Tron Enters Strategic Partnership With Band Protocol To Power Its Rapidly Growing DeFi Space
Tron has completed integration with the cross-chain data Oracle project, Band protocol in a recent partnership. This will improve scalability for all Tron developers by bringing high-throughput, customizable, and decentralized oracles to the Tron ecosystem.
Plans are underway to secure all Tron applications covering enterprise, government DeFi, betting, games, RNG, and more by integrating them with Band Protocol as part of the partnership. Tron’s leading stablecoin protocol JUST, with $30 million in collateral, will be the first to integrate with Band Protocol. This will be extended to several other dapps that process transactions in high volume to ensure the entire ecosystem is guarded.
Commenting on the partnership, Tron CEO Justin Sun said:
“We are ecstatic to enhance TRON with the most valuable oracle product on the market. This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain. The future of blockchain technology is bright as we kick off a series of TRON DeFi partnerships to come. 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.”
Both projects have already started working with top dapps on the Tron network to ensure the success of the Band Protocol integration, making a number of cryptocurrency pairs to be readable on the BandChain bridge smart contract. This includes BTC/USD, ETH/USD, BNB/USD, BUSD/USD, BAND/USD, XAU/USD, XAG/USD, EUR/USD, CNY/USD, JPY/USD, GBP/USD, and KRW/USD.
CEO & Co-Founder of Band Protocol Soravis Srinawakoon also speaking on the partnership said:
“Band Protocol is thrilled to be the first oracle solution integrated into the TRON public blockchain, a pioneer platform for scalable blockchain technology and world-leading operating system for almost 1000 decentralized applications. Working closely with the TRON team to support and bring secure, customizable and decentralized oracle technology will power the next generation of scalable applications that fuel the next wave of blockchain adoption.”
Also as part of the partnership, a TRC20 BAND token is to be created specifically for TRON DeFi DApps to utilize as a collateral asset, store of value, and medium of exchange among other uses. The integration will also enable Tron developers to build highly secure decentralized applications as well as reduce data cost and network congestion issues as scalability will be boosted. Hopefully, this will drive the adoption of its blockchain to help actualize the dream of a fully decentralized internet.