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Oracle

Band Protocol x Sonic: The First Push-Based Oracle on the Sonic Testnet

We are pleased to announce Band Protocol's successful price feed integration on the Sonic testnet, enhancing the reliability and accuracy of dApps on the network.

Band Protocol x Sonic: The First Push-Based Oracle on the Sonic Testnet
Band Protocol x Sonic: The First Push-Based Oracle on the Sonic Testnet

TL;DR

  1. Band Protocol is now the first push-based oracle on the Sonic testnet, enhancing dApp reliability with real-time data updates, reduced latency, and lower network congestion.
  2. The Band Price Oracle is now powering key price feeds for DAI, ETH, FTM, USDC, USDT, and WBTC on the Sonic testnet, with the capacity to support additional assets as demand grows.
  3. Extensive resources are available to developers, Fostering innovation using Band's Price Feeds.
  4. The Band Oracle is now on the Sonic documentation, enabling innovation using Band's Price Feeds.
  5. Band Protocol is ready to support Sonic mainnet when it goes live. Dapps on Sonic will also get our exclusive priority support for the mainnet launch.

Introduction

We are pleased to announce Band Protocol's successful price feed integration on the Sonic testnet, enhancing the reliability and accuracy of dApps on the network. Since March 2020, Band Protocol and Fantom have collaborated to push blockchain technology's boundaries, providing robust Oracle solutions and ensuring smooth operations and automation. To celebrate and amplify the launch of Sonic, we are excited to announce the integration of Band Oracle on the Sonic testnet as its first pull-based oracle. This integration will further enhance the capabilities of the Sonic testnet, providing developers with an innovative and efficient data retrieval solution.

What is Sonic?

Sonic is a layer-1 platform with a secure gateway to Ethereum and provides the fastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions.

Summary of Sonic’s Key Features

  • High Performance: Sonic aims for over 10,000 TPS with one-second finality.
  • Efficient Storage: Uses low storage due to its efficient database.
  • Compatibility: Works with any Web3 EVM blockchain. Existing tools for deploying contracts on Fantom Opera, Ethereum, Sepolia, Goerli, and other EVM-based networks are compatible with Sonic.

Why We Build on the Sonic Testnet

We build on the Sonic testnet to leverage its advanced capabilities, providing robust, secure, and efficient Oracle solutions. The testnet allows us to:

  • Optimize Integration: By testing in a realistic environment, we can fine-tune the integration of Band Oracle to ensure they perform optimally when Sonic transitions to the mainnet.
  • Enhance Reliability: The high transaction throughput and low latency of Sonic ensure that Band Oracle can handle large volumes of data requests efficiently, providing reliable data feeds for dApps on the Sonic ecosystem.
  • Support Developer Innovation: By building on the Sonic testnet, we contribute to a vibrant ecosystem where developers can innovate and create high-performance dApps. Band Oracle enhances the functionality and accuracy of these applications, supporting a wide range of use cases.

How Band Oracle Works on the Sonic Testnet: High-Level Overview

This infographic outlines Band Protocol's integration process on Sonic, providing dApps with reliable and secure data feeds through the following steps:

How Band Oracle Works on the Sonic Testnet: High-Level Overview

Integration Process on Sonic

1. Request Data: dApps on Sonic send a request for specific data to Band Protocol, indicating the type of data needed for their operations.

2. Aggregate Data: Band Protocol collects and verifies data from multiple reliable sources, ensuring comprehensive and accurate information is gathered.

3. Relay Data: The aggregated data is securely transmitted through BandChain’s decentralized network, maintaining its integrity during the transfer.

4. Read Symbol: dApps access the required data symbols from Band Standard Reference Contracts on Sonic, retrieving the necessary information efficiently.

5. Send Price Data: The accurate and verified price data is delivered to the dApps on Sonic, enabling them to utilize real-time information for their functions.

💡
This integration ensures dApps like Cross-Chain Routers, DeFi platforms, AMMs, and Lending Protocols receive reliable price feeds for DAI, ETH, FTM, USDC, USDT, and WBTC on the Sonic testnet, with the ability to support more assets as demand grows.

Band Protocol as the First Push-Based Oracle on Sonic!

We’re thrilled to be the first push-based oracle on the Sonic testnet, delivering real-time data to dApps building on the Sonic ecosystem.

Key Benefits of Push-Based Oracles

  • Real-Time Data Updates: Ensures dApps always have the most current data.
  • Reduced Latency: Minimizes delay between data generation and availability.
  • Lower Network Congestion: Reduces the number of data requests, easing congestion.

Push-Based Oracle vs. Pull-Based Oracle

Push-Based Oracle vs. Pull-Based Oracle: Comparison

In summary, both push-based and pull-based oracles have unique advantages. Push-based oracles provide continuous real-time updates and reduced latency, while pull-based oracles offer on-demand data requests. Band Protocol's push-based oracle gives Sonic developers another advantageous tool for efficient and secure dApp operations.

Jump Start your dApps Development on Sonic!

Band Oracle’s integration with the Sonic testnet offers developers, particularly in DeFi, the flexibility to choose the best data sources, driving innovation. Developers can now explore Band Oracle on Sonic's documentation. Check out these resources to get started!

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"]);
    }
}

Solidity Code: Query the price of BTC/USD and ETH/BTC

Join Our Developer Communities

We invite you, developers, to join both the Band Protocol and Sonic community programs to participate in the development process and actively provide valuable feedback. Your insights and contributions are crucial to this integration's success and the ecosystem's continuous improvement. Join our program and community to stay updated, collaborate, and contribute!

Band Protocol Community and Programs

Sonic Community and Programs

Wrapping Up and Upcoming Milestones

As we move forward, there are several exciting milestones and developments to look forward to:

  • Support for Early Builders on the Sonic testnet: We are committed to providing robust support for developers who are early adopters of the Sonic testnet. This includes comprehensive documentation, tools, and active community engagement to ensure a smooth and productive development experience.
  • Next Up is the Transition to Mainnet: The next major step is the transition from the testnet phase to full mainnet integration. This will enable a wider range of applications to benefit from the enhanced capabilities of Band Oracle and Sonic, ensuring that the ecosystem is ready for large-scale deployment and real-world use cases.
  • Future Developments: Looking ahead, we anticipate ongoing innovations and enhancements within the Sonic ecosystem. This includes potential new features, improved developer tools, and expanded support for a broader range of applications. Our goal is to continually evolve and adapt to meet the needs of developers and users, fostering a dynamic and innovative environment.

We are eager to support early developments and builders on Sonic, preparing for mainnet integration, and continuously developing new features, we aim to create a vibrant and thriving ecosystem. Band Protocol's integration with Sonic marks a significant step in this journey, providing developers with the tools and resources they need to build the next generation of decentralized applications. We invite you to join our communities, explore the possibilities, and contribute to the ongoing evolution of blockchain technology.

About Sonic

Sonic is a layer-1 platform with a secure gateway to Ethereum and provides the fastest settlement layer for digital assets with over 10,000 TPS and one-second confirmation times for transactions.

More about Sonic: https://linktr.ee/soniclabs

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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