Popular token swap platform KyberSwap has announced a strategic partnership with renowned price reference data platform Band Protocol.
Now traders on KyberSwap will have access to reliable and accurate price feeds. According to an official blog post, KyberSwap and Band Protocol look to put an end to price manipulation associated with crypto trading. They are looking to provide traders with double assurance that prices on KyberSwap are the same as market price rates. This is quite important to traders looking to swap tokens as any error in rates could result in an avoidable loss of funds.
The cross-chain data platform Band Protocol boasts of providing smart contracts with real-life data. This is quite important for the smooth running of several aspects of the blockchain and crypto sphere. DeFi, blockchain games, prediction markets, etc. cannot be effectively run without reliable price reference data.
With this in mind, Band Protocol designed and launched its blockchain, BandChain. BandChain is specially designed to house data requests as well as aid various data oracles on numerous blockchains.
Details of the integration
Prior to this announcement, the oracle platform partnered with Kyber Network to list BAND tokens. This listing provided KyberSwap traders and dApps with top-notch liquidity worldwide. After this initial interaction, both platforms have worked closely together, with Band Protocol providing oracle service and both platforms sharing ideas and suggestions.
Before the integration, KyberSwap received its price feeds from Chainlink and its network of on-chain feeds. The addition of Band Protocol price feeds is sure to enhance the accuracy of all data provided to traders. Furthermore ensuring that price reference data updates are done at shorter intervals (every 5 minutes at most). The inclusion of this price oracle will also broaden the token swap platform to approximately 93 feeds.
The integration – a plus for both platforms
Speaking on the announcement, Sunny Jain, KyberSwap’s head of product, disclosed that his entire team is excited by the partnership. He added that Band Protocol will provide his platform with important price feeds. These feeds will be accurate, reliable, secure, and will be updated in a timely fashion, subsequently improving the user experience (UX).
Jain also added that the token swap platform looks forward to crossing many milestones with the fast-rising oracle platform. According to him, both platforms have a lot of “unique benefits” to gain from this integration.
Notably, all tokens listed on KyberSwap will have access to Band Protocol’s reference prices. This will ultimately protect traders from price manipulation, etc.
CEO and co-founder of Band Protocol, Soravis Srinawakoon, also disclosed his pleasure in the integration. He said, “We are thrilled to make KyberSwap an even more secure avenue for users to swap between Ethereum tokens.” He added, “By integrating with KyberSwap, Band Protocol is providing valuable off-chain information to the end-users.”
Band Protocol currently provides price data for several platforms, including Elrond, Neutrino, Mantra Dao, etc. The Oracle platform also recently announced the revamping of its open-source block explorer, CosmoScan.
Find out more about Kyber Network and KyberSwap on the Altcoin Buzz YouTube channel.