Alpha Finance Integrates Decentralized Price Oracles From Band Protocol Through Alpha Oracle Aggregator
Alpha Finance, a leading decentralized finance lab, has integrated Band Protocol oracles to secure their flagship leverage yield farming product Alpha Homora which has a combined total value locked over 1.49B+ on both Ethereum and Binance Smart Chain. The integration through the Alpha Oracle Aggregator, aggregates price oracle data from Band Protocol and up to two other data oracle providers to ensure the output price is within a predetermined threshold of at least two sources — ensuring a consistent and reliable price feed at all times.
The growing DeFi landscape has increased the necessity for projects to think broader in terms of adopting oracle solutions. With the Alpha Oracle Aggregator open-sourced for all blockchain and DeFi projects to freely utilize Ethereum and other chains, this creates an avenue for Band Protocol to be integrated alongside other leading oracle solutions without having to set up new infrastructure.
“The speed at which the DeFi landscape is growing has impacted how Alpha Finance thinks about integrating oracle solutions. We are thrilled to release the Alpha Oracle Aggregator for the benefit of cross-chain DeFi and scale Alpha Finance to the next stage of innovation.”
Tascha Punyaneramitdee, Project Lead & Co-Founder of Alpha Finance
The rapid growth in the crypto space leads to many new digital assets requiring oracle support, creating difficulty and delays for projects relying on a single data oracle to accommodate requests and ensure that security isn’t compromised for speed.
“Alpha Finance Lab is paving the way for a more secure, scalable and rapidly innovative DeFi landscape through the Alpha Oracle Aggregator which enables Band Protocol to be integrated alongside other oracle solutions for more scalable, secure and flexible demands from DApps to be met. ”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
The Alpha Oracle Aggregator with Band Protocol integration will play a critical role in the next growth stage at Alpha Finance Lab with Band Oracles supporting 22 price oracles from the Band Standard Dataset at the time of writing.
Band Protocol looks forward to integrating with the industry-leading projects who have expressed interest in leveraging the Alpha Oracle Aggregator tool, indicating a positive response and stronger target market for developers integrating Band Oracles for enhanced security, support and scalability.
About Alpha Finance
Alpha Finance Lab is a DeFi Lab and on a mission to build an ecosystem of DeFi products (the Alpha ecosystem), consisting of innovative building blocks that capture unaddressed demand in key pillars of the financial system. These building blocks will interoperate, creating the Alpha ecosystem that will be an innovative and more capital efficient way to banking in DeFi. Alpha Homora is Alpha Finance Lab’s first product and DeFi’s first leveraged yield farming product that captures the market gap in lending, one of the key pillars of the financial system. For more information, please visit: https://alphafinance.io/
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.