Balanced is thrilled to announce that we’ve partnered with Band Protocol, and will integrate them as our oracle solution upon launch. We chose Band Protocol not only because of their secure and decentralized protocol, but also because of their willingness to work closely with us, almost acting as an extension of the Balanced team.
As the first DeFi project on ICON, there was an extensive due diligence process evaluating several oracle options for secure data feeds for pricing of Balanced pegged assets and collateral. We collectively decided to integrate with Band Protocol upon launch, as their team and technology have given us the confidence that Band can securely support the addition of nearly any asset in a timely manner.
We have been working closely with their development team to outline an integration plan, and design a highly robust oracle with maximum security guarantee and resistance to manipulation. Band will have the capability to provide any and all data needs for Balanced.
The ability to create scalable, decentralized financial applications such as Balanced depends highly on an integrated technology stack that is capable of maintaining the foundational design principles of such applications. Balanced, the first DeFi project on ICON, has deemed Band Protocol an excellent oracle solution that provides us with the capability of accessing numerous, high quality data feeds that power real-world assets and the underlying collateralization protocol for ICX. We look forward to launching Balanced with Band Protocol, as well as leveraging their unique value propositions and collaborative team to extend our product offering to the global DeFi community.
— Scott Smiley, Balanced Co-Founder
Our initial collaboration with Band will center around the ICX/USD price feed to maintain the proper value and collateralization ratios of ICON Dollars (ICD). The price feed will be sourced from 5 high-quality and trusted sources selected by the Balanced team, that updates automatically every 60 minutes or upon a price deviation of 0.5%. These parameters are customizable using Band Protocol and can be changed in the future to adapt to the changing needs of Balanced.
This will expand into supporting the extensive DeFi ecosystem on Balanced, including adding many more pegged assets, such as ICON BTC, ICON Gold, ICON Oil, ICON ETFs, and more. The specific assets added will be up to the community of Balance Token holders, and Band Protocol, by design, will be able to provide accurate and secure data for any asset regardless of the chosen direction.
The Band team has been exceptional to work with, and we look forward to collaborating as Balanced continues to grow.
The Balanced team
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.