Band Protocol has announced that it is now further building its integration with the Staller Ecosystem. The goal is to pioneer Oracle services to facilitate the development of dApps, decentralized applications. The mission simultaneously addresses the goal of promoting interoperability for non-EVM L1s.
Band Protocol has called this development a important step that now paves the way for developing dApps in DeFi and other Web3 applications.
While the Protocol provides Oracle services, Stellar plans to leverage the capabilities of Soroban – Stellar Smart Contracts. Soroban will first host the Oracle Service implementation before making another major leap. Defined as a underlying engineSoroban is tasked with broadening the functionality of Stellar Network. This allows it to execute smart contracts.
The Stellar Community Fund currently supports Band Protocol. The foundation to be laid during the integration will mainly focus on creating reliability and security for blockchain application development.
Band Protocol’s roles extend to supporting integration, providing support, and verifying compatibility. For starters, Band Protocol has been officially added to the list of Oracle providers in the Soroban testnet. It will then leverage the smart contract functionality to support development. Finally, the specific design for the integration will ensure that the Oracle service is compatible with Stellar’s unique non-EVM blockchain architecture.
The benefits of the integration are twofold:
- It improves security and reliability within the Stellar Smart Contract ecosystem.
- It gives developers access to real-time and cross-chain data for innovative app development.
Going forward, Band Protocol’s focus is on continuing to strengthen its presence in the Stellar ecosystem. The focus will be on expanding the offering and diversifying it to meet the increasing demands beyond the EVM-enabled ecosystem and the Stellar Smart Contract. This step is in line with the Band Protocol’s commitment to evolve with the rise of growth and needs of the ecosystem.
Stellar chose Band Protocol because it further expands the idea of decentralization and an inclusive financial system. Many more integrations are expected to take place in the coming years. These will be based on the foundation they are currently laying. The blockchain ecosystem is also expected to have tools to support the Web3 landscape.
A tentative timeline for the mainnet launch has not yet been shared. However, it is expected to demonstrate a unique integration approach compared to other chains.
Band Protocol has previously been integrated with Chee Finance and the Desmos Network. Both integrations meant that the Protocol’s price feeds came to the table with a vision to continue working together for the long term.
That said, BAND and XLM prices are up 3.76% and 0.66% in the last 24 hours at the time of writing this article. The tokens are worth $2.51 and $0.1423 respectively.