Band Protocol October 2021 Community Update

Catherine
Catherine
Nov 9 · 6 min read

Dear Band Community,

October is a month where we have observed Phase 2 functionality in motion, creating excitement between our strategic partners and community members. We have moved our data request operation fully to Laozi Mainnet where we see more than 1M requests in a month and secure more than $10 billion dollars in smart contracts that have integrated Band oracle.

We have seen active community participation through our 70+ validators who help to secure BandChain and through the voter turnout on proposals to enable Phase 2 features of IBC-oracle and that of IBC-Transfer that is still currently ongoing.

With IBC infrastructure that serves as another distribution channel of Band Oracle service, the team is working closely with our partners to make sure that the service will not only be successful but scalable for more adoption.

Within this month, we also further expanded Band Standard Dataset’s service with Moonriver and Polyjuice platforms which are layer-1 and layer-2 ecosystems respectively. We are also proud that the Nasdex team found BandChain’s flexible infrastructure a necessary tool to bring a unique product offering to the Polygon ecosystem.

Tech Updates

We are fully live on Laozi mainnet. After the successful migration to Laozi on September 23, over 70 validators have been consistently helping to secure and stabilize Laozi with ease. In October, we completely moved data requests from Proof-of-Authority network to Laozi mainnet network. As of date, the new Laozi mainnet has already amassed more than 1.2M requests in the period of one month, securing more than 10 billion dollars in total value locked.

Notable BandChain Update

We released Bandchain v2.3.2 which includes various upgrades and features in the BandChain codebase such as:

  • Upgrade Bandchain to Tendermint 0.34.13
  • Upgrade Bandchain to Cosmos-SDK to v0.44.2 to patch a vulnerability issue found in Cosmos-SDK.
  • Patch Yoda file cache to increase the stability of Yoda

We have also enabled the IBC-oracle feature on Bandchain per the success of BCIP-4 proposals and will be the first to present a use case of IBC protocol outside of token asset transfer.

We have also submitted an official proposal for IBC-transfer feature which will allow native cross-chain movement of assets, including Band Tokens.

Notable Band Standard Dataset Update

With more new teams and ecosystems relying on the Band Standard Dataset as the largest collection of reference price data for digital assets, commodities, and foreign exchange, we have made sure that the service is compatible with our latest chain upgrade.

We have patched our service to request data on the Laozi mainnet and use it in all partner projects completely. The service is now ready to integrate with any layer-1 ecosystems, layer-2 ecosystems, and beyond.

We also spent a significant effort to ensure that the Band Standard Dataset will be available to integrate via IBC. This is a step towards an important milestone to the scalability of available data.

Lastly, to respond to the increase in request volumes and integrations, we have revisited the feeder process to support more symbols and new partners more efficiently with the aim to reduce the processing time by at least 30%

Notable CosmoScan Update

With more usage of the proposal, we have prepared the proposal page and vote table to be compatible with the new voting mechanism that comes with the Laozi chain version.

Moreover, in anticipation of the enabling of IBC Transfer, the team has worked on supporting IBC-Transfer displays to be able to see BAND tokens that are transferred into BandChain.

Partnership Developments

Moonriver Partnership Update

Moonriver, the Ethereum-compatible, smart-contract parachain on Kusama with over 230M TVL, has completed the integration with Band Protocol to bring decentralized and scalable oracle infrastructure to its ecosystem.

Moonriver and Band Protocol joined in this strategic partnership based on the aligned vision for scalable solutions. Moonriver provides a full EVM implementation, a Web3-compatible RPCs, and bridges that connect Moonriver to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp front ends to Moonriver with minimal changes and in turn, get access to the greater Kusama ecosystem.

The Band Standard Dataset will provide decentralized price feeds that enable developers on Moonriver to take on building an ecosystem of decentralized finance with ease. With the convenience of deploying solidity smart contracts and readily available price feeds, Band Protocol and Moonriver are looking to support a fast-growing ecosystem of decentralized applications.

https://medium.com/bandprotocol/moonriver-bolsters-its-ecosystem-scalability-through-band-protocol-integration-53e0da392b21

Polyjuice (Nervos’ L2)

Band Protocol moved to further support the Polyjuice, a layer 2 solution on top of Nervos CKB, after integrating successfully onto their layer one. This is another milestone for the strategic partnership with Nervos since August 2020.

At the moment, Band Standard Dataset is live on Polyjuice and is expected to move on to mainnet integration to further support the growing ecosystem growth.

https://medium.com/bandprotocol/nervos-l2-polyjuice-integrates-with-band-protocol-to-foster-dapps-ecosystem-92ac86d47d87

Nasdex

Band Protocol has expanded its integration partnership to support Nasdex, a new synthetic asset exchange targeting Asian equity markets. Nasdex will be the first to list popular Asian equities on the blockchain.

This partnership highlights Band Protocol’s high customizability and diverse data sources to help secure Nasdex’s tokenization process and bring this product’s unique offering to fruition with decentralization and security in focus.

https://medium.com/bandprotocol/nasdex-partners-withband-protocol-to-offer-asian-equity-synthetic-assets-89d6c3082a3f

Closing Remarks

Going forward, we are working closely with our partners such as Injective to make sure that the IBC-oracle feature is ready to serve more project integrations. We will be working on the IBC-oracle feature to a growing number of IBC-compatible chains over the next months.

At the same time, our engineering team will also use this chance to revisit and optimize some of the operational processes such as Band Standard Dataset’s deployment or feeder bridge deployment to make sure it can handle the increased volume of integration that Phase 2 features will attract.

Please join our journey to see the adoption of Band Protocol’s oracle solution based on the new features of Phase 2. Thank you for your continuous support.

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.

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Band Protocol

Secure, Scalable, Cross-chain Decentralized Oracle for Web 3.0