Band Protocol oracles are currently providing a decentralized FTM/USD that sets the price reference for fUSD stablecoin minting and debt liquidations. This will ensure that the system is well-collateralized and operationally secure. As the Fantom ecosystem matures, Band Protocol oracles that support synthetic assets, real-world events and more will be rolled out as both teams continue to collaborate and drive innovation in DeFi.
The price feed is updated based on 1% price deviation or by default every 5 minutes with the data being sourced from many unique data sources selected by Fantom core developers including CoinGecko, CryptoCompare, and CoinMarketcap. With the flexibility of Band Protocol, both teams will continue to test and iterate the price feeds to onboard more data sources as FTM becomes available on more exchanges and ensure a secure collateralization protocol in the system.
In addition to fMint, Band Protocol’s customizable oracle technology provides Fantom developers access to a variety of price feeds, real-world data points, events, and the ability to create fine-tuned customized oracles.
Band Protocol and Fantom will continue to work together to secure the Fantom Finance ecosystem as their product offerings expand to include 176 synthetic assets and lending through fLend and fTrade. The goal of this ongoing collaboration is to continuously bring the highest reliability and security to end-users of DeFi products through robust decentralized oracles provided by Band Protocol.