Stellar: Band Protocol data oracles now in the smart contract

Band Protocol, a leading data oracle provider, recently announced integration with the Stellar blockchain. The integration promises to make it easier to develop decentralized applications on the Stellar network and has sparked discussions about its potential to increase adoption of the XLM network.

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Band Protocol und Stellar-Smart-Contract

In a recent blog post, Band Protocol announced the successful deployment of its Data Oracles service on the Soroban testnet, the underlying engine for Stellar smart contracts. The integration follows Soroban’s recent upgrade . It expands the functionality of Stellar and developers have the opportunity to build DeFi and Web3 applications on the network.

Stellar Smart Contracts provide developers with an easy-to-use set of tools for quickly setting up projects and scaling efficiently, making it an attractive platform for developing dApps. With Band Protocol’s data oracles now integrated into the Stellar ecosystem, developers gain access to real-time prices, off-chain data and cross-chain information, enabling them to create innovative DeFi and develop alternative financial solutions.

1/🚀 Exciting integration update from #bandprotocol! Supported by an award from the #StellarCommunityFund, we've integrated our pioneering oracle services with smart contracts on SorobanOfficial’s testnet, @StellarOrg's smart contracts platform, marking a significant step in… pic.twitter.com/7SRmGSlf5D
— Band Protocol (@BandProtocol) March 7, 2024

Supported by the Stellar Community Fund, the Protocol integration improves the reliability and security of Stellar smart contracts and paves the way for a new era of blockchain application development in the Soroban ecosystem. This collaboration supports the functionality and security of smart contracts and dApps on the Stellar network, providing users with a seamless experience with fast transactions and access to various digital assets.

The Oracle integration on the Soroban testnet developed by the Band Protocol Core Contribution Team is particularly notable because it supports a non-EVM chain and uses smart contracts written in Rust. The robustness and security of the Band Protocol smart contracts have been rigorously tested by Runtime Verification and no critical issues were identified.

While Band Protocol’s price feed is currently available on the testnet, it is expected to launch on the mainnet soon. By leveraging Band Protocol’s interoperability, this integration enriches the product offering on Stellar and optimizes market efficiency, ultimately improving user experience and increasing adoption of dApps on the network.

XLM network adoption

At the time of writing, XLM is trading at $0.1422 and has a market cap of $4 billion. However, the integration of Band Protocol’s Oracle solution into the Stellar network has the potential to drive adoption of the XLM network in several ways.

As we reported , Soroban’s Turing-complete smart contract capabilities combined with its growing ecosystem of over 70 projects provide fertile ground for innovation in DeFi and DAOs.

Additionally, Band Protocol’s data oracles combines and integrates real-world data and APIs with smart contracts, enabling the development of on-chain applications such as DeFi, prediction markets and gaming without relying on centralized data oracles.

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Band Protocol’s Oracles integration can play a critical role in giving the Stellar network greater market share and securing its position as the leading blockchain platform of the future.