Band Protocol has entered another interesting partnership. This time, the cross-chain oracle platform has entered into a strategic partnership with DeFi platform MANTRA DAO.
The partnership will provide the DeFi platform with access to the Band Protocol oracle network. MANTRA DAO, due to the partnership, will operate a validator node on the BandChain Mainnet. This, in essence, will provide BAND token holders with delegative power on MANTRA DAO. Subsequently, this makes it possible for them to earn rewards both in BAND tokens and OM, the native token of MANTRA DAO. OM is majorly employed as a governance tool on the DeFi platform. Holders are allowed to vote on several important decisions within MANTRA DAO.
According to an official blog post, MANTRA DAO employs the idea of making use of the “wisdom of the crowd.” Using this idea, it created a community-governed, decentralized ecosystem on Parity for the Polkadot ecosystem. MANTRA DAO also aims to return financial control back to the people, subsequently helping them to “grow wealth together.” The DeFi platform is actively involved in building a wide range of DeFi protocols. These protocols are majorly directed at gaming, lending, and borrowing. Another DeFi protocol is the integration of Band Protocol oracles on MANTRA DAO, dubbed as the “KARMA reputation system.”
Altcoin Buzz covered details of the new partnership on its YouTube channel.
More on the partnership
Speaking on the announcement, MANTRA DAO co-founder John Patrick Mullin pointed out that they are elated by the partnership. He adds that this strategic partnership further seals the platform’s plan to become a cross-chain DeFi platform actively involved in staking and lending of a myriad of cryptocurrencies.
Mullin furthermore disclosed that the DeFi platform “will continue to explore other avenues for the integration of the BandChain decentralized oracle network […] driving value for both OM and BAND token holders alike.”
Band Protocol CEO Soravis Srinawakoon disclosed that the strategic partnership also holds a number of benefits for Band Protocol. For one, it will allow the oracle network to expand into “substrate-based blockchains and DeFi applications in the Polkadot ecosystem”.
Srinawakoon furthermore added that MANTRA DAO participating as a node validator on BandChain Mainnet will help ensure data on the oracle network is secure and safe for dApps.
Together, both partners look to explore more instances for collaboration. Band Protocol plans to onboard more partners that will serve as node operators on its BandChain.
Recently, Band Protocol also partnered with Velo Labs. The result is that Velo Labs can customize oracles that facilitate access to premium on-chain exchange rates.