Band Protocol
Published in

Band Protocol

ICON’s First DeFi Platform Balanced Integrates Band Protocol’s Scalable Oracles For Collateral & Synthetic Assets

Decentralized financial platform for stablecoin and synthetic assets, Balanced, has chosen Band Protocol to provide secure and scalable price feeds for collateral asset ICX/USD and numerous synthetic assets such as BTC, gold, oil and more upon product expansion. Balanced allows users to deposit their ICX as collateral and borrow tokens pegged to the value of real-world assets.

As the first DeFi platform on ICON, the Balanced team has evaluated several oracle options for secure data feeds for the pricing of Balanced pegged assets and collateral. Band Protocol has been chosen to accommodate their extensive data needs in real-world assets from various sources without being restricted with scalability and customizability.

This collaboration is a result of the ICON and Band Protocol strategic partnership where both teams are working together to secure and support the leading decentralized applications in the ICON ecosystem.

Both Balanced and Band Protocol teams have been closely collaborating to design a highly robust oracle script on BandChain based on specific parameters that are fine-tuned to the needs of the Balanced community. This includes outlining initial data sources, customizing the different time and price deviation update intervals as well as optimizing security parameters to ensure the highest degree of manipulation resistance.

“The ability to create scalable decentralized financial applications such as Balanced depends highly on an integrated technology stack that is capable of maintaining the foundational design principles of such applications. Balanced, the first DeFi project on ICON, has deemed Band Protocol an excellent oracle solution that provides us with the capability of accessing numerous high quality data feeds that powers real-world assets and the underlying collateralization protocol for ICX. We look forward to launching Balanced with Band Protocol as well as leveraging their unique value propositions and collaborative team to extend our product offering to the global DeFi community.”

Scott Smiley, Co-Founder of Balanced

Balanced will be using Band Protocol to query the ICX/USD price feed from five unique and trusted data sources: Binance, OKEx, Upbit, Huobi and CoinGecko. This secure price feed will be used to maintain the proper value and collateralization ratio of ICON Dollars (ICD) which can be used to gain exposure to various synthetic assets.

Additionally, Band Protocol will be used to access premium and credentialed APIs that provide accurate price feeds for synthetic assets such as Gold, Oil, ETFs and various stocks. The specific assets will be nominated by the community of Balanced Token holders which Band Protocol will be able to support due to the scalability and customizable nature of BandChain oracle scripts, regardless of the chosen direction.

“Band Protocol is thrilled to be chosen by Balanced, the first decentralized finance platform on ICON Network, to provide a secure and scalable oracle solution upon their launch. The partnership will begin with securing the underlying collateralization of ICX through a highly customized and robust price feed oracle that both teams have designed. More interestingly, Band oracles will be used as Balanced expands their product offering into various synthetic assets such as stocks, gold, oil and more to power the next generation of DeFi on ICON Network.

Soravis Srinawakoon, CEO & Co-Founder of Band Protocol

Through Band Protocol’s deep collaboration with Balanced and the strategic support of ICON Network, this is the first step to unlocking and securing a multi-billion dollar DeFi ecosystem on ICON through the provision highly scalable and flexible oracles that are fine-tuned to any decentralized application’s needs.

About Balanced
Balanced is a DAO (Decentralized Autonomous Organization) consisting of a decentralized balance sheet of ICX collateral, with the vision of creating a vibrant ecosystem of tokens pegged to the value of real-world assets. It allows users to mint and retire pegged assets, while also providing market makers with clearly defined arbitrage opportunities. Users of the platform and traders on the Balanced DEX will earn Balance Tokens, a token representing ownership of the DAO, based on their individual contributions. The initial iteration of Balanced will support the minting and retiring of USD-pegged assets referred to as ICON Dollars (ICD).
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

--

--

--

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

Recommended from Medium

HOW TO BUY $NSDX TOKEN ON QUICKSWAP EXCHANGE

Cover Update — March, 2021

How “I lost $1,200 in 100 seconds” and recovered some of them!

Blockchain Technology: Myths and Misconceptions

What do we mine next?

How Getting Hacked Made Mark Karpelès a Billionaire

Matchpool Transparency Policy & Updates

Telos Network — Weekly Report — July 26, 2018

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Kevin Lu

Kevin Lu

Business Development & Growth | Band Protocol | Start-Ups & Personal Development |

More from Medium

Upfire & Ekta Partnership

OceanDAO Round 17 Results

Plenny DLSP Manual — Part II: Decentralized Oracle Network (05/06)

Lessons We Can Learn From The Wormhole Bridge Hack