KyberSwap Integrates Band Protocol for Scalable and Extensive Low Latency Price Feeds
KyberSwap has completed integrating Band Protocol to double down on existing price reference data and provide extensive pricing data for traders. Traders can now be double assured that token rates at KyberSwap are true reflection of market rate. 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.
Band Protocol is a cross-chain data oracle platform that aggregates real-world data to smart contracts, which enables 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 2.0, introduces BandChain, a high-performance blockchain built purely for oracle computations to accommodate user-defined data requests and support various data oracles on multiple blockchains.
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 exchanges ideas and now, implementation.
Previously, KyberSwap’s price feeds were provided by two oracle providers including Kyber Network’s on-chain price feed and Chainlink. We have chosen to integrate Band Protocol to further improve 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.
With Band Protocol, we have been able to expand our reference price to 93 feeds that update once every 5 minutes or upon 0.5% price deviation threshold.
Sunny Jain, Head of Product at KyberSwap, is excited about the prospects of this integration:
“Band Protocol is providing KyberSwap with critical price feeds that are scalable and update in a timely manner to enhance the current trader experience. 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.”
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, not just a few, will have reference price. 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.
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol, shared his opinion on the new integration:
“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.”
Leveraging Band Protocol’s customizable and scalable decentralized oracle technology, both teams will be working together to support new and existing currencies or denominations requested by the community.
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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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