Sequoia Capital-backed, cross-chain data oracle, Band Protocol is enabling open-source blockchain platform Waves to jump into the $2B decentralized finance (DeFi) industry; by bringing true cross-chain integration of its data oracles to the Waves’ ecosystem, including usage for their recently launched algorithmic stablecoin Neutrino, which lately reached $15 million market cap.
“Band Protocol is excited to support leading Waves-based project Neutrino with real-time oracle solutions underpinned by the security and scalability of trusted cross-chain data,” Soravis Srinawakoon, CEO & Co-founder of Band Protocol.
The integration of Band Protocol’s BandChain to the Waves ecosystem is a huge step forward in eradicating the vulnerabilities that have plagued DeFi in 2020.
Band Protocol’s oracles will ensure dApps built on the system can leverage verified and trusted data across multiple blockchains — extending support beyond the Ethereum ecosystem where most DeFi applications are currently built.
Neutrino’s stablecoin setup combines an algorithmic approach with a cryptocurrency backing which requires accurate and real-time price feed for WAVES/USD, the main collateral asset. Integration with Band Protocol will increase the security of Neutrino in volatile market conditions and ensure the collateral value is accurately priced to secure millions of funds locked up.
“Neutrino, the most widely used decentralized application on the Waves blockchain, is proud to collaborate and work alongside Band Protocol to secure the millions of dollars in collateral locked up in smart contracts. This has been achieved by creating a customized decentralized oracle on BandChain to provide a robust and scalable real-time price feed for WAVES/USD that taps into multiple trusted, high-quality data sources and updates on-demand. Band oracles will also provide detection in the event of anomalies to prevent user funds in the event of any black swans or hacking events.” said Aleksei Pupyshev, Co-Author & Product Advisor at Neutrino.
Currently, there are many DeFi and web3.0 applications being built which will require oracle usage. The integration of Band Protocol’s secure and verified data oracle to Waves-based project Neutrino will support leading blockchain platforms and power dApps in the DeFi space and beyond.