TRON, one of the largest blockchain-based operating systems has strategically partnered with Band Protocol, a cross-chain data oracle platform.
In a press release shared with Altcoin Buzz, TRON revealed that it has completed Band Protocol’s integration to power its DeFi and dApp space with decentralized oracles. This oracle integration marks the beginning of a series of TRON DeFi partnerships.
As a result of this oracle integration, all the TRON dApp developers and leading dApps in the ecosystem will be able to build external price feeds into dApps easily. This will prove to be an extremely valuable feature. Furthermore, it will pave the way towards the development of highly-sophisticated dApps. These dApps will be able to pull data from any chain or external environment.
Along with the high-throughput, customizable and decentralized oracles, this integration will also create a TRC20 BAND token. This is a multi-purpose token that will find utilization in TRON DeFi dApps. The token will have a store of value, will find use as a collateral asset and medium of exchange.
Highly-secure TRON application ecosystem
Band Protocol is the first external oracle solution integrated into TRON. Both the teams are working closely to secure all TRON applications. These applications span across government DeFi solutions, enterprise solutions, gaming, RNG, and much more.
BandChain empowers TRON
This integration will make the development of highly decentralized and truly scalable dApps possible. The first dApp integrated to the ecosystem is the MakerDAO inspired JUST dApp. As one of the leading stablecoin protocol on TRON, JUST locks-in over $30 million in collateral. With the assistance of TRON core developers, the bridge implementation of the BandChain decentralized oracle network to JUST has completed. Also, Band Protocol is now added to the developer’s documentation.
With the completion of the bridge, the following price pairs can be read on the BandChain bridge smart contract:
Band Protocol’s crypto-asset price feeds update every 5 minutes automatically.
Better than Ethereum
With Band Protocol integration, TRON will become a go-to platform for dApp developers. This is because Ethereum
is yet to scale and the current DeFi boom has lead to on-chain fee crises. Even deploying a smart-contract on the mainnet is now costing several hundred dollars.
TRON is all primed to lure the dApp developers with low fees and highly scalable infrastructure.
According to Justin Sun, CEO of BitTorrent and Founder of TRON, Band Protocol is one of the most valuable oracle products in the market. With this strategic partnership, TRON’s ecosystem will grow faster than ever as this will speed up the adoption of DeFi and dApps.
As per the press release, this is a deep collaboration and both teams will work together to trigger the mass adoption.
Previously, we published a detailed guide about DeFi
for our readers. It talks about how DeFi is different from traditional finance.