Band Protocol x Astar’s Ink!: Enhancing Data Integrity and Security with Band Price Feed on Polkadot Ecosystem

We are delighted to share that Band Protocol successfully deployed Price Feed Data on Astar’s Ink!. Since August 2023, our team has been working on implementing Band Standard Reference Contracts on Ink!, thoroughly testing and auditing our price feed oracle to provide the most seamless and secure oracle service for the Astar Network ecosystem.

As the integration is completed, let’s dive into its technical aspects and the benefits this collaboration will bring to the Astar Network ecosystem.

Stage 1: Band’s Price Feed Implementation

The Band Oracle’s deployment were divided into 2 stages. The first stage involved implementing Band’s Price Feed on Ink!. The diagram below shows the architecture overview and explains how the Band Standard Dataset works on Astar Ink!

1. User Request: The process begins when a user requests data.
2. Oracle Request: This request is sent to BandChain, initiating an Oracle request.
3. Execute Data Source: The request is forwarded to various data sources, such as CryptoCompare, CoinMarketCap, and CoinGecko, via Oracle Scripts.
4. PDS Gateway: The Premium Data Source (PDS) gateway ensures that incoming requests originate from BandChain and are securely processed.
5. Return Result: The PDS gateway collects data from the sources and returns the aggregated result.
6. Return Result to BandChain: The compiled data is sent back to BandChain.
7. Report Data: Validators, such as, Forbole, and Cosmosstation receive the data, validate it, and propose blocks while submitting reports.
8. Oracle Result: The final validated data is sent back to the user as the Oracle result.

The entire process ensures that BandChain aggregates and feeds price data from various trusted sources, providing reliable and accurate information for the ecosystem.

Enhancing Data Integrity and Security on Astar Ink! with our Standard Reference Contracts

At this implementation stage, Band Protocol has deployed Band Standard Reference Contracts and unlocked the following specific functions on Astar Ink! mentioned below, delivering significant benefits to Astar ecosystem.

• Data Source: This executable describes the procedure for receiving price feed data. BandChain integrates 10 different data sources, with data verified by Validators each time it is retrieved. This core component ensures that the price data sent to Astar is accurate and reliable.
• Oracle Script: Responsible for compiling results from various data sources, the Oracle Script verifies data through Validators and aggregates the raw data into a final result. This process ensures that the data is both accurate and trustworthy.
• PDS (Premium Data Source): To utilize paid services as a source of price data, the PDS component allows for the safe and secure retrieval of authenticated data from these services to BandChain. This enhances the quality and security of the data being used.
• Ink! Smart Contract: This smart contract enables users to query various price feeds from BandChain, providing seamless access to aggregated and validated data.
• Testing and Auditing: The Band team has performed extensive unit tests, live testing with the contract's UI, and call function tests to ensure system robustness. This reflects our 100% commitment to comprehensive testing practices, guaranteeing a reliable and secure deployment.

Band Standard Reference Contracts on Astar Ink!: https://github.com/bandprotocol/band-std-reference-contracts-ink/tree/main/contracts/std_ref

Stage 2: Seamless Integration and Security Elements

As part of the Stage 2, our team has worked closely with the Astar team to ensure seamless integration, connectivity, and security of our services guaranteeing exceptional performance. The deliverables completed under this milestone include the BandChain Requester, Astar ink! Relayer, and Astar ink! Signer.

• BandChain Requester: This component initiates data requests to BandChain, converting the received data into packets for transmission to the relayer.
• Astar ink! Relayer: Serving as a bridge, the relayer transfers data derived from BandChain to Astar, ensuring smooth data flow between the two systems.
• Astar ink! Signer: Operating as a separate service, the signer is responsible for signing verified transaction requests issued by the requester, adding an extra layer of security and reliability.

Just the Beginning!

The completion of this integration on June 14, 2024, is only the beginning of our long-term support for Astar Network. We have committed to providing a one-year service of 24/7 maintenance and monitoring of the data feeds. This ensures that the integrated solution operates flawlessly and continues to meet the high standards expected by both Band Protocol and Astar.

With this achievement, Band Protocol delivers significant benefits to Astar:

• Enhanced Infrastructure: Astar will have a fully functional Oracle solution embedded within its network infrastructure, providing a robust foundation for various applications.
• Developer Empowerment: The reliable price feed data from Band Protocol’s Oracle facilitates the development of decentralized applications (DApps), fostering an active DeFi ecosystem.
• Assured Quality: Builders can rely on receiving high-quality, verified price feed data, ensuring the integrity and accuracy of their applications.

Why Astar and Polkadot?

Band Protocol decided to build on Astar and Polkadot due to its strategic alignment with our goals, fostering innovation and interoperability across ecosystems. The potential for future growth, with scalable solutions and robust community support, further solidified our choice.

As our Head of Operations aptly puts it, "Supporting Band’s price feeds on Astar allows us to leverage a highly secure, scalable, and innovative ecosystem, enabling Band Protocol to deliver superior oracle solutions for the decentralized world and unlocking further development on Polkadot’s ecosystem.” — Shine Sutheeravet

Wrapping Up!

Band Protocol's successful integration of Astar’s Ink! marks yet another milestone in our journey toward making Band Oracle solution available on smart contract platforms. By deploying robust, secure, and reliable Oracle services on Astar, we have not only ensured seamless integration and operation but also paved the way for future innovations in the DeFi space. Our collaboration with Astar and engagement with Polkadot’s ecosystem underscores our commitment to fostering an interoperable, scalable, and decentralized future. We are excited about the potential this integration unlocks and look forward to continuing our work to empower developers and strengthen the overall blockchain ecosystem.

About Astar 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.

*More about Astar Network: https://linktr.ee/astarnetwork*

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