Nervos integrates Band Protocol’s price feeds for decentralized apps
Nervos, an open-source public blockchain network, today announced the integration of Band Protocol, a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Integrating Band Protocol will allow Nervos developers and third-party applications alike to utilize price feeds, which are particularly useful for decentralized finance (DeFi) applications, and obtain other real-world data in real-time from verified external sources.
Nervos’ integration of Band Protocol’s data oracle provides developers with access to trusted and verified external data, which is crucial when building decentralized applications (dApps) on the blockchain. For example, DeFi developers need price feeds to begin token swaps and the loan collateralization process. Developers on Nervos will now have ready access to Band Protocol’s built-in oracle and the tools to create customized decentralized oracles for up-to-date and tamper-proof supporting data feeds.
“With access to Band Protocol’s secure, blockchain-agnostic, decentralized oracle framework, Nervos developers will be able to easily access price feeds, event information, and other data oracles—enabling them to continue to build scalable and innovative dApps on the Nervos blockchain,” said Band Protocol CEO and Co-Founder Soravis Srinawakoon.
Phase One: CKB-VM Bridge Contract
Nervos’ integration of Band Protocol will take place in two phases over the next several months. During the first phase, which is expected to be completed by the end of August, Nervos will support the Band Protocol team with a CKB-VM (RISC-V instructions-based) bridge contract. The initial bridge will rely on a trusted data relayer operated by Band Foundation.
This will allow dApps on Nervos to tap into selected crypto price feeds from BandChain, Band Protocol’s high performance blockchain for data oracles, to bootstrap the DeFi ecosystem native to Nervos. The interoperability achieved through the bridge contract will enable developers across both BandChain and Nervos Network to build dApps and take leverage of Band Protocol’s oracles for truly scalable decentralized applications.
Phase Two: Full Bridge to BandChain
The second phase, which is tentatively scheduled for September and October, will result in a full bridge to the BandChain. This second phase of integration will enable Nervos developers to connect dApps with any open APIs via a customizable Data Oracle Script, which is programmable in Rust and any language compatible with the WebAssembly standard.
The bridge will operate in a fully trustless and permissionless manner allowing dApp developers on Nervos to leverage any open and premium data sources such as crypto price aggregators, exchanges, foreign exchange rate providers, sports and esports data reporters, and more through Band Protocol’s oracle technology.
“Access to oracles is an essential part of not just building dApps but also creating a truly interconnected blockchain ecosystem,” said Nervos co-founder Terry Tai. “Through our integration of Band Protocol’s oracles, we’re not only giving our developers access to vital oracle data to build scalable decentralized applications on Nervos but also enabling them to contribute to the greater ecosystem, where scalability and interoperability will play a key role in blockchain growth.”
The integration of Band Protocol’s cross-chain data oracles follows a series of key partnerships for Nervos, including integrations with the Grin community and China’s Blockchain Service Network (BSN). As Nervos continues to focus on scaling dApps on Layer 2 and expanding its ecosystem, the project is focused on providing flexible tools for its 40,000+ member developer community.
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