Band Protocol Partnership with CLV to bring secure and accurate data feeds to its infrastructure platform for cross-chain and decentralized applications.
Different blockchain networks currently remain isolated in silos that cannot truthfully communicate with each other. The isolation between different ecosystems has been a major barrier to mass adoption. This has resulted in many centralized third-party custodial services to come up with solutions to exchange financial assets in an efficient manner. However, these centralized solutions defeat the core blockchain concept of decentralization, transparency, and immutability. And now announcing Band Protocol Partnership with CLV.
CLV aims to solve the current challenge of trustless communication by creating a new level of interoperability by using its built-in SPV (Special Purpose Vehicle) chain simulation technology. This technology enables seamless cross-chain communication and trustless two-ways pegs between two separate chains such as Ethereum and Polkadot.
As a cross-chain compatible decentralized oracle that enables interoperability between smart contracts and the traditional web, Band Protocol’s partnership with CLV will help to enhance and extend smart contract capabilities for developers on the CLV ecosystem. Presently, lenders on CLV are using oracle feeds provided by Band Protocol.
Through this integration, current and future CLV developers can leverage Band Protocol oracles to connect to external data providers in a reliable, accurate and decentralized manner.
The Band Standard Dataset currently includes a collection of over 80+ qualified data feeds from a growing number of data sources. Band Protocol will provide additional ticker on request and a variety of End-to-End customization which gives developers an enhanced developing experience to help propel the growth of the Web3.0 ecosystem.
Formerly known as Clover Finance. CLV is a Substrate-based specialized Layer 1 chain that is EVM compatible and cross-chain interoperable. Essentially enabling developers to bridge DeFi dApps between Ethereum and Polkadot. CLV won Polkadot’s fifth parachain slot auction in December 2021. The project seeks to provide an intuitive blockchain infrastrastructure to reduce the effort and cost for DeFi developers.
About Band Protocol
Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts. Enabling 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. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.