Band Protocol is Live On Mainnet

Secret Network has completed the implementation of Band Protocol to bring decentralized and scalable cross-chain oracles to Secret – with documentation and the oracle price feed being officially live on mainnet.

Band Protocol supports unrestricted access to 175+ price feeds, empowering the next generation of Secret DeFi dApps and tools by connecting trusted off-chain data from institutional providers, directly to Secret Network. Specifically, there is oracle support for foreign exchange rates (22), commodities (2), and cryptocurrencies (199). With the implementation of Band oracles, Secret Apps built on Secret Network will be empowered to use a wider range of decentralized price sources, creating even better and more powerful use cases with secret contracts.

The utilization of Band Protocol enables secret contracts to have access to data sources outside of the Secret Network protocol. This will be critical for the development of Secret Apps that are focused on data marketplaces, credit scoring, lending, insurance, synthetic assets, derivatives, stablecoins, staking derivatives, and DEXs (such as SecretSwap). All of this is made possible via Band Protocol’s cross-chain data oracle network on BandChain – a highly secure and scalable blockchain for off-chain sourcing, aggregation and reporting.

About Secret Network

Secret Network is the first blockchain with data privacy by default, allowing you to build and use applications that are both permissionless and privacy-preserving. This unique functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.

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.

➡️Source:
https://scrt.network/blog/band-protocol-live-on-mainnet