In summary:
- The team at Binance has announced a partnership with the Band (BAND) Protocol.
- Binance Smart Chain has integrated BandChain’s decentralized Oracle Network.
- The oracle network connects real-world data and APIs to smart contracts.
- This move solidifies Binance Chain’s intention to venture into DeFi.
A few hours ago, the team at Binance announced that they had partnered with the Band (BAND) Protocol to bring decentralized and customizable oracles to the Binance Smart Chain ecosystem. The announcement went on to explain that move will open a gateway to scalable DeFi applications on the Binance Smart Chain.
The integration with Band Protocol offers an efficient oracle request process, low-cost real-time data, high quality data, end-to-end customizability and decentralization – opening the gateway for reliable DeFi and blockchain applications to be built on Binance Smart Chain.
Binance Smart Chain developers are now equipped to build truly scalable products, including DeFi, programmable payments, betting games, VRF applications, prediction markets and more!
Why Binance Chose Band Protocol
Additionally, the team at Binance elaborated that the choice to integrate BandChain’s Oracle Network was due to its ability to connect real-world data and APIs to smart contracts, on-demand and in real-time.
Furthermore, the Band (BAND) project is backed by strong stakeholders such as Sequoia Capital, which is one of the top venture capital firms of the world, as well as Binance labs.
Binance Continues to Expand into DeFi
The move by Binance to integrate Band’s Oracle Network comes only weeks after ChainLink’s own oracle network was integrated into the Binance Smart Chain.
To add to the above, last week, the team at Binance announced that staking was now available on the testnet Binance Smart Chain using testnet BNB. The availability of staking on the testnet is in preparation for staking using actual BNB on the Mainnet of the Binance Smart Chain. Staking of BNB will incentivize hodlers for Binance Coin to earn interest on their holdings.
Also today, the team at Kava Labs announced that 1% of all circulating BNB is now locked in DeFi. BNB holders are currently enjoying the benefits of Yield farming on Kava.
1% of all circulating $BNB is now locked in #DeFi
BNB holders <3 Kava yield farming 🌱@cz_binance
— Kava Labs (@kava_labs) August 19, 2020