Komodo, the first open composable smart chain platform announced the integration of Band Protocol into its flagship product, AtomicDEX. According to the official blog, this integration will ensure that AtomicDEX displays reliable and real-time price data. This integration is important to ensure that AtomicDEX users make informed decisions based on the fair market values of crypto assets. Additionally, Band Protocol oracle integration will help users detect slippage rates.
Interestingly, the integration is well-timed for AtomicDEX v0.3 beta release as it will go live tomorrow on October 29. The prior versions of AtomicDEX used a centralized price feed. As a result, the DEX was vulnerable to price manipulations. Effectively, the Band protocol scalable price oracles will greatly benefit the traders.
In addition to this, the integration will enable the BAND store and swap on AtomicDEX for desktop users. The initial 10 secure price feeds will be enabled for both mobile and desktop AtomicDEX. These price feeds are BAND/USD, BAT/USD, BTC/USD, COMP/USD, DAI/USD, ETH/USD, KNC/USD, LINK/USD, REP/USD, and ZRX/USD.
A progressive partnership
According to Kadan Stadelmann, CTO Komodo, both companies share the vision to build an interoperable blockchain world. This is what makes the partnership even more valuable. Additionally, the decentralized oracle solution by Band Protocol will accelerate the adoption of AtomicDEX and the other segments of the Komodo ecosystem.
Moreover, the partnership will deepen over time. Band protocol will help Komodo developers write custom oracle scripts. These scripts can connect Komodo to any external data source or API. Thus, the Komodo application ecosystem will have access to reliable decentralized price feeds as well as data from diverse verticals. Precisely, the data from DeFi, gaming, prediction markets, insurance, and more such sectors will become accessible to Komodo developers.
Band gaining popularity
Band Protocol is becoming widely popular. According to many Band loyalists, Band is better than Link. This is because Link is built on Ethereum and will be facing scalability issues. On the other hand, Band is 5 times faster and cheaper as it has its own blockchain. Thus the price feeds refresh more quickly.
According to the crypto research organization Messari, Band Protocol, and few other projects represent critical infrastructure pieces required to build DeFi ecosystem.
There are currently over 50 projects building on @cosmos, many of which are targeting DeFi
Band Protocol, Kava, Terra, and THORchain represent the critical infrastructure pieces required to build a DeFi ecosystem pic.twitter.com/mC3K5OFCpK
— Messari (@MessariCrypto) October 22, 2020
Currently, the BAND price is struggling to move upwards. In the last 30 days, the BAND token has shown no positive price movement and at the time of press, it is trading close to $5.19.
For the latest cryptocurrency related news, do check out our Altcoin Buzz YouTube channel.