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Band Protocol Enhances Integration with Stellar Ecosystem
Band Protocol recently announced its continued efforts to integrate with the Stellar Ecosystem, focusing on pioneering Oracle services to support the development of decentralized applications (dApps). This initiative is part of the larger mission to advance interoperability for non-EVM L1s.
Significant Progress in Oracle Services
The development has been described as a significant step forward in the realm of dApp development within DeFi and other Web3 applications. Band Protocol is working on providing Oracle services, while Stellar plans to utilize Soroban – Stellar Smart Contracts – to enhance the functionality of the Stellar Network.
Soroban, referred to as an underlying engine, will serve as the host for deploying Oracle Services, enabling the operation of smart contracts on the platform. The Stellar Community Fund is currently supporting Band Protocol in this endeavor, with a focus on establishing reliability and security for blockchain application development.
Benefits of Integration
The integration of Band Protocol with the Stellar Ecosystem offers twofold benefits: enhanced security and reliability within the Stellar Smart Contract ecosystem and access to real-time, cross-chain data for innovative app development.
Looking ahead, Band Protocol aims to strengthen its presence in the Stellar ecosystem by expanding and diversifying its offerings to meet the evolving demands of the ecosystem. This aligns with the protocol’s commitment to evolving alongside the growth of the ecosystem.
Stellar’s choice of Band Protocol as a partner reflects a shared vision of decentralization and an inclusive financial system. Additional integrations are expected in the future, building upon the groundwork laid out in the current collaboration.
Future Outlook
While a specific timeline for the mainnet launch has not been announced, it is anticipated that the integration approach will be unique compared to other chains. Band Protocol has already integrated with Chee Finance and the Desmos Network, focusing on bringing price feeds to the table and fostering long-term partnerships.
As of the time of writing, the prices of BAND and XLM tokens have seen a 3.76% and 0.66% increase, respectively, in the last 24 hours. BAND is trading at $2.51, while XLM is at $0.1423.
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