Binance Smart Chain Integrates With Band Protocol to Open Ga...
Cryptocurrency, News

Binance Smart Chain Integrates With Band Protocol to Open Gateway for Truly Scalable DeFi Apps

Binance Smart Chain has integrated with Band Protocol, a cross-chain data oracle platform, to open a gateway for truly scalable DeFi applications. According to a recent blog post, Binance Smart Chain has completed integration with BandChain?s decentralized oracle network to allow developers to create customized oracles connecting to any external data source or API.

The integration with Band Protocol offers Binance Smart Chain developers an efficient oracle request process, cheap and high quality real-time data, end-to-end customizability, and decentralization. It opens doors for reliable DeFi and blockchain applications to be built on Binance Smart Chain. The integration also equips Binance Chain developers to build truly scalable products such as DeFi, programmable payments, and betting games, among others.

Binance Smart Chain ecosystem participants can now utilize Band Protocol?s oracle to connect to any external data source or API, using its solution that is built for flexibility, modularity, and scalability. As part of the integration, Band Protocol has been added to the official Binance Chain documentation that provides secure price fees of an initial 12 trading pairs. They include BTC/USD, ETH/USD, BNB/USD, BUSD/USD, BAND/USD, XAU/USD, XAG/USD, EUR/USD, CNY/USD, JPY/USD, GBP/USD, and KRW/USD.

Band Protocol?s crypto price feeds automatically updates every 15 minutes as against the commodity and foreign exchange fees which updates hourly. It allows developers to access frequently updated price data and customization of a decentralized oracle to their specific needs.

Developers can now leverage Band Protocol?s native price fees on Binance Smart Chain or build custom decentralized oracles on BandChain.  The short blocktime on Binance Smart Chain, alongside the streamlined data request process on BandChain, enable developers to power all tasks of decentralized applications such as DeFi, betting, gaming, and many others.

Band Protocol recently integrated with dForce, a collective network DeFi protocols on Ethereum, and this allows dForce to trade and safely secure their digital gold token, GOLDx.

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.