Sep 9, 2020
MANTRA DAO x Band Protocol Validator Partnership Announcement
MANTRA DAO Announces Its First COSMOS Ecosystem Validator Partnership with Band Protocol
We are delighted to announce our first COSMOS ecosystem partnership! We have partnered with Band Protocol, a leading cross-chain data oracle platform in the decentralized data space that aggregates and connects real-world data and APIs to smart contracts. This Band Protocol validator partnership means that BAND holders will be able to delegate and stake their BAND tokens on the MANTRA DAO Platform. Apart from their BAND staking rewards, users can earn additional OM tokens by delegating their tokens to the MANTRA DAO validator nodes.BAND is an oracle piece that is an important category and enables reliable off-chain data on the blockchain without blindly relying on a third party. We are confident that Band Protocol will set a new standard for secure, decentralized data oracle design, leveraging their ability to meet real-time data requests and end-to-end customizability in a scalable manner.
Why Band Protocol?
Developers will continue to build more innovative products and cutting edge applications leveraging blockchain technology. In doing so, they must be equipped with oracle technology that connects smart contracts to external data sources. As oracles are used to dictate logic and behaviour of decentralized applications, it’s absolutely critical for the underlying oracle technology to be cost-efficient and scalable. Here is a list of strong reasons why we have chosen to support Band Protocol:
- Scalability
All oracle computations are offloaded to BandChain, an independent high-performant blockchain, to eliminate exorbitant data query costs arising from high gas costs and other dependencies on any native blockchain such as Ethereum. This is also critical in ensuring that data queries are not congested in volatile market situations, preventing decentralized applications from consuming delayed or incorrect data. - Developer Customizability & Flexibility
On BandChain, developers are able to create their own custom oracle scripts which specify what external data source or API to connect to, aggregation method, update and security parameters. This toolbox for developers allows the data needs of each respective protocol or decentralized application to be met from real-time data or strong diversification of sources without compromising security guarantees. - Fully Decentralized
There are currently 68 active validator nodes on the BandChain Mainnet at the time of writing. All of which are required to stake BAND tokens to fulfil data requests as determined by a randomized stake-weighted algorithm. This ensures that there is no centralized whitelisting process and validators are economically aligned to secure the decentralized oracle network and perform their jobs.
We are currently exploring the integration of Band Protocol oracles in our various DeFi protocols including lending, borrowing, games, and a KARMA reputation system.We are excited to be a part of the Band Ecosystem and are committed to contributing to the impact that Band Protocol Oracles have in the emerging and continuously developing smart contract application space.Band Protocol is delighted to partner and onboard MANTRA DAO, a community-governed DeFi platform focusing on Staking, Lending, and Governance, as a BandChain Validator. BAND holders will have an excellent opportunity to stake their BAND token on MANTRA DAO and earn more rewards. We are looking forward to collaborating with MANTRA DAO for secure enterprise-grade validator infrastructure.
Why MANTRA DAO?
“Having the strategic support of MANTRA DAO will be highly synergistic for Band Protocol to begin integrating into Substrate-based blockchains and DeFi applications in the Polkadot ecosystem. We are also thrilled that MANTRA DAO have decided to join and participate in the BandChain decentralized oracle network as a validator node to secure oracle data for DApps to consume.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Both the MANTRA DAO and Band Protocol teams will be working closely together to further develop other integrations of the Band Protocol oracles in the MANTRA DAO ecosystem, further interconnecting two of the fastest growing communities in the entire crypto space.
About Band ProtocolBand Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The project also 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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About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance.
MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.
Find out more on the MANTRA DAO Blog
