Whats it called, insanity?

https://news.bitcoin.com/potential-venus-protocol-liquidation-raises-concerns-in-bnb-community/

>>55529784
Avax is a scam and Emin is a sand nigger and a Muslim

the funniest thing about this fud angle is that it makes chainlink look even better. every single link killer is only price feeds. price feeds are the absolute simplest service chainlink offers. the main reason why so many of us are bullish on link is because they figured out the importance of oracles years before everyone else and as we predicted everyone else is left playing catch up.

>>55529784
What's the point of buying link bags when they never even came out with the actual decentralized network idea that was sold to everyone many years ago?
Staking was from my understand the basically the core of the idea...and it's still literally years away.
If we're gonna go for centralized services and such anyway, people are obviously going to hop in and eat link's lunch if it didn't actually build the moat it was supposed to.

>>55534423
when the first round of build airdrops arrive you will not believe the cope on ct
ct is so dead some of the most active accounts are airdrop hunters

>>55534493
Honestly from where I'm sitting, that makes it worse since they've basically just been fucking around for years rather than building what was supposed to be the future of decentralized oracles.

>>55534545
>been fucking around for years rather than building
How long did it take you to code CCIP?

>>55534538
imo the token literally lives or dies as an investment based on how good the airdrops will be. It's honestly the only valid argument I see for any sort of value out of staking it.
It's a massive gamble at this point. It might pay off. But it's quite different than how this whole thing was supposed to go.
Unironically hope it works out airdrop wise. But I also literally straight up don't trust Sergey to actually let any sort of value slip out from his hands down to holders/stakers after what we've seen with Arbitrum.

>>55534533
>>55534545
>>55534566
this :}

>>55534559
Long enough that they let a competitor come in a couple of years ago with the same general model which in now well on its way to monopolizing crypto bridging.
The whole argument for CCIP now is RWA. Which may or may not happen, but we're talking years away if so, and the bull cycle is likely going to to be missed again either way unless some miracles happen(which would be good, but not holding my breath and not willing to miss life defining crypto bullruns either).

>>55534533
Im betting that the singularity happens sometime between v0.2 and v1 seeing as how people are going to want to frontrun the massive reduction in supply caused by v1. By the time v1 comes around, price will already be $500+

v1 is going to be a sell the news event

>>55534578
>the same general model which in now well on its way to monopolizing crypto bridging.
for the millionth time, ccip is not a bridge

>>55534597
This. Sergey does NOT buidl bridges, he burns them down and pisses on the ashes like a based king
pepe_wojak_grimaceShake_hamdog_supreme.jpeg

extract from the Lummis-Gillibrand Responsible Financial Innovation Act, which is unlikely to pass the Senate, but gives you an idea of what sort of structures are being proposed.

ANYWAYS

(you) queermos are NOT supposed to fall for LINK shilling

ITS DEGENERATE AS FUCK NO CAP

Subscribe to BANKLESS nao for a 25% discount on all bags the VCs pay BASED BANKLESS KINGS to dump on you

IGNORE ALL CHAINSHIT THREADS ONLY LISTEN TO BANKLESS

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>>55534612
NO FUCKING WAY THEY WILL USE PROOF OF RESERVES FOR THIS

ALL EXCHANGES ARE INSOLVENT
VC MONEY IS DRYING UP
THEY PIVOTED TO AI BUT FAILED BECAUSE AI IS THE DEVIL
CRYPTO STARTUPS DONT WANT TO BE SEEN AS VC SCAMS
BASED CRYPTO STARTUPS ARE REJECTING CRINGE VCS
THEYRE FOCUSING ON BUILDING QUALITY PRODUCT FOR WHOLESOME WHITE PEOPLE TO HELP IMPROVE THINGS
VCS WANT NIGGER SCAMS FOR DUMB NIGGERS
THESE NEW CRYPTO STARTUPS DO NOT WANT MOLECH BLOOD MONEY
PRAISE JESUS CHRIST

>>55534578
>Long enough that they let a competitor come in a couple of years ago with the same general model which in now well on its way to monopolizing crypto bridging.

>>55534587
I agree in principle, but timing is everything. If it's gonna be 2026, and we're right in a 2022 level bear market again, it's gonna be tough.
It pisses me off so much because if they actually timed it right during a bull market, it could be quite good.
Maybe they can pull it off in time...I do agree that staking v1 is basically the major realistic bull catalyst. With build airdrops being some kind of consolation if they end up being decent.

>>55534597
Semantics. Regardless, LayerZero ate link's lunch within crypto as an interoperability protocol by (probably) copying the idea and actually getting shit done way faster.
At least they actually use Chainlink oracles though.
RWAs are where CCIP will matter from what I can tell. But in the battle for the crypto space, I don't see how CCIP can compete given the massive head start and marketshare of link's own idea actually deployed, live, and working for well over a year now.
I think their 4D chess move was them switching over their own oracles to Chainlink ones knowing that the biggest argument against them when CCIP came out would be the danger there.

