Band Protocol has rolled out on the Celo Alfajores L2 Testnet, a serious improve for DeFi growth. By integrating its decentralized Oracle tech with Celo’s scalable Layer 2 community, Band units the stage for safe, data-driven functions.
The transfer aligns with Celo’s push for monetary inclusion, giving builders highly effective infrastructure on which to construct.
Why Celo Selected Band Protocol As Oracle As a substitute of Chainlink
Decentralized Oracle options like Band Protocol
.cwp-coin-chart svg path {
stroke: ;
stroke-width: ;
}
Worth
Buying and selling quantity in 24h
<!–
?
–>
Final 7d worth motion
are the spine of real-time knowledge in blockchain networks. DeFi apps—suppose lending platforms, buying and selling bots, and GameFi initiatives—rely on recent, correct knowledge to run with no hitch.
Band cuts out the intermediary by pooling worth feeds for property like BTC, CELO, DAI, and ETH, ditching centralized knowledge sources to reduce dangers and construct a safer ecosystem. This setup offers customers and builders clearer perception, bolstering belief in blockchain tech.
1/ Excited to share that Band Protocol has built-in with @Celo L2 Alfajores Testnet, combining Celo’s imaginative and prescient of world monetary inclusion with Band Oracle. Let’s dive into what this implies for the DeFi ecosystem.
Full Particulars:
Abstract
pic.twitter.com/BqSkDDzhrS
— Band Protocol (@BandProtocol) December 11, 2024
With the shift from a standalone Layer 1 to an Ethereum-compatible Layer 2, Celo deepens its Web3 ties and widens its attain within the crypto ecosystem. Band Protocol’s Oracle tech seamlessly suits in right here, delivering the exact knowledge DeFi initiatives want whereas aligning with Celo’s push for sustainable, inclusive innovation.
EXPLORE: 15 Finest Nameless Bitcoin Wallets with no KYC in 2024
Technical Overview of the BAND – CELO Integration
Band Protocol’s implementation on Celo Alfajores L2 focuses on simplicity and effectivity. Builders can now combine Band Commonplace Reference Contracts into their dApps, unlocking real-time, cross-chain worth feeds. Right here’s how the method works inside the Alfajores Testnet ecosystem:
Information Request: Celo dApps request knowledge like BTC/USD charges by way of Band’s Oracle.
Information Aggregation: Band Oracle gathers knowledge from a number of sources (e.g., Binance, CoinMarketCap) and processes it utilizing BandChain’s consensus mechanism.
Information Relay: Verified knowledge is distributed to reference contracts on Celo Alfajores L2.
Image Studying: Builders retrieve the requested knowledge from the reference contract to be used of their dApps.
Actual-Time Replace: The dApp makes use of the info for worth updates or automated buying and selling features.
Key Benefits of BAND Protocol for Builders and Customers
Dependable and Decentralized Worth Feeds
By leveraging Band Protocol, builders on Celo L2 achieve entry to correct, decentralized worth knowledge for a rising record of property. This ensures reliability and mitigates dangers related to single factors of failure, fostering belief within the community.
Enhanced Safety and Resilience
Band Oracles operates with a decentralized spine, locking out manipulation and bolstering safety for DeFi techniques. It’s a pure match with Celo’s imaginative and prescient of a regenerative digital economic system, constructed on infrastructure builders and customers can belief with out hesitation.
Scalability for Monetary Inclusion
With Celo’s scalable Layer 2 tech and Band’s Oracle infrastructure working in tandem, builders achieve the instruments to create monetary merchandise which might be each inexpensive and environment friendly. It’s all a step towards Celo’s bigger aim of creating monetary providers accessible to uncared for corners of the world.
EXPLORE: 20 New Crypto Cash to Put money into 2024
What’s Forward for Band Protocol and CELO?
The mixing with Band Protocol marks a key milestone as Celo prepares for its L2 principal web launch. Upcoming targets embrace additional optimization and the addition of extra property to Band’s knowledge feed library. Because the community good points momentum, builders and customers stand getting ready to a streamlined, safe ecosystem.
Pairing Oracle know-how with a Layer 2 community constructed for scale alerts a shift towards a DeFi area that values accessibility and effectivity. This collaboration is simply the beginning of reshaping what decentralized finance can obtain.
EXPLORE: Crypto to Hollywood: ‘Crypto Man’ and Streaming Giants HBO and Netflix Are Embracing Crypto Tradition
Be a part of The 99Bitcoins Information Discord Right here For The Newest Market Updates
The submit Band Protocol and Celo Launch L2 Testnet for Scalable and Inclusive DeFi appeared first on 99Bitcoins.
