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Band Protocol announced that it is now further building on its integration with the Staller Ecosystem. The commitment is to pioneer Oracle services to facilitate the development of dApps, decentralized applications. The mission simultaneously covers the purpose of advancing interoperability for non-EVM L1s.
Band Protocol has called this development a significant step that now paves the way for developing dApps in DeFi and other Web3 applications.
While the Protocol brings Oracle services, Stellar is planning to leverage the capabilities of Soroban – Stellar Smart Contracts. Soroban will first host the deployment of Oracle Service before making any other significant leap. Defined as an underlying engine, Soroban is tasked to broaden the functionality of Stellar Network. Thereby enabling it to operate smart contracts.
The Stellar Community Fund is currently supporting Band Protocol. The groundwork to be laid during the integration will primarily focus on establishing reliability and security for blockchain application development.
The roles of Band Protocol extend to backing the integration, awarding support, and verifying compatibility. For starters, Band Protocol has officially joined the list of Oracle providers in the Soroban testnet. Next, it will leverage the smart contract functionality to support the development. Finally, the specific design for the integration will ensure that the Oracle service is compatible with the unique non-EVM blockchain architecture of Stellar.
The benefits of the integration are twofold:
- It enhances security and reliability within the ecosystem of the Stellar Smart Contract.
- It allows developers to access real-time and cross-chain data for innovative app development.
Moving forward, the focus of Band Protocol is to continue strengthening its presence in the Stellar ecosystem. The focus will be on expanding the offering and diversifying the same to meet the rising demands beyond the EVM-compatible ecosystem and the Stellar Smart Contract. The move aligns with the commitment of the Band Protocol to evolve with the rise in growth and needs of the ecosystem.
Stellar has chosen Band Protocol because it takes forward the idea of decentralization and an inclusive financial system. Many more integrations are expected to happen in the years to come. These will be based on the groundwork that they are laying at the moment. The blockchain ecosystem is also expected to have tools to support the Web3 landscape.
A tentative timeline for the mainnet launch has not been shared yet. However, it is expected to demonstrate a unique integration approach in comparison to other chains.
Band Protocol has previously integrated with Chee Finance and the Desmos Network. Both integrations entailed bringing the price feeds of the Protocol to the table with a vision to continue working together for the long term.
That said, the prices of BAND and XLM are up by 3.76% and 0.66% in the last 24 hours at the time of writing this article. The tokens are listed at $2.51 and $0.1423, respectively.