dForce, a unified network of decentralized financial protocols on Ethereum, has completed the integration of Band Protocol decentralized oracles to swap trade and secure their digital gold token GOLDx. This is only the first of many upcoming integrations of scalable oracles provided by Band Protocol on dForce ‘super-network’ of DeFi protocols covering a wide array of open financial products.
GOLDx is an open gold protocol created by dForce which supports a digital ERC20 gold token that is backed 100% by constituent gold reserves. This allows users to have exposure to gold on-chain that is denominated in grams, making it easier for exchanges and DeFi to build derivatives using GOLDx. Additionally, physical gold can be redeemed against GOLDx through designated agents and brokers worldwide.
Currently, PAXG is the sole gold token reserve, but both dForce and Band Protocol teams are working together to evaluate further secure gold tokens to onboard into the reserves in the future.
“We are thrilled to partner up with Band Protocol’s scalable oracle solution that captures all external data needs and high-frequency update parameters without being limited by exorbitantly high fees for our swap services for digital gold token GOLDx as a start to a long-term and deep collaboration that will expand to other protocols as our network matures. The prioritization of security from the Band Protocol has been displayed as both our teams have been working in recent months to continuously test and iterate the oracle layer for GOLDx trading that will power DeFi protocols integrated with this asset across dForce Network.”
Mindao Yang, Founder & CEO of dForce
With the addition of oracle services provided by Band Protocol, the dForce team has been able to create custom decentralized oracles with fine-tuned parameters that provide complete access to external real-world market and price data for GOLDx. dForce will be using Band Protocol’s oracle script to query the PAXG/USD price feed from various selected data sources that are reputable and trusted which has been customized to update once every 2 minutes or upon every 0.1% price deviation.
The price feed will be used for determining the exchange rate of GOLDx against multiple supported assets such as USDx, USDT, USDC, BUSD and more via dForce flagship decentralized stable token swap product, dForce Swap, on https://trade.dforce.network/
With the completed integration of dForce’s custom oracle script on BandChain, dForce could more efficiently provide swap services for GOLDx which represents the value and ownership of London Good Delivery Gold certified by the London Bullion Market Association through a real-time price feed of the underlying asset, PAXG.
“Gold has been perceived as one of the safest investments for hundreds of years, and we are excited to bring this same security to digital gold assets by integrating Band Protocol’s custom oracle scripts to the dForce GOLDx swap. Together with dForce, we are confident that we can collectively grow dForce into one of the biggest and most secure DeFi ecosystems as the industry continues to rapidly grow.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Having the dForce’s GOLDx swap’s oracle secured by Band Protocol, users can more easily acquire GOLDx via dForce Swap and participate in GOLDx staking pool. The GOLDx staking pool can be used to mine the DF (dForce token) at a current APY of 239.0% at writing. To learn more, check out the dForce liquidity mining guide or join their official Telegram group.
To allow our communities to connect and understand this partnership further, we are excited to share that Mindao Yang, dForce CEO & Founder, will be participating in an AMA with the Band Protocol team!
📅 Date: 18th of August 19:00 GMT+7 (BKK time)
⛳️ Venue: http://t.me/bandprotocol
Make sure you tune in to be able to ask any questions regarding this new and ongoing strategic partnership!
The Band oracle integration with GOLDx on dForce Trade is the only first step toward a long-term working relationship between dForce and Band Protocol.
With this partnership, Band Protocol is proud to assist with secure and scalable oracles as dForce creates a vertically integrated and cross-functional DeFi ecosystem for users to seamlessly utilize and leverage — allowing them to lend, borrow, swap, earn yield and trade derivatives without switching platforms or using other tokens.
As such, the deep integration of BandChain oracles with dForce will further strengthen ties between the two teams and ecosystems that are economically incentivized and aligned.
Together, both teams are collaborating to build a secure ‘super-app’, like the WeChat ecosystem but for DeFi protocols, that will drive adoption and DeFi into further multi-billions in total funds that are securely locked up.