Band Protocol (BAND), a decentralized data oracle platform, announces the integration of its solutions into TRON (TRX) blockchain. Primarily, they will be used to advance DeFi operations.
Band oracles go live on TRON
According to the press release shared with Cryptocomes, Band Protocol oracle solutions are integrated into TRON-based decentralized financial instruments (DeFis) and other types of dApps. A new TRON-based token, TRC-20 BAND, will be issued to guarantee seamless integration. It will act as an instrument of collateral, a medium of exchange and a store of value.
Also, Band Protocol will be integrated into JUST, the TRON-based decentralized stablecoin protocol. The total amount of collateral secured by Band Protocol oracles, therefore, will exceed $30 mln. TRON developers contributed to this integration and Band Protocol specifications have been added to the TRON docs suite.
From day one of integration, the oracle network will broadcast a wide range of price quotations, e.g., 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. Digital assets prices will be updated every five minutes, while ForEx and commodities rates will be updated hourly.
Band Protocol CEO and co-founder Soravis Srinawakoon emphasized the revolutionary and pioneering nature of this collaboration:
Band Protocol is thrilled to be the first oracle solution integrated into the TRON public blockchain, a pioneer platform for scalable blockchain technology and world-leading operating system for almost 1000 decentralized applications.
Further integrational milestones cover all sorts of dApps
TRON Foundation and Band Protocol have announced an impressive roadmap for future collaboration. Namely, after the integration of JUST stablecoin protocol, numerous betting, e-sports, gambling, RNG and insurance instruments on TRON will be empowered with Band Protocol oracles.
It is stressed by the team behind Band Protocol that their oracles infrastructure is purpose-agnostic. TRON devs are able to deploy any additional oracle script permissionlessly and to customize data sources, aggregation method, updates and security parameters to meet any requirements by TRON-based dApps.
As covered by CryptoComes previously, Band Protocol is an inaugural partner of Binance's CoinMarketCap educational initiative: Learn Crypto, Earn Crypto. Band Protocol has created a series of videos and quizzes designed to introduce Band Protocol solutions to the crypto community.
Those CMC visitors who complete the quizzes successfully can receive immediate rewards distributed in BAND, a native asset of the Band Protocol network.