Band Protocol has partners with Omm Finance For Mainnet Launch of Open Money Market.
Omm Finance will launch on the ICON Network initially with three borrowing markets for ICX, USDS and IUSDC which Band Protocol price feeds will be implemented to retrieve reliable and accurate exchange rates, collateralization requirements, borrowing limits, risk ratios and liquidation mechanisms.
Working with Band Protocol, Omm Finance’s oracle design uses an aggregate of up to 10 reliable institutional-grade data providers and major exchanges including Brave New Coin, CryptoCompare, CoinGecko, CoinMarketCap, Binance, Huobi among many others.
This will ensure that Omm Finance will consistently be using real-time spot market data to safeguard users from frontrunners, lagged updates and any single points of failure.
Band Protocol is proud to secure an essential component of Omm Finance and continue to provide support across both technical and business facets into the long-term.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.
A OOM Finance is money market where anyone can lend and borrow assets, earn interest, and earn OMM for doing so.