Graviton Partners With Band Protocol For Secure Inter-Chain and Price Oracles
Graviton, a universal cross-chain liquidity protocol for wrapped assets, has partnered with Band Protocol to integrate decentralized oracles to provide real-time cross-chain event updates and price feeds. This will secure Graviton’s novel DAO-inspired concept for treasury farming, liquidity provisioning, and mirrored accounts which unlock interactions with multiple blockchain networks.
Band Protocol also joins as a Graviton multisig signer alongside 1INCH, Waves, Binance Smart Chain and other leading projects in the DeFi space working to unlock inter-chain liquidity.
Built by VenLab, a team with great inter-chain DeFi experience that created Neutrino, an algorithmic stablecoin with $700M TVL, and Gravity, a blockchain & token agnostic oracle and cross-chain bridge infrastructure, Graviton aggregates multiple cross-chain bridges to provide seamless access to multiple chains with Ethereum mirror accounts and a reward-based economy around wrapped assets.
Providing Reliable Oracles For Treasury Farming
Graviton uses a novel DAO-inspired concept called Treasury farming that manages the initial distribution of and provides initial liquidity for GTON, the governance token. Treasury backers are offered to deposit a stablecoin into the treasury by making a transfer to a multisig contract that uses Gnosis Safe.
As soon as the event of a deposit happens, it is registered by Band Protocol oracles and transmitted to Graviton’s farm smart contract on the Fantom blockchain. The principles behind Graviton’s interchain farming can be found here:
To mitigate single points of failure, Band Protocol oracles will work alongside Gravity Extractors to broadcast the updates in deposits and reserves to maintain a stable inter-chain communication between the Treasury contract on Ethereum and the farm smart contract on Fantom. Using Graviton’s existing oracle solution alongside Band Protocol’s decentralized oracle network with 72 active validators, ensures the highest security guarantee and reliability through redundancy in oracle-based components.
Using Decentralized Oracles For Reliable Liquidity Provision & Rewards
Graviton unites cross-chain liquidity through a reward-generation system for LPs around wrapped assets on various chains. Through appropriate rewards and incentives, liquidity growth will be stimulated to lead to an increase in both volume and exposure of wrapped assets in all supported ecosystems.
By uniting a variety of ecosystems, including EVM chains such as Ethereum and Binance Smart Chain, non-EVM chains including Solana and Waves, alongside layer-2 solutions namely Polygon (Matic Network), xDAI — all of which Band Protocol supports — Graviton is positioned to be a blockchain and bridge agnostic system. Integrating Band Protocol enables Graviton smart contracts to receive information about lock events which will be transmitted to the Graviton LP rewards on Fantom to rebalance the allocation of reward tokens.
The scalability and low-latency updates provided by Band Protocol oracles is crucial to maintain a healthy cross-chain liquidity protocol such as Graviton.
Next Steps
Band Protocol is thrilled to join Graviton on their mission to enable a fully decentralized cross-chain liquidity solution to enhance overall reliability and responsiveness of their inter-chain oracle infrastructure. As a technical partner and multisig signer, the collaboration with Graviton will span into the long-term with Band Protocol supporting on all fronts alongside key DeFi leaders.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. 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
