Chainlink partners with bZx and they announced the new plans to integrate Band Protocol and Uniswap v2 as new price oracles. The latest chainlink news comes only a few weeks after the protocol got hit by two attacks as we reported.
When bZx got hit the first, everyone assumed that it was because of the poor oracles. However, it turned out to be a bigger issue than that as they quickly got hit by another attack because of oracle deficiency. A DeFi trader managed to use this as an advantage for the Kyber price feed as an oracle and the team behind the protocol believed that this will only result in more vulnerabilities as they used the mid-point from the sides of the spread. During the re-evaluation, the first attack comment from Sam Sun commented that it was insufficient as there were some issues to the system so the attacker was able to manipulate price feeds.
The bZx team wanted to improve which was evident from the latest move to integrate partner with Chainlink. Chainlink partners with bZx and decided to kill their dependence from the single oracle provider by also announcing new iterations that will combine ChainLink, Uniswap and Band Protocol. The last one is an oracle solution that depends on individual nodes similarly to ChainLink.
The decision to partner with two different oracles that will protect the networks. The protocol’s reputation got hurt by the attacks so it only makes sense that there has to be a double down on the securities.
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The native token for Band Protocol got up by more than 15 percent against Bitcoin in the meantime. Right now, the protocol will rely on ChainLink as the number one oracle in which the plans include integrating the Band Protocol as phase one. Phase two is supposed to add Uniswap v2 to the oracles group.
The use of Band Protocol and Uniswap v2 is still under analysis by bZx with no fixed timeline for deployment. Uniswap is not quite stable to serve as a reliable oracle but Hayden Adam who is the founder of Uniswap, stated that it will bring the new features that will help the DEX to act as an oracle too.
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