Expanding Data Availability and Interoperability Across Multiple Blockchains
Band Protocol, a leading decentralized data oracle platform, has announced a groundbreaking integration plan with Axelar, the interoperability layer that enables interchain applications in Web3. The integration will bring enhanced data availability to the multi-chain ecosystem.
Powering Cross-Chain Data Oracles: Band Protocol and Axelar Collaboration
This integration will harness the unique capabilities of both platforms, unlocking a host of benefits and opportunities such as seamless connection and cross-chain interoperability between the EVM and Cosmos ecosystems in a decentralized manner. This will enable verified data, provided by Band Protocol Oracle solutions, to travel across multiple blockchain networks. This allows dApps operating on different chains that have been connected with the Axelar bridge to tap into Band Protocol's extensive suite of off-chain data services beyond the flagship price feed oracle; dApps will also be able to leverage VRF (Verifiable Random Function) offered by Band Protocol. This integration will be the first of its kind and marks a pioneering milestone in the industry.
Band Protocol specializes in providing reliable and verifiable data to smart contracts, enabling decentralized applications (dApps) to access off-chain information. By integrating with Axelar, Band Protocol will gain the ability to extend its oracle solutions to multiple blockchain networks through Axelar's programmable interoperability layer, unlocking a new realm of possibilities for dApps operating on different chains. Particularly, dApps that operate on both EVM and Cosmos chains can maximize the most benefits from this integration.
One of the key benefits of Band Protocol will be the ability to offer extended multi-chain support in a more convenient and accessible way for dApps in both the Cosmos and EVM ecosystems. With the integration of Axelar's secure cross-chain communication capabilities, Band Protocol's oracle services can be accessed by dApps running on the 40+ interconnected blockchains supported by Axelar’s network coverage. This expansion of reach will ensure that developers and users on different chains can seamlessly tap into Band Protocol's extensive data feeds and services, providing them with a more comprehensive and reliable data ecosystem.
Critically, Axelar goes beyond bridges, supporting General Message Passing (GMP). By integrating Axelar GMP, Band Protocol empowers dApps to access and utilize data from different chains, breaking down silos and enabling more sophisticated use cases.
Whether it's financial applications requiring real-time price feeds and accurate market data, GameFi applications requiring VRF for on-chain randomization, NFT creators requiring VRF for fair distribution of their collections or privacy/security applications needing external data verification, Band Protocol's oracle solutions now extend their functionality to a broader user base across interconnected chains.
In turn, applications that connect to Axelar benefit from the integration through access to a new source of enhanced cross-chain and off-chain data validation. Band Protocol, with its robust data verification capabilities, plays a vital role in ensuring the trustworthiness of cross-chain and off-chain data transactions. By validating data at the source and providing cryptographic proofs or signatures, Band Protocol strengthens the integrity of data transfers facilitated by the Axelar network.
The integration of Band Protocol and Axelar marks a significant step towards seamless data interoperability and reliable cross-chain communication. By bringing together Band Protocol's industry-leading oracle solutions and Axelar's interoperability infrastructure, the integration unlocks new possibilities and supports existing and new use cases for developers and users in the multi-chain ecosystem.
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. 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.
More about Band Protocol: Linktree
Axelar is a programmable interoperability layer that connects any ecosystem. That means dApp users can interact with any asset, any application, on any chain, with one click. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus. You can think of it as Stripe for Web3.
More about Axelar: axelar.network.