Band protocol to work with TRON on a new on-chain DeFi oracle solution which will make third-party developers able to utilize BAND’s oracle solution and to obtain tamper-proof price feeds and data sources as we are reading more in the TRON TRX news today.
Reliable oracles are one of the main capabilities for a blockchain to acquire because they extend the utility of the sort of applications that can be built. The new partnership comes at a good time for both projects so Band Protocol to work with TRON means a secured Coinbase listing and an integration with the Binance Chain.
Band Protocol is the best-know oracle solution in the crypto market after Chainlink and it also has a lot more room to grow. Chainlink is focused around Ethereum while Band’s cross-chain oracle solution is compatible with any network thus making it suitable for TRON and Polkadot or Binance Chain. With the BAND APIs, developers can program smart contracts that respond to real-world events.
TRON is still on a mission to grow its decentralized finance ecosystem and the latest BAND partnership will help this goal. Adding oracles to a blockchain network will give the developers the power to create applications that are not limited to events that occur on-chain. Derivatives products and prediction markets are some of the main possibilities that the oracles can bring. BandChain, the decentralized oracle network has been implemented on TRON by using a bridge for utilizing that was also added to TRON’s developer documentation to make it easier for the dapp creators to start exploring the capabilities.
Developers can query the data that will be available as standard within the BandChain bridge contract or to create their custom oracle. One of the main value propositions has been its scalability since the network is faster and cheaper than Ethereum. This makes it a perfect soil for running Defi applications. Ethereum’s network effects are hard to beat but oracles provide a workaround too. Dapp developers can create applications on TRON that can call in data from Ethereum. Band Chain supports a few price pairs that can be queried via the bridge smart contract. Tron’s founder Justin Sun said:
“We are ecstatic to enhance TRON with the most valuable oracle product on the market. This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain…TRON’s ecosystem is growing faster than ever and having Band Protocol secure our top applications helps us speed up the adoption of defi and dApps worldwide.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]