Band Protocol Supercharges X Layer: Balancing Familiarity and Innovation on OKX's ZK-Powered Layer 2

As the demand for real-world data in decentralized applications continues to grow, Band Protocol is at the forefront of providing reliable oracle solutions to power these applications. Today, we are excited to announce a strategic integration with OKX X Layer, a ZK-powered Layer 2 network. This collaboration marks a significant milestone in our journey to enhance blockchain interoperability and provide seamless access to real-world data. Integrating with OKX X Layer, a platform that bridges the OKX and Ethereum communities is a significant step forward in Band Protocol's mission to democratize data access in the blockchain space.

Band Protocol's integration with OKX X Layer showcases Band Protocol's commitment to delivering decentralized, secure, and reliable data to the world of decentralized applications (dApps). By combining OKX X Layer's unparalleled user experience and global reach with Band Protocol's robust oracle solutions, we are set to drive new innovation and utility within the decentralized ecosystem.

X Layer: Balancing Ethereum Familiarity and ZK Innovation

We decided to tap into X Layer because it ingeniously balances the familiarity of Ethereum with the innovation of ZK-powered networks. With this invention, developers, can leverage existing Ethereum tools and assets while enjoying significant cost savings and high-speed ZK infrastructure.

This seamless blend not only eases the transition for developers familiar with Ethereum but also introduces them to the advancements offered by ZK technology. For end users, this means faster transactions and lower costs, all while maintaining the security and decentralization that are the hallmarks of blockchain technology.

This balance of familiarity and innovation is further enhanced by the network's unrivaled transaction speed, propelled by advanced hardware and sophisticated algorithms, offering near-instantaneous transactions that elevate the overall user experience. This blend of familiarity and innovation ensures that both developers and users can easily adapt to and benefit from the advanced features of OKX X Layer.

Band Price Feed Integration on X Layer: A High-level Technical Overview

Integrating Band Price Feed with X Layer is meticulously designed to provide decentralized applications (dApps) on the network with reliable, precise, and real-time data. Below is a step-by-step breakdown of how Band Oracle integrates with X Layer, ensuring that decentralized applications receive accurate and timely data.

1. Accessing External Data Sources (Exchanges, Markets):Band Oracle gathers data from a variety of external sources, including major exchanges and market data providers. These sources include prominent platforms like CoinMarketCap, CoinGecko, Binance, among others, ensuring a wide and thorough range of data.
2. Data Aggregation & Security Measures (Consensus Mechanisms):The data collected is then aggregated and secured through BandChain’s consensus mechanisms. This step is crucial to ensuring the accuracy, tamper-resistance, and reliability of the data before it is transmitted further.
3. Secure Data Relay:After aggregation and verification, the data is securely relayed to Band Standard Reference Contracts. This ensures the data remains protected and unchanged during the transfer process.
4. Reading Symbols (e.g., BTC/USD, ETH/USD):dApps on X Layer can access specific symbols or data points they need, such as BTC/USD or ETH/USD, directly from Band Standard Reference Contracts. This provides dApps with real-time, accurate price feeds and other necessary data.
5. Delivering Price Data Back to the dApp: The retrieved data is then sent back to the requesting dApp. Depending on the application's needs, this data can be utilized in various ways, such as pricing assets, executing trades, or automating tasks based on real-time information.

Enhancing ZK-Powered X Layer with Band Oracle

The strategic integration of Band Protocol with OKX's X Layer network marks a significant enhancement of its capabilities. By leveraging Band Protocol's decentralized oracle network, X Layer now gains access to real-time and accurate data from various external sources. This integration is crucial for a wide range of decentralized applications (dApps), especially those in the DeFi sector, which rely heavily on timely and precise price data. Band Protocol's architecture not only ensures the integrity and reliability of price feed data but also bolsters the overall security and trustworthiness of the X Layer network.

Furthermore, this collaboration broadens the range of possible dApps on X Layer, enabling developers to explore and create applications previously constrained by limited data access. The cost-efficiency factor is also a significant advantage; the integration removes the need for expensive, centralized data providers, thereby reducing operational costs for dApp developers on X Layer. This integration is poised to attract a new segment of developers and end users, particularly those who require rapid and accurate price feed data, thereby fostering a more dynamic and diverse ecosystem. In essence, Band Protocol's integration is a key step in solidifying X Layer’s position as a robust and versatile Layer 2 solution in the blockchain industry.

Build on X Layer with Band!

Developers eager to dive into building on X Layer can kickstart their journey by exploring the comprehensive X Layer Documentation. Whether you're an experienced developer or a beginner, these resources will guide you through the process of developing and deploying dApps on X Layer.

Resources to Kickstart Your X Layer Development:

• Essential Developer Environments and Libraries for X Layer Deploymeny: X Layer Deployment Documentation
• Explore the X Layer Mainnet: X Layer Mainnet Explorer
• Bridge to the X Layer Mainnet: X Layer Mainnet Bridge

Useful Resources for Utilizing Band Price Feed on X Layer:

• Band Standard Reference Contracts (Solidity)
• BandChain Documentation
• Band Standard Reference proxy contract address on X Layer: 0xDA7a001b254CD22e46d3eAB04d937489c93174C3

Example of Band Standard Reference Contract: Query the price of BTC/USD and ETH/BTC

import interfaces/IStdReference.sol;

contract DemoBulk {
    IStdReference public ref;

    constructor(IStdReference _ref) public {
        ref = _ref;
    }

    function demo_bulk() external view returns (IStdReference.ReferenceData[] memory) {
        return ref.getReferenceDataBulk(["BTC", "ETH"], ["USD", "BTC"]);
    }
}

Conclusion

The integration of Band Protocol with OKX X Layer marks a significant milestone for decentralized applications and blockchain technology. By combining Band Protocol's robust data oracle solutions with the capabilities of a ZK-powered Layer 2 network, we are laying the groundwork for a more interconnected and data-driven blockchain ecosystem. This collaboration enhances the accessibility and reliability of real-world data for developers, paving the way for innovative dApps that leverage accurate, secure, and cost-efficient data feeds.

Looking ahead, Band Protocol remains committed to driving continuous innovation and fostering collaboration within the blockchain space. As we support the X Layer network's growth, we will continue to explore new partnerships and technological advancements to further elevate the potential of decentralized applications globally. Together, we are enhancing the network's capabilities and driving the future of decentralized applications, and we are thrilled to have you on board this journey and witness the impact this will have on developers, end users, and the broader crypto community.

About OKX’s X Layer

OKX's X layer is an advanced ZK-powered Layer 2 network that bridges the OKX and Ethereum communities, creating a global on-chain ecosystem. It supports the development of ZK-powered dApps with 100% Ethereum Virtual Machine (EVM) compatibility, using the Polygon CDK for near-instant transaction finality and unified liquidity. X Layer allows for secure deployment of EVM smart contracts and asset transfers across OKX, Ethereum, and compatible chains. The network is accessible via the OKX Wallet, which enables innovative DApp creation through its efficient infrastructure, positioning X Layer at the forefront of Web3 development.

About Band Protocol

Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling 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.

More about Band Protocol: Linktree