Cronos Enters Into Strategic Collaboration with Band Protocol
Cronos is embedding with Band Protocol’s scalable Oracle system to offer trustworthy third-party information for DeFi and other Cronos applications.
Cronos programmers will benefit from the high-performance decentralized oracle’s usability, safety, and unrivaled connectivity. Developers may use this to create flexible, decentralized oracles that can handle any third-party data requirements.
It is worth noting that the connection will be bidirectional, since the Band Protocol environment will include the Cronos price stream as one among its datasets. Cronos, on the contrary, will include Band Protocol’s pricing inputs, allowing programmers to connect with a trustworthy oracle service.
Band Protocol oracles has passed the test of time and currently generate over $8 billion in smart contract income. Notably, the Band Standard Dataset includes more than 230 price inputs for crypto assets, currency, and commodities. Cronos programmers will now have access to the Dataset.
Band Protocol’s ecosystem is based on Cosmos SDK, much as Cronos EVM operates concurrently with the Crypto.org Chain. The latter may send info to different blockchains, including those powered by Cosmos. Developers may now easily transfer their DeFi Dapps to the Crypto.org Chain thanks to the latest Cronos-Band Protocol connectivity.
“The inclusion of Band Protocol into the Cronos landscape comes strongly advisable to all coders to link any third-party database and personalize their decentralized oracles, which is crucial for DeFi Dapps that require high efficiency, decentralized, real-time external financial information to run,” said Kris Marszalek, co-founder and CEO of Crypto.com.
Band Protocol Co-Founder and CEO Soravis Srinawakoon stated that the connectivity will substantially improve developers’ framework and tools. Developers may build dependable and safe apps using decentralized oracles. Cronos intends to significantly scale the DeFi environment so that programmers may quickly port applications from Ethereum and EVM-compatible chains.
This is aided by Particle B’s $100 million EVM fund and exposure to Crypto.com’s 10 million+ users. Cronos is notable for being constructed on Ethermint, a Cosmos SDK development infrastructure. Ethermint is utilized to build scalable, highlycapable blockchains that are completely compatible with Ethereum.
Cronos, which debuted its testnet on July 20 this year, is currently accepting fresh ventures for its platform. Band Protocol, on the contrary, is a cross-chain information oracle platform that integrates and connects real-world info and APIs to smart contracts. Blockchains provide unalterable storage as well as predictable traceable calculations.
Nonetheless, they cannot securely access info outside their sphere. On-chain smart contract applications such as DeFi, gaming, and betting markets may be created using Band Protocol. Dapps no longer have to depend on untrustworthy centralized oracles for information. Band Protocol is backed by a large network of stakeholders in order to achieve its goals. Leading venture capital companies Sequoia Capital and Binance, a cryptocurrency exchange, are among them.