Ripple-Backed Cross-Chain DeFi Platform Kava Integrates Band Protocol for Decentralized Oracle Support
We are thrilled to announce that Band Protocol will be integrated into Kava, a Ripple & Binance-backed full feature DeFi platform outside of Ethereum to drive cross-chain usage of our decentralized interoperable oracle. Binance Launchpad family reunion!
Band Protocol price data has been successfully integrated into Kava’s price feed module that verifies data from Band and saves the price result instance. Band’s oracles will provide secure price feed data for collateral tokens BTC/USD, XRP/USD, BNB/USD & ATOM/USD in support of Kava’s cross-chain CDP platform and stablecoin.
In light of last week’s cryptocurrency sell-off and near DeFi meltdown, Kava will be piloting Band Protocol’s new ‘batched data’ to prevent users from being compromised by congested networks/invalid oracle data. This works by having 10 data providers sign on the current exchange price over BandChain right before the smart contract call. The users then send the signed price information along with the smart contract transaction — effectively forcing the contract to use the most up-to-date price at any given time. If the network congests and the price attached to the transaction becomes outdated, the transaction will simply revert.
“Oracles play one of the most critical roles in Kava’s DeFi platform. As we’ve seen recently, congestion on networks, bad data, and other failures of oracles can destroy trust in a platform and cost users millions. With this in mind, we take oracle solutions seriously. We believe integration with Band’s oracle solution brings additional decentralization, safety, and security to the Kava platform and its technology helps Kava safeguard against mission critical failures” — Brian Kerr, CEO and Cofounder of Kava Labs
Kava pronounced itself as the first cross-chain DeFi platform by launching their mainnet on November 15, 2019, and have rolled out a decentralized CDP system with their signature USD-pegged stablecoin USDX. With core values of user security and platform security, Kava’s integration of Band Protocol will unlock expansive decentralized finance use-cases while upholding those core values and ensuring that user exposure to risk is at a minimum.
“Band Protocol is looking forward to collaborating with Kava to power the next-generation of decentralized finance through Band’s secure and trustless oracles that support an extensive and ever-increasing range of assets beyond the Ethereum ecosystem. We look forward to improving the security standard of DeFi to grow the ecosystem in a sustainable and secure manner.” — Soravis Srinawakoon, Co-Founder & CEO of Band Protocol
With the recent shakedowns stress-testing leading DeFi projects such as MakerDAO, Synthetix, bZx — the critical roles of oracles have never been more important and widely discussed among the community. Band Protocol has been working diligently with DeFi projects such as bZx, Kava, AirSwap, Fantom and more to integrate our oracles to mitigate the risk of any exploit or attack happening again.
We are thrilled to onboard a new ecosystem of applications that utilises our oracle — we are always happy to support DeFi or any smart contract, any application, and any blockchain network.
If you’re a developer building DeFi, reach out to us — we’re always happy to help any project integrate our secure and decentralized oracle on any blockchain.
About Kava
Kava is a multi-asset DeFi platform that offers stablecoins, loans, and other financial services for users of major cryptocurrency assets including BTC, XRP, BNB and ATOM to name a few. The Kava platform has two types of tokens, the KAVA token and the USDX stablecoin where the KAVA token is the native token of the Kava blockchain integral in the security, governance, and mechanical functions of the platform. Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX. Kava’s stablecoin provides a high-interest yield earning users more than they would with traditional cash or savings accounts at a bank but unlike traditional savings accounts.
Website | Whitepaper | Telegram | Medium | Twitter
About Band Protocol
Band Protocol is a data oracle platform building the data layer of the Web 3.0. It provides an accurate information feed from community-curated data providers that allows blockchains to access trusted data from outside of the network. This solution is particularly important for the execution of smart contracts, that are triggered by off-chain occurrences. It is open, decentralized and does not rely on third party services. Band Protocol makes dApp (decentralized applications) development simple and allows developers to tap into trusted data sources by integrating a basic line of code.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github
