Moonriver Bolsters its Ecosystem Scalability through Band Protocol Integration
Moonriver, the Ethereum-compatible, smart-contract parachain on Kusama with over 230M TVL, has completed the integration with Band Protocol to bring decentralized and scalable oracle infrastructure to its ecosystem. This is an important milestone to Band Protocol’s collaboration with both Moonriver and Moonbeam which is Moonriver’s companion network on Polkadot. It also marks the first of BandChain’s integration in the Kusama ecosystem.
A Scale-Oriented Ecosystem with Scalable Oracle Solution
Both Moonriver and Band Protocol were built with a vision towards scalability and interoperability. Moonriver provides a full EVM implementation, a Web3-compatible RPCs, and bridges that connect Moonriver to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonriver with minimal changes and in turn, get access to the greater Kusama ecosystem.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Through this integration, Band Protocol’s price oracle infrastructure provides secure and permissionless data feeds for various developments that will exist on DeFi protocols deploying on Moonriver ecosystem — ranging from decentralized exchanges (DEX), stable coin swaps, to lending and borrowing protocols, gaming, and NFT projects that are utility-based with gamification components to their solutions. As a time-tested, decentralized, and secure oracle, Band Prtocol’s data solution helps foster a safe development space for both developers and users.
“By far the most interest and traction we have seen on Moonriver since launching has been from DeFi protocols. But not having oracles available has been a major hurdle preventing teams from deploying,” says Derek Yoo, Founder of Moonbeam. “The integration of Band on Moonriver provides decentralized price feeds that can be used to power a variety of scenarios including stablecoins, lending and borrowing, and other defi use cases. We are happy to support Band protocol’s deployment which will help both the Band and Moonriver ecosystems grow.”
Using the Band Oracle Price Feeds on Moonriver
The price feeds will be available at this contract with BTC, ETH, USDT, USDC, DAI, KSM, MOVR. To explore how developers have used Band oracle price feeds such as this to build decentralized applications such as money markets, algorithmic stable coins, insurance, and more — read here:
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently in active development by PureStake, Moonbeam is expected to reach MainNet by Q4 2021. Learn more: https://moonbeam.network/.
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.