Band Standard Dataset Upgrade
Band Standard Dataset, Band Protocol’s flagship oracle product, has undergone a quality assurance process in which the listing criteria has been improved to provide more security to Band’s customers and end users.
Band Standard Dataset, Band Protocol’s flagship oracle product, has undergone a quality assurance process in which the listing criteria has been improved to provide more security to Band’s customers and end users. Symbols listed on the Band Standard Dataset are those that have been verified and passed several criteria including, but not limited to:
1. Listed on at least 4 sources which are either aggregators or exchanges that Band Protocol supports. Some of these include:
- CoinGecko
- CryptoCompare
- CoinMarketCap
- Binance
- Huobi Pro
- Coinbase Pro
For each centralized exchange source, the pair must be a reputable stablecoin pairing and maintain an average daily trading volume of $1,000,000 within the last 90 days.
2. For tokens listed and traded on DEXes, they must have a minimum liquidity of $10Mn.
The first criteria guarantees the robustness of our feed in the event that one of the sources is down and/or reports incorrect prices. We can rest assured that Band Oracle would still be able to provide accurate price feeds in a timely manner. The second criteria serves to minimise the possibility of prices being easily manipulated.
As of today, the Band Standard Dataset is composed of 76 cryptocurrencies, 6 foreign exchange rates, and 2 commodities. The Band Standard Dataset is our first-step in entrusting the Band Standard with our partners, be it data users developers, data providers as well as our validators.
NB. this is an on-going process and formal update/addition to our criteria list will be added to this article/subsequent article releases
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: https://linktr.ee/bandprotocol
