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Celebrating the meme season, Band Protocol's co-founder, Soravis Srinawakoon suggested transforming the $BAND token into a memecoin by removing its core oracle function.
In celebration of memecoin season, I propose we remove oracle function from @BandProtocol and turn $band into a memecoin, shall we? 🤔
— Soravis Srinawakoon | BAND (🅑) (@SSrinawakoon) March 11, 2024
The proposal, made on X/Twitter, sparked both amusement and discussion within the crypto community.
The Band Protocol project joined the banter by supporting the idea, envisioning $BAND as the "first fully-featured interchain memecoin on Cosmos."
Some community members endorsed the move, emphasizing that the oracle function had a somewhat meme-like status.
Nobody serious uses your oracles I thought it was it was a meme already
— Albie (@linkchainlink) March 11, 2024
U-Turn: Just a Memecoin Meme
However, the project later clarified that the proposal was intended as a meme itself, stating,
"While we do love memes, this tweet was intended to be just a meme itself and nothing further (we're sorry for disappointing some of the meme lovers out there). We're 100% on course for building a more performant and decentralized oracle coming up in the Band v3. Stay tuned!"
In the aftermath, Band Protocol extended an invitation for collaborations related to AI. The project expressed openness to work with others looking to verify the integrity of AI requests and store their permanent records on the blockchain.
Band Protocol operates as a decentralized oracle project, facilitating the connection of data with the blockchain ecosystem. Leveraging BandChain, a public blockchain, users can request data from APIs and various web services. Notable backers of Band include TheSpartanGroup, Woodstockfund, and snzholding, as reported by Crunchbase.