HomeCoinsBand Protocol (BAND)Band Protocol January 2021 Community Update | by Kevin Lu | Band...

Band Protocol January 2021 Community Update | by Kevin Lu | Band Protocol | Feb, 2021

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Across the board, minor fixes have been deployed to amend typos and glitches including historical oracle status and validator report status.

Although January was composed mostly with many work-in-progress projects on the decentralized finance and enterprise front which are yet to be showcased upon full implementation, we are proud to showcase our public developments including a Mainnet launch of synthetic asset exchange Linear Finance on Binance Smart Chain, completed integration of Band Standard Dataset on Elrond and a formalized CoinGecko partnership to support BandChain Phase 2.

Decentralized exchange and synthetic asset platform secured by Band, Mirror Protocol, continues to grow in key metrics such as exchange volume, fees generated and total value locked which stands at $322.97M. Since its release, Band Protocol has been working to increase the security of stock oracle data through expanding the multiple layers of redundancy and also adding new feeds at the hands of Mirror governance.

The following oracle feeds have been deployed and are ready to be integrated into Mirror Protocol upon conclusion of voting periods of the governance proposals.

BTC — Bitcoin
ETH — Ethereum
FB — Facebook
GS — Goldman Sachs Group
ABNB — Airbnb
GME — Gamestop
AMC — AMC Entertainment Holdings

We look forward to sharing more updates once the feeds and Mirrored assets are live!

CoinGecko, one of the earliest and leading crypto data aggregators, has partnered with Band Protocol to provide highly accurate price feeds for up to 6,000 crypto assets from over 400 exchanges to the Band Standard Dataset for #DeFi developers and over 20+ integrators.

CoinGecko will be a critical partner in collaboration with the next iteration of BandChain Phase 2. This will empower data providers with even more flexibility to monetize and commercialize their solutions, earning a fee on a per-call basis or time-interval and collect revenue directly on-chain.

We look forward to having the support of CoinGecko on the development of Band Protocol and receive critical feedback to create a solution that will enable the strong majority of data on the open internet to be queried reliably through the BandChain decentralized oracle network.

Our partners, Linear Finance, have released their Phase 1 Mainnet Launch of Buildr DApp which issecured by the $BAND oracles, allowing users to collateralize their tokens to mint ℓUSD the stablecoin and gateway into Linear Exchange for a superior selection of synthetic assets and indices.

We are proud to announce our integration with Linear Finance is now live on the Binance Smart Chain to secure #LinearExchange. This has been made possible with high frequency and reliable price oracles for crypto and traditional assets from $BAND.

$BAND is providing real-time prices for a variety of initial synthetic assets upon the Linear Finance launch. The feeds update every 60 seconds and continue to be optimized by both teams for additional redundancy and security guarantee.

Here is a list of the initial Liquids (synthetic assets) powered by $BAND:

ℓBTC — Bitcoin

ℓETH — Ethereum

ℓXRP — Ripple

ℓLINK — Chainlink

ℓTRX — TRON

ℓDOT — Polkadot

ℓYFI — Yearn Finance

ℓBNB — Binance Coin

ℓXAG — Gold

ℓXAU — Silver

ℓOIL — Brent Crude Oil

Elrond Network, the rapidly growing blockchain platform focused on scalability and usability, has completed the integration of the $BAND Standard Dataset which supports over 150+ feeds or all DeFi developers to readily-integrate.

Both teams outlined an integration roadmap in 2020 which is on track to reach the end goal of integrating a permissionless and end-to-end customizable oracle design for developers on Elrond Network — providing the access to virtually any external data on the open internet.

We are proud to support Elrond on their mission to become the backbone of an internet-scale decentralized economy that relies on interoperability with all critical systems.

During the course of November 17 2020 to January 25 2021, Band Protocol collaborated with Harmony and Binance US to support Hack the Horizon. Participants were awarded up to $50,000 in Harmony ONE Tokens plus the addition of other bounties provided by our generous hackathon prize partners.

Hack the Horizon is a collaborative, creative, and inclusive cross-chain hackathon focused on building applications that utilize the Horizon Bridge. Our singular aim is to work with Ethereum and Harmony developers to build the most interesting, useful, and innovative applications that take advantage of Ethereum and Harmony’s strengths.

Check out the winners of the hackathon and how they have integrated Band Protocol:

SeeForex, a currency exchange on Harmony. They integrated Band Protocol in order to fetch currency prices and it then updates token contracts on Harmony with the most up to date prices.

Swoop Dex uses Band Protocol price data to determine if they are getting a good trade on Swoop DEX & determine the correct ratio to provide when they are the first liquidity provider. Integration of Binance US exposes users to arbitrage opportunities.

With January closing in on 1,000,000 unique data requests, the remainder of Q1 will expand the integration team to process faster and more robust integrations — matching the accelerated growth in demand for Band Protocol oracles.

This includes increasing the variety of oracle scripts existing on BandChain readily to be integrated, the improving overall degree of decentralization security for Band oracles such as the Band Standard Dataset through integrations with increased enterprise data-providers, and community validator initiatives.

Keep an eye out for the 2021 Band Protocol Roadmap to be released soon!



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