We are proud to announce our latest integration with Astar Network, a multi-chain smart contract platform on the Polkadot hub. We are excited to team up with Astar and its growing ecosystems of existing and new DApps. This integration also brings Shiden Network, Astar’s test network to the fold as well as we can confirm that Band Protocol is successfully live on Shiden Network.
Currently feeding over 15 price symbols to Astar and Shiden, Band hopes that this integration will help to foster and promote the many promising DApps on Astar and Shiden. As Astar and Shiden attract more and more developers to their ecosystem, Band will look to help relay more data to their networks and broaden the opportunities for the developers to pursue new and innovative smart contract use cases.
As a smart contract platform, it is vital that Astar is able to offer oracle solutions to its developers. Our proven track record of providing reliable and accurate data feeds from a growing number of data sources will help to attract DApp developers to build on Astar’s ecosystem. Band Protocol’s presence on the other major ecosystems can also help to entice projects from these other ecosystems to onboard with Astar as they are already familiar with Band Protocol.
About Astar Network and Shiden Network
Astar went live on Polkadot’s parachain on December 18th 2021 after winning Polkadot’s third parachain slot auction. Astar is a scalable, interoperable, and decentralized application platform on Polkadot’s parachain. Astar connects the Polkadot ecosystem to Ethereum, Cosmos, and all other major layer 1 blockchains. Apart from supporting EVM (Ethereum Virtual Machine), Astar also supports Web Assembly (WASM) and future layer 2 blockchain scaling solutions so the network has a solid infrastructure for future demands from Web3.0 developers.
Shiden Network is a “Canarian network” or “test network” for Astar. Similar to Astar Network, Shiden Network is a multi-chain smart contract platform that operates on the Kusama hub. Shiden also supports WASM and layer 2 blockchain scaling solutions. Even though the two networks are practically the same project with the same motivations, the development cycle is faster on Shiden as it is a test network.
Astar has a unique DApps reward or staking mechanism for both developers and investors. For investors, similar to PoS Staking, DApp staking allows DApp stakers (also known as nominators) to submit their Astar tokens to DApps they want to support and the rewards are split between stakers and developers. Developers are incentivized to deploy applications onto the network as they can earn rewards when the network is used and new blocks are generated. This mechanism aligns the interest of both investors and developers to increase the utility of the ecosystem by having more useful applications. This creates a positive networking effect that can help both the Astar Network and Shiden Network to grow simultaneously and increase the network’s intrinsic value.
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.