KyberSwap Integrates Band Protocol for Extensive Low Latency Price Feeds
KyberSwap, a leading DeFi platform for converting one ERC20 token in a simple and secure manner, has completed the integration with Band Protocol to double down on existing price reference data and provide extensive pricing data for traders. Band Protocol has been working with KyberSwap to provide a solution to protect end-users executing token swaps from price manipulation and slippage that leverages scalable price oracle capable of providing reliable and trustworthy updates at a much shorter 5 minute time interval.
KyberSwap is a leading decentralized exchange — providing a fast, simple and secure platform for converting one ERC20 token to another powered by Kyber Network’s on-chain liquidity protocol. Band Protocol previously collaborated with Kyber Network to list BAND which provided users and Dapps that have integrated KyberSwap a global liquidity avenue. Since then, both teams have hosted a community competition and remained in close contact to exchange ideas and now, integration of Band’s price oracle.
Previously, KyberSwap’s price feeds were provided by two oracle providers including Kyber Network’s on-chain price feed. With the addition of Band Protocol, KyberSwap is doubling down on the reliability and amount of data provided to users to verify the exchange rate obtained on Kyber across multiple trusted data sources directly on the front-end.
Through Band Protocol’s ability to create custom oracles for any external data source or API, this integration is pivotal in ensuring that all tokens supported on KyberSwap will have reference price — not just a few. Ultimately, this will safeguard all KyberSwap users against price manipulation and detecting slippage rates by using a fair market price provided by Band Protocol that is sourced from up to 10 individual data aggregators and top exchanges.
Band Protocol is currently supporting KyberSwap with 93 unique price feeds which update once every 5 minutes or upon 0.5% price deviation threshold.
“KyberSwap is excited to work with Band Protocol, an emerging leader in the oracle space which benefits from multiple solutions that can be used supplementary to each other to mitigate dependencies and leverage unique benefits. Band Protocol is providing KyberSwap with critical price feeds that are scalable and update in a timely-manner to enhance the current trader experience.”
Sunny Jain, Head of Product at KyberSwap“By integrating with KyberSwap, Band Protocol is providing valuable off-chain information to the end-users who will rely on our oracles to reference fair market prices of supported assets and denominate slippage rates they could incur. We are thrilled to make KyberSwap an even more secure avenue for users to swap between Ethereum tokens using Band Protocol oracles.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
We look forward to collaborating with KyberSwap in the long-term — as more tokens are supported, Band Protocol will also be used to provide a reliable and secure reference price.
About Kyber Network
Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services like KyberSwap, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber is the most used and integrated decentralized finance (DeFi) protocol in the world, with over US$1Billion worth of transactions facilitated since its inception. Kyber supports over 80 different tokens, and powers over 100 integrated projects including popular wallets MEW, Trust, Enjin, Argent, Digifox, and the HTC Exodus smartphone, as well as DeFi platforms Nuo, DeFiSaver, InstaDApp, Set Protocol, Melon, and many others.
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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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