- The integration of Band Protocol’s oracle service with Stellar Smart Contracts on the Soroban testnet significantly enhances the network’s reliability and security.
- This collaboration not only supports the development of advanced DeFi and alternative finance solutions on Stellar but also lays the groundwork for a robust and scalable web3 ecosystem.
Band Protocol has announced the successful deployment of its oracle service on the Soroban testnet, part of the Stellar Smart Contracts ecosystem. This move comes on the heels of Band Protocol’s receipt of an award from the Stellar Community Fund in May 2023, underscoring the project’s potential to transform the Stellar network.
1/🚀 Exciting integration update from #bandprotocol! Supported by an award from the #StellarCommunityFund, we've integrated our pioneering oracle services with smart contracts on SorobanOfficial’s testnet, @StellarOrg's smart contracts platform, marking a significant step in… pic.twitter.com/7SRmGSlf5D
— Band Protocol (@BandProtocol) March 7, 2024
Strengthening Stellar Smart Contracts
The integration of Band Protocol’s oracle solutions with Stellar Smart Contracts introduces a new level of reliability and security to the network. This collaboration heralds a new era for blockchain application development within the Soroban ecosystem, enhancing both the functionality and security of smart contracts and decentralized applications (dApps) on the Stellar platform.
With the support of the Stellar Community Fund, Band Protocol is poised to revolutionize the Stellar network by offering developers access to crucial real-time data, including price feeds, off-chain data, and cross-chain information.
This capability enables the creation of cutting-edge decentralized finance (DeFi) and alternative finance solutions, marking a pivotal move towards a more interconnected and efficient blockchain ecosystem.
Pioneering Non-EVM Chain Integration
The oracle integration on Soroban’s testnet, developed from scratch by Band Protocol’s Core Contribution Team, represents a groundbreaking approach as it caters specifically to a non-EVM chain.
Utilizing smart contracts written in Rust, this integration sets a precedent for Band Protocol’s future endeavors and demonstrates its commitment to diversifying blockchain technology.
The security of the smart contracts, a cornerstone of this integration, has been rigorously audited by Runtime Verification, with the audit revealing no critical issues. This thorough security assessment ensures that the Stellar network will benefit from robust and reliable oracle services, instilling confidence among users and developers alike.
Preparing for Mainnet Launch
Currently available on the testnet, Band Protocol’s price feed is gearing up for an upcoming launch on the mainnet. This step signifies a distinctive approach to integration, differing from those employed on other blockchain chains and highlighting Band Protocol’s innovative strategies.
Band Protocol emerges as a vital infrastructure within the Soroban ecosystem, serving as a pioneering data oracle that significantly contributes to the network’s growth.
Its deployment within Stellar Smart Contracts is facilitated by the Band chain’s interoperability, which extends beyond the EVM and CosmWasm ecosystems, enriching the Stellar platform’s offerings and optimizing market efficiency.
XLM Adoption on The Rise
Following the significant integration of Band Protocol’s oracle service with Stellar’s Soroban testnet, a notable surge in XLM adoption is anticipated.
This enhancement to the Stellar network, through the provision of reliable and secure smart contract functionalities, paves the way for an array of innovative decentralized applications and financial solutions, as ETHNews had earlier detailed.
As developers gain access to a broader spectrum of real-time data and cross-chain information, the Stellar ecosystem is poised to attract a diverse group of users and investors, thereby bolstering the demand and utility of XLM.
This upward trajectory in adoption is reflective of the growing confidence in Stellar’s infrastructure and its potential to redefine the landscape of blockchain-based applications and financial services.
At the time of writing, the price of XLM has risen 1.82% in the last 24 hours, reaching a price of $0.1429. This represents an increase of 14.01% over the past 7 days.