Loopring Exchange Integrates Band Protocol Price Feeds
Loopring, a leading Ethereum decentralized exchange and payments protocol, has chosen and completed integration with Band Protocol to provide fiat price feeds for all supported assets. In recent months, both teams have been working on testing and implementing custom decentralized oracles for all assets supported on Loopring zkRollup DEX — we are proud to announce that the price feeds have been migrated and are live on the BandChain Mainnet. Additionally, there has been exploration from Band Protocol to refine their current oracle design querying the LRC/ETH rate that ensures DEX owners have an appropriate LRC amount at stake.
Loopring is a protocol for building high-performance, non-custodial, orderbook exchanges on Ethereum. Using zkRollups, a layer 2 scaling solution, Loopring reduces settlement costs and increases throughput without sacrificing layer-1 security guarantees. Loopring Exchange is the first publicly accessible zkRollup exchange on Ethereum mainnet and will further enhance security guarantee for users through a deep integration with Band Protocol.
“We’re excited to work with an ambitious project like Band Protocol who are able to provide Loopring Protocol access to secure and reliable data oracles in a customizable manner that fits all of our needs. Working with Band Protocol has allowed Loopring to bring trusted and verified market pricing data to our users who can now more efficiently safeguard transactions and identify slippage rates when transacting on Ethereum.”
Jay Zhou, COO & Co-Founder of Loopring
Band Protocol has been integrated with Loopring to provide a ‘Mark Price’ for users, this is a robust and highly accurate index price used for PNL calculations that allow users to verify the exchange rate on Loopring across various other external market rates from top exchanges and data aggregators. Leveraging Band Protocol’s end-to-end customizability, users will also have the choice to denominate the exchange rates in different fiat currencies such as the United States Dollar (USD) and Chinese Yuan (CNY).
Loopring developers have created custom decentralized oracles on BandChain for over LRC, ETH, BTC, and USDT in USD and CNY that update once every 5 minutes or upon every 0.5% price deviation from market price. After months of testing and iteration, both teams have agreed that such precision of update parameters is critical in ensuring accurate and reliable calculation of on-chain exchange rates and slippage. The feeds are computed from 15 unique and trusted sources for crypto exchange rates such as CryptoCompare, CoinGecko, Binance, Coinbase Pro, Huobi Global, OKEx, Kraken, Bitfinex, and FTX, as well as premium currency exchange rates from AlphaVantage, Fixer, 1Forge, Open Exchange Rate, and XE.com.
We are exploring different ways to enhance the Loopring current oracle design querying the LRC/ETH rate which only updates once every 168 hours or per 2% price deviation. This feed will be critical in ensuring that DEX owners on Loopring have an appropriate LRC amount at stake that is truly accurate and not susceptible to delayed data across a 168 hour time horizon.
“Working with a leading Ethereum decentralized finance project like Loopring to enhance their existing oracle design and user security using Band Protocol oracles will lead the way towards a more secure and safer environment for DeFi users. Together with Loopring, Band Protocol looks forward to creating a healthier and more robust application space for existing DeFi users and more to come.”
Soravis Srinawakoon, Co-Founder & CEO of Band Protocol.
With Band Protocol’s price feeds integrated, Loopring users can obtain the most real-time and accurate market rates that safeguard against malicious parties and market manipulators.
Join Our Live AMA With Loopring
To allow our communities to connect and understand this partnership further, we are excited to share that the Loopring team will be participating in an AMA with the Band Protocol team!
📅 Date: 3rd of September 20:00 GMT+7 (BKK time)
⛳️ Venue: http://t.me/bandprotocol
Make sure you tune in to be able to ask any questions regarding this new and ongoing strategic partnership!
Looking Forward
Band Protocol and Loopring will continue to collaborate in the long-term and showcase more details on the next batch of fiat price feeds that will be integrated into Loopring DEX shortly. Together, both teams are working to secure the decentralized finance industry through highly reliable oracles that bring scalability and transparency into real-world products.
About Loopring
Loopring is a zkRollup Exchange and Payment Protocol. It allows anyone to build high-throughput, non-custodial, orderbook-based exchanges on Ethereum by leveraging Zero-Knowledge Proofs. Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck..Loopring.io is the first decentralized trading platform built on top of Loopring 3.0.
Website | Telegram | Medium | Twitter | Reddit | Github | Discord
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
