Band Protocol has rolled out on the Celo Alfajores L2 Testnet, a significant improve for DeFi improvement. By integrating its decentralized Oracle tech with Celo’s scalable Layer 2 community, Band units the stage for safe, data-driven purposes.
The transfer aligns with Celo’s push for monetary inclusion, giving builders highly effective infrastructure on which to construct.
Why Celo Selected Band Protocol As Oracle As a substitute of Chainlink
Decentralized Oracle options like Band Protocol
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Value
Buying and selling quantity in 24h
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Final 7d worth motion
are the spine of real-time information in blockchain networks. DeFi apps—suppose lending platforms, buying and selling bots, and GameFi tasks—rely upon recent, correct information to run and not using a hitch.
Band cuts out the intermediary by pooling worth feeds for belongings like BTC, CELO, DAI, and ETH, ditching centralized information sources to reduce dangers and construct a safer ecosystem. This setup provides customers and builders clearer perception, bolstering belief in blockchain tech.
1/ Excited to share that Band Protocol has built-in with @Celo L2 Alfajores Testnet, combining Celo’s imaginative and prescient of world monetary inclusion with Band Oracle. Let’s dive into what this implies for the DeFi ecosystem.
Full Particulars: https://t.co/xXQ5R90xId
Abstract
pic.twitter.com/BqSkDDzhrS
— Band Protocol (@BandProtocol) December 11, 2024
With the shift from a standalone Layer 1 to an Ethereum-compatible Layer 2, Celo deepens its Web3 ties and widens its attain within the crypto ecosystem. Band Protocol’s Oracle tech seamlessly matches in right here, delivering the exact information DeFi tasks want whereas aligning with Celo’s push for sustainable, inclusive innovation.
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Technical Overview of the BAND – CELO Integration
Band Protocol’s implementation on Celo Alfajores L2 focuses on simplicity and effectivity. Builders can now combine Band Customary Reference Contracts into their dApps, unlocking real-time, cross-chain worth feeds. Right here’s how the method works inside the Alfajores Testnet ecosystem:
Information Request: Celo dApps request information like BTC/USD charges by way of Band’s Oracle.
Information Aggregation: Band Oracle gathers information from a number of sources (e.g., Binance, CoinMarketCap) and processes it utilizing BandChain’s consensus mechanism.
Information Relay: Verified information is distributed to reference contracts on Celo Alfajores L2.
Image Studying: Builders retrieve the requested information from the reference contract to be used of their dApps.
Actual-Time Replace: The dApp makes use of the information for worth updates or automated buying and selling features.
Key Benefits of BAND Protocol for Builders and Customers
Dependable and Decentralized Value Feeds
By leveraging Band Protocol, builders on Celo L2 achieve entry to correct, decentralized worth information for a rising record of belongings. This ensures reliability and mitigates dangers related to single factors of failure, fostering belief within the community.
Enhanced Safety and Resilience
Band Oracles operates with a decentralized spine, locking out manipulation and bolstering safety for DeFi methods. It’s a pure match with Celo’s imaginative and prescient of a regenerative digital economic system, constructed on infrastructure builders and customers can belief with out hesitation.
Scalability for Monetary Inclusion
With Celo’s scalable Layer 2 tech and Band’s Oracle infrastructure working in tandem, builders achieve the instruments to create monetary merchandise which might be each inexpensive and environment friendly. It’s all a step towards Celo’s bigger purpose of creating monetary companies accessible to uncared for corners of the world.
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What’s Forward for Band Protocol and CELO?
The mixing with Band Protocol marks a key milestone as Celo prepares for its L2 primary internet launch. Upcoming objectives embrace additional optimization and the addition of extra belongings to Band’s information feed library. Because the community features momentum, builders and customers stand getting ready to a streamlined, safe ecosystem.
Pairing Oracle know-how with a Layer 2 community constructed for scale indicators a shift towards a DeFi area that values accessibility and effectivity. This collaboration is simply the beginning of reshaping what decentralized finance can obtain.
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