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Unleashing Interoperability: Band Protocol Integrates with Injective's inEVM Testnet

Band Protocol and Injective have collaborated to make Injective technology more accessible to the masses. Today, we are thrilled to announce the integration with Injective's inEVM on testnet—a significant milestone for blockchain interoperability and developer engagement.

Unleashing Interoperability: Band Protocol Integrates with Injective's inEVM Testnet
Unleashing Interoperability: Band Protocol Integrates with Injective's inEVM Testnet

On November 15, 2021, BandChain’s IBC Oracle powered Injective, facilitated the launch of the world's first decentralized derivatives markets, marking the beginning of the journey for Band Protocol and Injective. Over the past few years, Injective has grown into one of the most renowned Layer 1 blockchains and ecosystems, widely utilized around the globe. With support from BandChain, as of May 7, 2024, we have secured over $130 million in Total Value Secured (TVS), processing more than 80,000 monthly requests. These figures are on an upward trajectory, fueled by the growing demands of Injective and its contributions to broader Web3 adoption.

Band Protocol and Injective have collaborated to make Injective technology more accessible to the masses. Today, we are thrilled to announce the integration with Injective's inEVM on testnet—a significant milestone for blockchain interoperability and developer engagement.

In this article, we will explore what inEVM is, the use cases of Band Oracle on the platform, how to get started with inEVM and Band Price Feed, and the future milestones we aim to achieve.

inEVM: A Bridge for Developers and Blockchain Innovation

inEVM introduces a new approach to blockchain interoperability, existing as an Injective-based rollup that uses the Ethereum Virtual Machine (EVM) and settles to the Injective Chain. This allows developers familiar with the EVM environment to easily deploy applications while leveraging Injective’s high-performance and native Web3 modules. inEVM supports the developer toolkits that EVM developers are accustomed to, providing both a familiar environment and familiar tools.

With inEVM, applications designed for the EVM environment can be seamlessly integrated into the Injective ecosystem, benefiting from Injective's low fees and fast transaction speeds. Two-way data messaging exists between Injective’s WASM smart contracting layer and inEVM, enabling EVM-based applications to interact with WASM-based applications on the Injective chain. Additionally, it facilitates interaction with IBC chains, making inEVM applications interoperable with both Injective and other IBC chains. This interoperability allows developers to leverage the powerful features and financial primitives provided by Injective, creating a more interconnected and efficient blockchain landscape.

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For comprehensive information about inEVM, please visit “Injective Launches inEVM on Mainnet: The First Rollup to Hyperscale Concurrent VM Development”.

Band Protocol: Supercharging Interoperability on inEVM

Band Protocol seamlessly integrates with Injective's inEVM, enhancing the platform with secure and reliable data feeds. This integration allows Band oracles to supply various data types crucial for DeFi, derivatives, and other applications directly on the inEVM. By providing these accurate and timely data feeds, Band Protocol significantly boosts the capabilities of Injective's ecosystem. The benefits include heightened security and a broader range of available data, vital for supporting robust, decentralized financial applications and fostering innovation within the blockchain space. The following are potential use cases of Band Protocol on inEVM:

  • Options Trading: Utilizes oracles for accurate alt-coin prices essential for valuing option contracts, supporting platforms like Thetanuts.
  • Bonding Protocol: Requires oracles for price data, important for asset pegging and fair market value determination, as seen in protocols like ApeBond.
  • Cross-Chain Trades: Benefits from reliable price feeds for exchange rates between different blockchains, crucial for services like Interport.
  • Prediction Markets/Derivatives: Relies on oracles for dependable cross-chain price data and external data feeds (e.g., sports scores, social metrics), enhancing offerings in markets such as Relative Finance.

This comprehensive integration not only strengthens existing decentralized applications but also paves the way for innovative new use cases on inEVM.

Getting Started with Band Protocol on inEVM Testnet

Developers interested in exploring inEVM can start by accessing the inEVM Documentation. Resources such as tutorials and comprehensive documentation are available to guide you through your journey of building dApps on inEVM. Here are more resources that could help you bootstrap your inEVM journey!

Integrating Band Price Feed on Your dApps Built on inEVM

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"]);
    }
}

An Example Code of a “BTC/USD Query”

Wrapping Up and the Road Ahead

This integration between Band Protocol and inEVM represents a significant leap towards greater interoperability and developer opportunities in the blockchain space. Many dApps and protocols within the inEVM and injective ecosystems can benefit from this integration with Band Protocol. We encourage developers to leverage this powerful combination to create innovative solutions and tap into a broader user base.

The roadmap for Band Protocol and inEVM includes exciting milestones including integration of Band Oracle on inEVM’s mainnet and community-driven initiatives, which promise to further enhance the capabilities and reach of both platforms. For further details and resources on upcoming milestones, please visit Band Protocol and Injective's official websites.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

*Website | Telegram | Discord | Blog | Twitter | Learn | Youtube | Facebook|LinkedIn | Reddit | Instagram | Orbit Newsletter*

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

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