>>55534566
maybe shorter term i guess, still the airdrops are more of a bonus. then again in this clown market you are probably right
but it really comes down to what we've always known, link as collateral for dons
that's obviously come a lot slower than we imagined back in the day but is the long-term key

with arbitrum, i dunno what happened there. still think the vcs getting to them is the most likely conclusion. nothign is pure in this world

>>55534719
v1 was supposed to be dec 2024

>woah is that CUMHORNY the jannies favorite?
>I’m so glad they delete any threads worth anything and leave everything else up
>OH CUMHORNY HORNIFY ME IN THE NAME OF KEK
>Trump WILL win and crypto will be DESTROYED
>LINK? SCAM!
>KEK with the power of CUMHORNY, Trump and Q grants you the power!!!!!!!!!!
>good thread

>>55534839
GM 42 basedo king

>>55529784
YWNBAO

>>55530180
Well, to be fair it would seem Avalanche cares.

>>55534719
the fact that you don't realize that the difference between a bridge and messaging protocol is just semantics shows you have no idea what the fuck you're talking about

>>55535074
more than just semantics*

>>55535074
>>55535079
The point was that LZ came in as the first cross-chain messaging protocol and has slowly but surely been replacing traditional bridges since.
It's monopolizing crypto bridging by replacing traditional bridges with cross-chain messaginig rather than 'bridges'.
To me it sounds like you are the one who doesn't understand what I meant, considering the implication of what I was saying was that bridging is already well on the way to being phased out.
And CCIP isn't even out yet.

>>55535074
>>55535079
And the semantic part is just how it appears to the end user. People are going to continue calling moving their money around chains 'bridging' whether they use protocols like LZ or CCIP, or they use whatever random bullshit that gets hacked for the the 57th time that is a classic example of a 'bridge'.
There's obviously fundamental differences, but the fact of the matter is in this case there's always a cross-chain messaging protocol that is dominating what people call the act of bridging. Even if they're minting fresh USDC in a non-custodial way with their partnership with Circle with LZ, 'bridging' isn't gong to be leaving anyone's vocabulary anytime soon so it doesn't matter what you want to call it.

Yes, I can just see Swift dropping Chainlink like a hot potato and pivoting to some fly-by-night oracle project which appeared out of nowhere. What could possibly go wrong kek

>>55530280
>Even if Red Stone ultimately rugs the token will outperform LINK for sure.
Wouldn't surprise me.

>>55531985
>>55531998
These shills are honestly gross.
Samefagging is low.

>>55534833
checked. CCIP was supposed to be 2022
>>55535074
it doesn't matter how you get to work, as long as you get there on time right? thats how markets work fuck wit

>>55533777

>>55534414
from their scam website
... cant buy the token will only be released to insiders to dump on buyers
this here is enough for me to say DOA
CCIP cant come soon enough

>>55537762
Basically, token not needed lmao.

Will never pass a vote for mainnet

>>55530225
Thanks again for bringing this up.
Everything makes way more sense now. The AAVE guy (Stani Kulechov or whatever his name is) AND the AVAX Guy (Emin) are angel investors of Redstone (announced in May), and Redstone just happens to be the oracle chosen for the Avalanche Spruce subnet (since April) working with AAVE there...
It makes sense to me that CL turned down the opportunity to work the Spruce subnet testnet (for some inexplicable reason) and then Redstone stepped up to the plate, and then the people working in that testnet invested in Redstone to facilitate the success of the test.

>>55537896
>He thinks Avalanche needs a "vote" for things to go to testnet
Avalanche is run by Ava Labs, which is run by Emin, who is directly invested in Redstone. If this was a public company he'd be ousted for conflict of interest since he's inclined now to push Redstone services onto Avalanche instead of using any better products which may be available on the market.

>>55533777
Checked

>>55538242
there are no better products, it's just data feeds. might as well go for the inplementation you got some sway over, that way you won't have to wait years until that one tiny feature you need is implemented

>>55530133
ding ding ding

>>55530133
fuckin chekt
+ fuckin rekt
im selling my link now

>>55529784
Flipped by XLM pulling a 32% move
Rank 24 on coingecko
Biggest news event of the year so far
Stunted at resistance
It's the year 2023
... kek

>>55529835
OnFi is basicaly DeFi but for TradFi, they had to call it OnFi because the Boomers in TradFi are scared of the word DeFi.
true story

also Avalanche is still balls deep in chainlink, thats why chainlink functions launched first on Avalanche.

Chainlink is the next Uber. Subsidize use at a massive loss only to fail monopolizing and crumble to competitors because you dont generate any revenue. Zombie companies usually always fail

>>55529784
NOO.... NOT LIKE THIS... OH NO

>>55541751
calm down nigger, every other of the tens of 1000s of Subnets will use Chainlink.

>>55530872
>the name oozes stability, trust, virility, even some machismo
even their CEO is a chad and not a weird fat autist like Sergey

>>55542517
That dude looks like a 14 year old pussy. Sergey would dominate him physically, and then sexually.

GM based kings