Band Protocol, the framework for custom oracles and a cross-chain decentralized oracle platform that provides access to more than 150 price feeds, has partnered with Equilibrium to secure stablecoins, lending, and synthetic assets on Polkadot.
Joining Chainlink, Kylin, and Bluezelle, Band Protocol is the latest oracle to integrate with our platform and add accessibility to price data on the open internet. Four oracles might seem like a lot, but there’s no such thing as a crowded party here — enhanced redundancy is the name of the game when it comes to navigating the volatile crypto market and security through mitigation of dependencies. DeFi projects like Equilibrium rely on price data coming from external providers, and the more oracles we can incorporate into our system, the better.
Why Band Protocol?
Band Protocol is backed by prestigious stakeholders like Sequoia Capital, Binance, Spartan Group, and others. It collectively secures over $8 billion in value for leading DeFi projects on a cross-chain level. The Band team plans to use the Inter-Blockchain Communication (IBC) protocol that’s currently being developed by Cosmos to bridge data to other chains. Partnering with Band Protocol gains us a valuable partner that shares our vision of interoperability across blockchains and also empowers Equilibrium in the following ways:
- Scalability
Using BandChain, all oracle computations are offloaded away from destination blockchains where decentralized applications are built. This means that Equilibrium will be protected from potentially expensive data delays.
- Extensive real-time data supportBand Protocol’s integration lets Equilibrium leverage more than 150 price feeds for digital assets, foreign exchange, and real commodities. This will be vital for empowering our borrowing, lending, stablecoin, and synthetic asset product offerings. With blocktimes of just 2–3 seconds and the capacity to handle over 1,000 transactions per second on BandChain, Equilibrium will be well-equipped to support new assets and expand our products.
- Completely decentralized oracle network
As a blockchain-based interoperable money market, Equilibrium strives to further blockchain’s values of decentralization, and Band Protocol offers a solution that’s decentralized all the way down to its validator and data source level. There’s no whitelisting or central authority limiting community participation, restricting what datasets a decentralized application can query, or dictating what prices Equilibrium receives for an asset.
“Using multiple oracles ensures that we retain an accurate view of the overall crypto market, as well as a fuller understanding of how to price assets within our DeFi platform,” said Equilibrium CEO Alex Melikhov. “As a secure, scalable, and cross-chain decentralized oracle, Band Protocol will play a meaningful role in our mission to unlock DeFi’s full potential.”
“Equilibrium and Band Protocol are distinctly aligned on building blockchain-agnostic infrastructure,” said Band co-founder and CEO Soravis Srinawakoon. “We’re happy to bring increased utility and reliability to the collection of price feeds that drive Equilibrium’s interoperable money market.”
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