Band Protocol, a data oracle platform building a data layer of the Web 3.0, announced today it will be integrated into Kava, a recently launched, full feature DeFi platform powered by Cosmos.
Kava’s price feed module has successfully integrated data from Band Protocol. Oracles will provide secure price feed data for collateral tokens: BTC/USD, XRP/USD, BNB/USD & ATOM/USD in support of Kava’s cross-chain CDP platform and stablecoin.
“As we’ve seen recently; congestion on networks, bad data, and other failures of oracles can destroy trust in a platform and cost users millions. With this in mind, we take oracle solutions seriously. We believe integration with Band’s oracle solution brings additional decentralization, safety, and security to the Kava platform; and its technology helps Kava safeguard against mission critical failures.”
– Brian Kerr, CEO and Cofounder of Kava Labs
The Kava team launched their mainnet back in November 2019, and have rolled out a decentralized CDP system with their USD-pegged stablecoin – USDX. Kava’s integration of Band Protocol will unlock expansive decentralized finance use-cases; while ensuring user exposure to risk is at a minimum.
“Band Protocol is looking forward to collaborating with Kava to power the next-generation of decentralized finance; through Band’s secure and trustless oracles that support an extensive and ever-increasing range of assets beyond the Ethereum ecosystem.”
– Soravis Srinawakoon, Co-Founder & CEO of Band Protocol