Fantom Successfully Integrates & Consumes Band Protocol Oracles Into fMint on the Mainnet
Fantom Finance, the full-feature DeFi suite covering lending, borrowing, and synthetic assets, has completed the integration of Band Protocol oracles providing a decentralized FTM/USD price feed for fMint. This will be critical in powering collateral and the minting of fUSD stablecoin — the gateway to all the product offerings on Fantom Finance.
Band Protocol officially partnered with Fantom in March 2020, to bring secure decentralized oracle technology to the Opera Mainnet. This is a major milestone for both partners to bring their technology into the production environment, allowing all developers on Fantom to access Band Protocol oracle data on the Opera Mainnet.
How Fantom Finance Integrates Band Oracles
Fantom Finance, advised by Andre Cronje, is the first full-feature Decentralized Finance (DeFi) platform to be launched outside of Ethereum, and the very first to be launched on an asynchronous Byzantine Fault Tolerance (aBFT) consensus. Users are able to collateralize tokens (FTM initially, with more tokens to be supported) to mint fUSD, a stablecoin pegged 1:1 with the US Dollar. fUSD is the access point for users to trade, borrow and lend 176 synthetic assets such as fBTC and fETH.
Band Protocol oracles are currently providing a decentralized FTM/USD that sets the price reference for fUSD stablecoin minting and debt liquidations. This will ensure that the system is well-collateralized and operationally secure. As the Fantom ecosystem matures, Band Protocol oracles that support synthetic assets, real-world events and more will be rolled out as both teams continue to collaborate and drive innovation in DeFi.
The price feed is updated based on 1% price deviation or by default every 5 minutes with the data being sourced from many unique data sources selected by Fantom core developers including CoinGecko, CryptoCompare, and CoinMarketcap. With the flexibility of Band Protocol, both teams will continue to test and iterate the price feeds to onboard more data sources as FTM becomes available on more exchanges and ensure a secure collateralization protocol in the system.
In addition to fMint, Band Protocol’s customizable oracle technology provides Fantom developers access to a variety of price feeds, real-world data points, events, and the ability to create fine-tuned customized oracles.
Looking Forward
Band Protocol and Fantom will continue to work together to secure the Fantom Finance ecosystem as their product offerings expand to include 176 synthetic assets and lending through fLend and fTrade. The goal of this ongoing collaboration is to continuously bring the highest reliability and security to end-users of DeFi products through robust decentralized oracles provided by Band Protocol.
About Fantom
The Fantom Foundation is committed to building technology that is open-source, decentralized, DAG-based distributed ledgers with aBFT consensus. We aim to create fast, secure, and scalable technologies across various industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.
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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