TRON Partners with Band to Deliver On-Chain Oracles for DeFi
TRON dApp developers have just acquired new capabilities after TRON announced a partnership with Band Protocol.
The deal means that third-party devs will be able to utilize Band’s oracle solution to obtain tamper-proof price feeds and other external data sources. Reliable oracles are regarded as one of the most critical capabilities for a blockchain to acquire, significantly extending the utility of the sort of applications that can be built.
The partnership arrives at a good time for both projects, with TRON shipping new products, including JustSwap and BitTorrent File System, while Band has just secured a Coinbase listing and integrated with Binance Chain.
Oracles Come to TRON’s Decentralized Ecosystem
Band Protocol is the best-known oracle solution in the industry after Chainlink and the one with the most room to grow.
While Chainlink is focused around Ethereum, Band’s cross-chain oracle solution is compatible with any network, making it as suitable for TRON as it is for Polkadot or Binance Chain. Using Band’s APIs, developers can program smart contracts that respond to real-world events, be it the outcome of a sporting event, the weather on a particular day, or simply the price of BTC.
TRON has been on a mission to grow its decentralized finance ecosystem, and the partnership with Band will bolster this goal. Adding oracles to a blockchain network gives devs the power to create applications that are not limited to events that occur on-chain. Prediction markets, derivatives products, and synthetic asset trading are just some of the possibilities that oracles can help deliver.
How BandChain Works on TRON
BandChain – Band’s decentralized oracle network – has been implemented on TRON using a bridge, and instructions on utilizing it have been added to TRON’s developer documentation, to make it easier for dApp creators to start exploring its capabilities.
Devs can either query the data that is available as standard within the BandChain bridge contract or create their custom oracle.
One of TRON’s primary value propositions has been its scalability: the network is both faster and cheaper than Ethereum, which makes it ideal for running defi applications. Ethereum’s network effects are hard to beat, however, but oracles provide a workaround.
DApp developers can now create applications on TRON that call in data from Ethereum, for instance. BandChain supports several price pairs that can be queried via its bridge smart contract.
“We are ecstatic to enhance TRON with the most valuable oracle product on the market,” said TRON founder Justin Sun. “This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain…TRON’s ecosystem is growing faster than ever and having Band Protocol secure our top applications helps us speed up the adoption of defi and dApps worldwide.”
Like TRON assets such as TRX and JST, Band Protocol’s native token has been on a tear lately. BAND is up 239% in the last month off the back of significant exchange listings and new integrations.
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