RedStone brings FalconX vault pricing to three chains
RedStone has launched standardized price feeds for a FalconX private-credit vault with more than $170 million in exposure. The feeds are live on Monad, Plume and MegaETH. The integration starts with a product from Pareto’s Credit Vaults. Institutional investors deposit USDC to finance part of FalconX’s prime brokerage business. They receive AA_FalconXUSDC, a token for the senior tranche of the credit portfolio. Interest accrues inside the token’s net asset value, so redemption value can rise over time. M11 Credit curates the product and monitors the exposure.
RedStone reads the vault’s NAV from its Ethereum contract and publishes that value to the three networks. Lending protocols can use the feed to decide how much a holder may borrow against AA_FalconXUSDC. RedStone distributes the same valuation wherever the supported token is deployed. Holders can use the token as collateral without redeeming it first, though access depends on which lending markets accept it and what risk limits they set.
FalconX signs the NAV before RedStone publishes it
FalconX calculates and signs the AA_FalconXUSDC NAV off-chain based on the private-credit portfolio. RedStone delivers that reported value. It does not independently value the underlying loans. Once FalconX signs an update, RedStone oracle nodes collect it and check it against deviation thresholds and heartbeat rules. The system publishes the NAV onchain only after it passes those checks. Safeguards include multiple node confirmations, signature verification and checks that reject updates that are too old. Circuit breakers can stop publication if a value moves beyond preset limits.
Those controls can catch accidental entries and unusual updates before one bad value reaches several networks. They do not replace FalconX’s responsibility for determining fair value. All three chains receive the same signed value from a single source. If Ethereum has an outage, or another supported chain becomes congested or reorganizes, the affected network keeps displaying the last valid signed NAV until a fresh update is verified. Prices may stay stale during an outage.
NAV is not the same as liquidation value
Kazmierczak said lending protocols should not treat the reported NAV as the price they are certain to recover in a forced sale. Protocols must decide how much of the reported value they will recognize as collateral. He said they should apply haircuts for possible slippage, limit borrowing based on realistic secondary-market depth and leave a buffer between the liquidation threshold and a stressed exit price. RedStone can provide the feed and risk ratings through Credora, but each lending protocol or its curator remains responsible for collateral factors, borrowing caps and liquidation thresholds.
Transfer restrictions create another problem. An accurate NAV does not ensure a liquidator can receive, move or sell AA_FalconXUSDC after a borrower defaults. Because the asset is permissioned, a liquidator may need to be on the issuer’s whitelist before taking custody. RedStone has developed Settle to auction liquidation or redemption rights to whitelisted solvers that have completed know-your-customer checks.
