Band Protocol is the newest oracle provider to integrate its price feeds with Genshiro, a canary network of Equilibrium and a Kusama-based DeFi parachain. Genshiro will leverage Band’s oracles which provide scalability and users with the highest degree of security and reliability. As such, they are integral to safe loans and liquidation mechanisms on the protocol level.
The integration with Band Protocol will help ensure accurate, up-to-date price data for digital assets on Genshiro and across Equilibrium’s network.
Band Protocol is backed by impactful investors like Sequoia Capital, Binance, Spartan Group, and more. All told, it protects more than $8 billion in value for leading DeFi projects across chains. Its technology offers three unique advantages: scalability, real-time data support, and a completely decentralized oracle network. All oracle computations are run away from the destination blockchains where the dApps are built. This will protect Genshiro from potentially expensive data delays.
With this software in place, Genshiro will be enabled to leverage and access price feeds for more than 196+ digital assets, foreign currencies, and real commodities. This scaling ability will be vital to our borrowing, lending, stablecoin, and synthetic asset product offerings. BandChain gives us the capacity to handle over 1,000 transactions per second, so we’ll be well-positioned to expand our products in the future with ease.
Band Protocol is decentralized all the way down to its validator and data source level. There’s no central authority involved that can limit community participation, restrict what datasets a decentralized application can query, or dictate what prices Genshiro receives for an asset. This is critical in ensuring that there is no single point of failure in Genshiro. By contrast, oracles with a central authority will always be a step behind decentralized applications.
The future is bright, scalable, and decentralized. Band Protocol is helping us get there with its robust oracle offering.
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