Binance Smart Chain, the crypto exchange’s blockchain that supports decentralized applications (dapps), has integrated Band Protocol’s data oracles.
As the DeFi market cap grows, so does the demand for reliable data oracles, that connect developers to real-world market prices—accelerating settlements, lowering transaction fees, and increasing scalability in DeFi. Oracles also shield users from DeFi’s vulnerabilities, like account security and a lack of regulation.
Appearing on The Decrypt Daily, Srinawakoon said, “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.”
Binance Smart Chain brings smart contracts to Binance Chain—the other half of Binance’s own blockchain. This innovation can help build DeFi products more effectively.
“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,” said Sovaris Srinawakoon, CEO and co-founder of Band Protocol.
Band Protocol has also created an Ecosystem Fund, where users can apply for funding to support the development of dapps.
Band Protocol recently partnered with dForce, a unified network of DeFi protocols on Ethereum. This integration allows dForce to trade and safely secure their digital gold token, GOLDx.
Whether it’s market cap or data oracle integrations, the world of DeFi continues to grow at speed.