Band Protocol Enhances Oracle Services with Stellar Integration

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Band Protocol Enhances Integration with Stellar Ecosystem

Band Protocol has recently announced a significant step in its integration with the Stellar Ecosystem. The focus of this integration is to pioneer Oracle services for the development of decentralized applications (dApps). This move aims to advance interoperability for non-EVM L1s, offering new possibilities for DeFi and other Web3 applications.

Stellar Smart Contracts and Oracle Services

As part of the integration, Stellar plans to leverage Soroban – Stellar Smart Contracts – to host the deployment of Oracle Services. Soroban, described as an underlying engine, will enhance the functionality of the Stellar Network, enabling the operation of smart contracts. Band Protocol, with the support of the Stellar Community Fund, will play a vital role in ensuring the reliability and security of blockchain application development.

Band Protocol has officially become one of the Oracle providers in the Soroban testnet, setting the stage to support smart contract functionality and ensure compatibility with the unique non-EVM blockchain architecture of Stellar.

Benefits of Integration

The integration between Band Protocol and the Stellar Ecosystem offers twofold benefits:

  • Enhanced security and reliability within the ecosystem of Stellar Smart Contracts
  • Access to real-time and cross-chain data for innovative app development

Future Outlook

Band Protocol aims to strengthen its presence in the Stellar ecosystem by expanding and diversifying its offerings to meet the growing demands of the ecosystem. This commitment aligns with Band Protocol’s vision of evolving alongside the ecosystem’s growth and needs.

Stellar’s choice of Band Protocol reflects its dedication to decentralization and an inclusive financial system. More integrations are expected in the future, building upon the groundwork laid out in the present. While a tentative timeline for the mainnet launch remains undisclosed, it promises a unique integration approach compared to other chains.

Band Protocol’s previous integrations with Chee Finance and the Desmos Network highlight its commitment to providing price feeds and collaborating for long-term success. Currently, both BAND and XLM tokens have seen a price increase of 3.76% and 0.66% in the last 24 hours, with prices listed at $2.51 and $0.1423, respectively.

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