Komodo Strategically Partners and Integrates Band Protocol into Flagship Decentralized Exchange AtomixDEX
Komodo, the blockchain industry’s first open composable smart chain platform, has chosen to integrate Band Protocol for scalable price oracles into their flagship product AtomicDEX — a secure wallet and non-custodial decentralized exchange rolled into one. Both teams have been working together to bridge Band Protocol oracles to the Komodo developer ecosystem while kickstarting the initial integration with 10 secure price feeds for AtomicDEX Mobile & Desktop: BAND/USD, BAT/USD, BTC/USD, COMP/USD, DAI/USD, ETH/USD, KNC/USD, LINK/USD, REP/USD, and ZRX/USD.
Komodo is a secure, stable and interoperable blockchain platform allowing projects to create their own blockchains. This means that Komodo supports an infinite number of Smart Chains with each Smart Chain existing independently of other chains with their own network, consensus, and coin. Smart Chains are natively compatible with cross-chain atomic swaps that enable trading between different blockchain protocols. Prior releases of AtomixDEX and Komodo developments relied solely upon a centralized price feed which is vulnerable to price manipulations or dependencies arising from a single point of failure.
“Band Protocol aligns perfectly with Komodo’s vision of an interoperable blockchain universe. Band Protocol provides a secure and scalable chain-agnostic solution for DeFi projects to verify data in an efficient manner. On top of that, we were able to work directly with Band developers on the integration process. The Band Protocol team is very professional, super responsive, and fun to work with.”
Kadan Stadelmann, CTO at Komodo
The integration with Band Protocol ensures that the price data displayed on AtomicDEX reliably and closely reflect real-time market values from multiple data aggregators and leading exchanges. This is critical in ensuring that traders are always equipped with a robust benchmark for the fair market values of crypto assets to easily detect slippage rates or deviations and make informed decisions.
“Band Protocol is delighted to be a part of Komodo’s efforts to bring next-generation DeFi to the crypto industry. Atomic swap technology is cutting-edge, and the progress Komodo developers have made in this area is truly remarkable. We are thrilled to see how our decentralized oracle solution can support the adoption of AtomicDEX as well as the broader Komodo ecosystem.”
Soravis Srinawakoon, CEO & Co-Founder at Band Protocol
The integration of Band Protocol comes at a crucial time as AtomixDEX nears the initial beta release of v0.3 which goes live on October 29. Additionally, desktop users will be able to add BAND as a custom ERC-20 token, which enables you to store and swap BAND on AtomicDEX.
What’s Next For Komodo and Band Protocol?
Moving forward, both teams will be building upon this partnership to empower Komodo developers who will be able to write custom oracle scripts connecting to any external data source or API including but not limited to historical data, trading indicators, market data, real-world events, and insurance data.
The vision is to support the Komodo application ecosystem with decentralized price feeds and custom decentralized oracles which will be applied across multiple verticals including DeFi, insurance, gaming, betting and prediction markets. Ultimately, this collaboration will open the floodgates for Komodo developers to securely build any decentralized application that requires a secure connection to external data sources.
Komodo is a community-oriented blockchain project for passionate, dedicated, and inquisitive tech enthusiasts. The Komodo community helps shape the future of the project’s technology initiatives, marketing efforts, and overall strategy. Komodo’s AtomicDEX is an end-user application that includes a non-custodial multi-chain wallet with an integrated atomic swap DEX. Supported on all devices, AtomicDEX provides the widest cross-chain capabilities for trustless trading in the entire blockchain industry. Traders can swap BTC, ETH, ERC-20 tokens, KMD, and thousands of other digital assets natively from dozens of blockchains. Komodo’s open-source technologies enable developers to launch independent chains and create robust cross-protocol DeFi applications such as multi-chain wallets, DEXs, and marketplaces.
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.