Decentralized Stablecoin Neutrino Integrates Band Protocol To Secure $15M In Collateral

Kevin Lu
Band Protocol
Published in
4 min readJul 14, 2020


The leading decentralized finance application built on Waves technology, Neutrino (USDN), has chosen Band Protocol to provide a robust and secure price feed for collateral assets such as WAVES/USD. Neutrino is an algorithmic stablecoin that allows users to use WAVES tokens as collateral to mint USDN, a stablecoin pegged to 1 USD. The stablecoin protocol will use multiple trusted, high-quality data sources capable of providing price updates on-demand through Band Protocol.

This collaboration is a result of the Waves Protocol and Band Protocol strategic partnership, both teams are working together to secure the next generation of innovative DeFi and Web 3.0 applications.

Neutrino is an algorithmic price-stable multi-asset protocol based on smart contracts and various stakeholders that maintain price stability. As such, Neutrino has chosen Band Protocol as the decentralized oracle to provide the spot market price of collateral (WAVES) value in real-time and on-demand without paying an excessive amount of fees for price updates. This will ensure that Neutrino smart contracts do not query data that could be potentially delayed and susceptible to price fluctuations or manipulation.

Furthermore, due to the ability to customize oracle parameters such as time update interval and price deviation percentages, Band Protocol is also being used to detect anomalies in price oracles that are currently managed by Neutrino stakeholders, protecting the $15 million total value locked up as collateral and staking.

Neutrino will be using Band Protocol to query the WAVES/USD price feed from five unique and trusted data sources: CoinGecko, Binance, OKEx, Huobi, Kraken, and CryptoCompare on BandChain. Price updates are pushed to the Waves blockchain by default every hour or when there is a 0.5% price deviation. Both time interval and price deviation parameters are customizable and can be changed in the future to adapt to changing needs.

Band oracle will be used in the collateral calculations for issuing USDN and redeeming WAVES in Neutrino minting and liquidation protocols.

“Neutrino, the most widely used decentralized application on the Waves blockchain, is proud to collaborate and work alongside Band Protocol to secure the millions of dollars in collateral locked up in smart contracts. This has been achieved by creating a customized decentralized oracle on BandChain to provide a robust and scalable real-time pricefeed for WAVES/USD that taps into multiple trusted, high-quality data sources and updates on-demand. Band oracles will also provide detection in the event of anomalise to prevent user funds in the event of any black swans or hacking events.”

Alexeyi Pupyshev, Co-Author & Product Advisor of Neutrino

“Band Protocol is excited to support the leading Waves-based stablecoin project Neutrino with real-time oracle solutions underpinned by the security and scalability of trusted cross-chain data. Both teams have been working on a highly customized oracle solution using Band Protocol’s decentralized oracle network to ensure the stablecoin protocol is not susceptible to price fluctuations/manipulations and able to detect price anomalies in existing price oracles managed by Neutrino stakeholders.”

Soravis Srinawakoon, CEO & Co-Founder of Band Protocol

The oracle integration with Neutrino, a DeFi project securing millions of dollars in funds, is the beginning for Band Protocol in working towards eliminating various vulnerabilities that have arisen in 2020. This is the step in the right direction to make highly secure and robust oracle layers a standard for the projects that are securing millions of dollars in user funds.

About Neutrino
Neutrino Protocol is an algorithmic price-stable multi-asset protocol and an accessible DeFi toolkit built on Waves that allows for the creation of stable coins tied to a specific real world asset, such as national currency or commodity. The first synthetic asset created with Neutrino Protocol is USD Neutrino (USDN).

Website | Whitepaper | Telegram | Medium | Twitter | Github

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.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github



Kevin Lu
Band Protocol

Co-Founder @GMIStudios | Previously OG @BandProtocol