Omm Finance, a cross-chain open money market where anyone can lend and borrow assets, and also backed by top tier funds such as Hashed, CMS Holdings, and FBG Capital, has partnered with Band Protocol for secure and decentralized price oracles upon launch on the Mainnet.
Last week, Omm Finance announced the list of strategic partners that will contribute to the long-term growth and success of the project. Alongside global multi-billion venture funds, are partners including Paul Nattapatsiri (Co-Founder & CPO) and Kevin Lu (Head of Business Development) from the Band Protocol team who will provide strategic support in oracle design, implementation and growth in the DeFi space in collaboration with Andy and Jackson from the core contributing Synthetix team and pioneers in on-chain governance.
Omm Finance will launch on the ICON Network initially with three borrowing markets for ICX, USDS and IUSDC which Band Protocol price feeds will be implemented to retrieve reliable and accurate exchange rates, collateralization requirements, borrowing limits, risk ratios and liquidation mechanisms.
Working with Band Protocol, Omm Finance’s oracle design uses an aggregate of up to 10 reliable institutional-grade data providers and major exchanges including Brave New Coin, CryptoCompare, CoinGecko, CoinMarketCap, Binance, Huobi among many others. To begin, the price oracles will update based on two parameters — the first being price deviation of 0.5% and the second being a default update interval of 5 minutes. This will ensure that Omm Finance will consistently be using real-time spot market data to safeguard users from frontrunners, lagged updates and any single points of failure.
With ICON Network being the first platform for Omm Finance to launch, Band Protocol will be working with both teams to support and provide price oracles for new assets from others chains including Bitcoin, Ethereum and ERC20 tokens once ICON launches BTP (Blockchain Transmission Protocol).
BTP (Blockchain Transmission Protocol) is a standard that renders heterogeneous blockchains interoperable, including blockchains that entail completely different consensus models and algorithms which enables cross-chain assets to flow into and out various networks regardless of architecture.
Band Protocol is proud to secure an essential component of Omm Finance and continue to provide support across both technical and business facets into the long-term.