Binance Smart Chain Integrates BAND’s Oracles: Report

Binance smart chain integrates BAND’s oracles that can help build Defi activity while still protecting the users from vulnerabilities so let’s find out more in today’s Binance news today.

Binance smart chain integrates Band Protocol’s oracles data that supports decentralized applications because as the Defi market cap grows, the demand for reliable data oracles also increases as it connects developers for real-world market prices by lowering transaction fees and accelerating settlements by boosting the scalability in DeFi. Oracles are capable of shielding users from Defi vulnerabilities like account security and the lack of regulation.

Sriniwakoon explained:

 “This recent development will allow any developers who build with Binance Smart Chain to access available information, build decentralized finance much easier than before, as well as leverage the new technology to make it more user friendly and more scalable.”

1/ 🚀 #Binance Smart Chain (BSC), a scalable EVM-compatible blockchain built by the number one digital asset exchange @Binance, has completed integration with Band Protocol to power a truly scalable decentralized application ecosystem using $BAND oracles.https://t.co/VUcJX0K3li

— Band Protocol (@BandProtocol) August 19, 2020

Binance smart chain will bring smart contracts to the Binance Chain which is the other half of the BNB blockchain. This innovation can help build DeFi products more effectively. The CEO of Band Protocol Sovaris Srinawakoon said:

 “Scalability is a key factor for DeFi to compete with Centralized Finance (CeFi) and we look forward to unlocking its immense potential through Binance Smart Chain.”

Band protocol also created an Ecosystem Fund where the users can apply for funding in order to support the development of the dapps. Band Protocol partnered with dForce recently which is a unified network for DeFi protocols on Ethereum. This integration allows dForce to trade safely and secure their digital gold tokens GOLDx.

Band Protocol sees tremendous growth in the past few months as the latest integration secured by the protocol is with Elrond, the blockchain platform which will now be using Band oracles to provide data streams and improved scalability to the ecosystem. The goal of the partnership is to make decentralized applications existing within the Elrond ecosystem and to make them even more reliable and secure. Both of the projects are working closely together to complete the BandChain bride implementation.

Also, it seems that the BAND benefited from multiple partnerships with startups in and out of this industry as the latest one was announced one day ago.
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Band Protocol, the oracle project backed by Sequoia Capital has just partnered with the ICON network according to the press release that was shared with Medium.