Band Protocol has announced that it is now further strengthening its integration with the Staller ecosystem. This is pioneering Oracle services to facilitate the development of decentralized applications, dApps. This mission simultaneously addresses the objective of improving interoperability of non-EVM L1s.
Band Protocol called this development: important step This now paves the way for dApps to be developed in DeFi and other Web3 applications.
While the protocol provides oracle services, mainly Soroban – Plans to leverage the capabilities of Stellar smart contracts. Soroban will first host Oracle Service deployments before making other significant leaps. It is defined as follows: default engine, Soroban is tasked with expanding the capabilities of the Stellar Network. This allows smart contracts to operate.
The Stellar Community Fund is currently supporting Band Protocol. The foundation that will be built during the integration process will primarily focus on establishing reliability and security for blockchain application development.
Band Protocol’s role extends to enabling integration, providing support, and ensuring compatibility. First of all, Band Protocol has officially joined the list of Oracle providers on the Soroban testnet. Next, we leverage smart contract functionality to support development. Finally, a specific design for integration ensures that Oracle services are compatible with Stellar’s unique non-EVM blockchain architecture.
The benefits of integration are twofold.
- This improves security and reliability within the Stellar smart contract ecosystem.
- This gives developers access to real-time and cross-chain data for innovative app development.
Going forward, Band Protocol’s focus will be to continue strengthening its presence in the Stellar ecosystem. We will focus on expanding and diversifying our offering to meet growing demand beyond our EVM-compatible ecosystem and Stellar smart contracts. This move is consistent with our commitment to evolve with the growth of Band Protocol. Ecosystem growth and needs.
Stellar chose Band Protocol because it conveys the idea of decentralization and an inclusive financial system. More consolidation is expected to occur in the coming years. This will build on the groundwork currently underway. It is expected that the blockchain ecosystem will also have tools that support the Web3 environment.
A tentative schedule for mainnet launch has not yet been shared. However, it is expected to show a unique integrated approach compared to other chains.
Band Protocol has previously integrated with Chee Finance and Desmos Network. Both integrations entailed bringing the protocols’ price feeds to the table with the vision of continuing to collaborate in the long term.
That is, at the time of this writing, the prices of BAND and XLM are up 3.76% and 0.66% in the last 24 hours. The tokens are listed at $2.51 and $0.1423 respectively.