RedStone Announces FIL/USD Feed Is Live on Filecoin Mainnet

On Oct. 22, RedStone announced that its FIL/USD feed was live on Filecoin mainnet, giving smart contracts on the Filecoin Virtual Machine (FVM) access to a dollar-denominated price for Filecoin (FIL). The announcement did not give a deployment time. The feed adds another source of price data for developers building on Filecoin.

The feed writes signed price data to an onchain contract. A 0.5% change in FIL’s price triggers an update; the feed also updates at least every four hours. Before storing an update, the adapter checks the provider signatures and timestamp.

FVM contracts can call latestRoundData() to retrieve the latest price and its update timestamp. The mainnet relayer contract is 0x434F8D17c0301cfEa143dba912972E24B827C968. A matching feed is also available on Filecoin’s Calibration testnet.

Oracles supply smart contracts with information from outside a blockchain, including asset prices. A dollar price for FIL can help lending applications value FIL used as collateral and payment contracts settle transactions. No FVM application using the feed or adoption figures were disclosed, so the feed’s availability does not establish that a product has integrated it.

Filecoin mainnet already has oracle contracts from Pyth and Tellor. RedStone’s feed gives FVM developers another source for FIL price data. The feed’s potential uses include lending and payments, while any application using it has not been identified.