DeFi Neutrino protocol integrates band protocol oracles to provide reliable price data for Waves tokens
Neutrino Protocol, a DeFi application based on Waves technology, has chosen the Decentralized Band Protocol oracle to provide safe and reliable pricing data for the Waves token.
Neutrino is a stablecoin protocol that allows users to use WAVES tokens as collateral to mint Neutrino's native stablecoin USDN.
Band Protocol announced the news in a blog post published on Tuesday, July 14. According to the announcements, Neutrino will use the Brand Protocol oracle to query the WAVES / USD price feed from five unique data sources and trustworthy including CoinGecko, Binance, OKEx, Huobi, Kraken, and CryptoCompare on BandChain.
The integration follows a strategic partnership between Waves and Band Protocol aimed at driving decentralized finance and Web 3.0 application. With this partnership, developers, businesses, and other players leveraging the Waves platform can now use the bandwidth protocol without permission to connect to any external data source.
Neutrino Protocol is one of the platforms in Waves that has integrated the band protocol to provide reliable price data for the Waves token. According to the announcement,
"Price updates are sent to the Waves blockchain by default every hour or when there is a 0.5% price deviation." However, these parameters (time interval and price deviation) are customizable.
"The band's oracles will also be used in collateral calculations to issue USDN and redeem WAVES in neutrino minting and clearance protocols," said Band Protocol.
Neutrino Protocol is a stable price multi-asset algorithmic protocol that gives holders the ability to gamble with the rewards generated by the Waves Platform economy.
The main objective of the protocol is to release a token backed by so-called collateralization, and Neutrino's native token, Dollar Neutrino (USDN) exhibits these properties as it is guaranteed by the Waves native token. Currently, the platform has a total value of $ 15 million locked as collateral and participation.
Alexey Pupyshev, co-author and product advisor for Neutrino, commented:
Neutrino, the most widely used decentralized application on the Waves blockchain, prides itself on collaborating and working alongside the Band Protocol to secure the millions of dollars in collateral enshrined in smart contracts. This has been accomplished by creating a custom decentralized oracle in BandChain to provide a robust and scalable real-time pricing supply for WAVES / USD that leverages multiple, high-quality, reliable data sources and on-demand updates. Band oracles will also provide anomaly detection to prevent user funds in the event of black swans or piracy events. "
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Soravis Srinawakoon, CEO and co-founder of Band Protocol, stated:
“Band Protocol is pleased to support the Waves Neutrino-based Stable Coins project with real-time Oracle solutions backed by the security and scalability of reliable cross-chain data. Both teams have been working on a highly customized Oracle solution utilizing Band Protocol's decentralized Oracle network to ensure that the stablecoin protocol is not susceptible to price fluctuations / manipulations and is capable of detecting price anomalies in price oracles. existing managed by Neutrino stakeholders. "
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