Binance Smart Chain has integrated with blockchain startup Band Protocol.
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.
Band Protocol is a permissionless blockchain protocol to create token-curated communities, each with its own personalized tokens. It facilitates the issuance of community token via bonding curve, a smart contract that mints and burns token through buy/sell function. Followers and curators who wish to partake in the community can send BAND token to the contract and receive community token, and vice versa for sell function. Its cross-chain data oracles on the Cosmos Network connects developers to real-world market prices, offering faster settlement, lower transaction fees and increased scalability to eliminate the congestion and security issues faced by Ethereum-based dApps.
The goal of the integration is to bring Decentralized Finance (DeFi) applications and features to users across the world.
“We are excited to grow the DeFi industry with Binance Smart Chain by supporting more powerful and diverse decentralized applications across different blockchains. Scalability is a key factor for DeFi to compete with Centralised Finance (CeFi) and we look forward to unlocking its immense potential through Binance Smart Chain,” said Soravis Srinawakoon, CEO and Co-Founder of Band Protocol.
“Binance is supportive of blockchain innovation on the community-driven Binance Smart Chain and across the broader industry. By introducing Band Protocol’s data oracles, Binance Smart Chain allows the global developers to focus on building DeFi products using on-chain and off-chain data retrieved by the oracle system, which will accelerate the growth of the DeFi industry and drive sustainable development of the blockchain industry,” said Binance Founder and CEO Changpeng Zhao.
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