NUTS Finance Completes Integration and Strategically Partners With Band Protocol to Secure DeFi Product Suite
NUTS Finance, the development team of acBTC product suite, has selected Band Protocol as a strategic partner for the implementation of secure and scalable decentralized oracle technology. Band Protocol will be securing acBTC, a composite ERC-20 Bitcoin solution which aggregates swapping, savings, and lending protocols into a single platform.
acBTC integrates native BTC and ERC-20 BTC, with swap, lending and yield generating applications into one highly secure, efficient and usable standard. There is currently more than $9 million in renCRV staked in the AC Genesis Liquidity Mining event that will mint acBTC.
“We are very excited to be able to integrate Band’s robust data solutions with acBTC. Reliable and scalable pricing data is critical to building out the acBTC ecosystem. Furthermore, as we continue to upgrade the NUTS Platform to support new financial applications, we look forward to fully integrating BandChain with our middleware solution.”
Terry Lam, Co-Founder of NUTS Finance
“Band Protocol is proud to be working with the NUTS Finance team who are diligently working to bring more utility to Bitcoin on the Ethereum network. We look forward to deeply collaborating with their team on securing the acBTC product suite which includes swap, lending and yield generating applications with the BandChain decentralized oracle network.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
The NUTS Finance team have chosen Band Protocol to secure acBTC and all underlying decentralized financial applications because of the extensive data support and scalability offered on the BandChain decentralized oracle network. acBTC are using the ETH, WBTC, and renBTC price feeds from Band Protocol that update every five minutes or upon 0.5% price deviation to calculate the value of staked assets and the APY calculations.
This is the first Band Protocol oracle integration of many to come under the acBTC product suite. Both teams are currently collaborating to secure acSwap and acLoan products that are expected to launch in December.
Upon the successful launch of acBTC, Band Protocol will be securing a series of applications that will be introduced as part of the acBTC’s ecosystem:
- acVault, a saving product for acBTC holders will launch along with acBTC;
- acSwap, a swap between any ERC20 BTCs, including acBTC, WBTC and renBTC;
- xcSwap, a cross-chain swap between native BTC and any ERC20 BTCs;
- acLoan, a collateralized loan based on acBTC will be introduced in the future.
Working together as strategic partners, Band Protocol will be supporting NUTS Finance with all data requirements as the team ramps up towards the hybrid lending protocol launch that will enable collateralized loaning with acBTC and onwards!
About NUTS Finance
NUTS Finance is a blockchain development DAO focused on building secure, composable and easy to use technology to empower financial applications on the blockchain. The inaugural application acBTC, a composite Bitcoin solution on Ethereum aggregates swap, savings and lending applications into a single platform. Our team is composed of experienced developers, financiers and serial entrepreneurs. We are highly motivated to leverage blockchain technology to improve the existing workflows in financial services.
Website | Whitepaper | Github | Discord | Telegram |Medium
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