Jack Paul 
RedStone has launched 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 vault is part of Pareto’s Credit Vaults and lets institutional investors deposit USDC to finance part of FalconX’s prime brokerage business.
Feeds and vault mechanics
Depositors receive AA_FalconXUSDC, a token for the senior tranche of their position. Interest accrues inside the token’s net asset value, so redemption value can rise over time. M11 Credit curates the product, underwrites FalconX, and monitors the credit exposure.
RedStone reads the vault’s NAV from its Ethereum contract and publishes it through feeds on Monad, Plume, and MegaETH. Lending protocols can use the feed to calculate how much a holder may borrow against AA_FalconXUSDC. Without it, each network would need its own link to Ethereum. Holders can use the token as collateral without redeeming it first, so the position keeps earning interest while they borrow other assets.
Oracle checks and risk limits
FalconX calculates and signs the NAV off-chain. RedStone delivers that reported value rather than independently valuing the loans. Oracle nodes collect signed updates and test them against deviation thresholds and heartbeat rules. The system publishes onchain only after checks pass. Safeguards include multiple node confirmations, signature checks, rejection of old updates, and circuit breakers.
Kazmierczak said the controls protect against accidental entries and unusual updates before one bad value reaches several networks. They do not replace FalconX’s responsibility for fair value. All three chains receive the same signed value from one source. If Ethereum has an outage or a supported chain reorganizes, the affected network keeps showing the last valid signed NAV until a fresh update is verified. Prices may remain stale during that time.
The feed gives a fair-value estimate, but lending protocols should not treat NAV as the price they are certain to recover in a forced sale. Kazmierczak called this a risk parameter question, not an oracle question. Protocols should apply haircuts for slippage, limit borrowing to realistic secondary-market depth, and leave a buffer between liquidation thresholds and stressed exit prices. RedStone can provide feeds and risk ratings through Credora, but each protocol sets collateral factors, borrowing caps, and liquidation thresholds.
Permissioned tokens add another problem. An accurate NAV does not ensure a liquidator can receive, move, or sell AA_FalconXUSDC after a default. A liquidator may need to be on the issuer’s whitelist, and even an approved party could struggle to sell quickly if secondary liquidity is thin. Kazmierczak said reliable pricing is necessary but not sufficient. RedStone’s Settle product auctions liquidation or redemption rights to whitelisted solvers that have completed know-your-customer checks.
What comes next
Pareto reports about $225 million in total value locked across its tokenized private-credit products. RedStone says it provides data on more than 110 chains for over 200 clients. FalconX has also expanded institutional lending through a $1 billion facility with Ethena. Liquidity remains a central issue: a Sept. 4 analysis found 89% of tokenized RWAs in a $34.6 billion market were outside active protocol use. The feeds help pricing, but they do not solve execution or liquidity alone.