Band Protocol recently announced its partnership with LunaDEX.
As a result of this partnership, LunaDEX has integrated Band Protocol price feeds. These price feeds are for over 125 crypto assets, as well as 14 foreign exchange rates. The integrated Band Protocol price feeds will be used for the wallet interface and spot trading.
1/ 🚀 @LunaDEX_com, a decentralized exchange built on @ProjectSerum and leading web-scale blockchain platform @Solana, has integrated $BAND oracles for over 125+ crypto assets and 14 foreign exchange rates for spot trading and the wallet interface.https://t.co/3016kwdAHa
— Band Protocol (@BandProtocol) November 12, 2020
LunaDEX is a decentralized exchange that has been built on Serum and Solano, a renowned web-scale blockchain platform. Serum is an ecosystem and decentralized exchange (DEX) that has brought low transaction rates and high speeds to decentralized finance. It does this by building on the Solano blockchain.
Improving Information and Price Data Sharing
In developing a decentralized financial range of products, LunaDEX plans to enable the user to have access to a particular service or large amounts of liquidity. In this case, the user has no need of funneling through a CEX to get this done. By integrating Band Protocol, LunaDEX plans to improve the information and price data shared to users.
Through the BandChain oracle network, the information and price data shared to users is properly and thoroughly verified using up to 12 reputable and unique data sources. These sources will also be facilitated in a decentralized way so that any single point of failure can be omitted.
The co-founder of Luna Network, Vinh Nguyen, said, “Strategically partnering with Band Protocol and integrating its price feed helps LunaDEX build a secure, robust, high-performance decentralized exchange and DeFi applications which will serve millions of users in the near future. We are exploring more collaboration opportunities to implement the vision of capturing unaddressed demand in DeFi and bring the best experience to users.”
The partnership will enable the Serum community and LunaDEX users to make informed choices. Such choices will be based on trusted and reliable trusted price information, information built to reduce dependence on centralization processes.
“Band Protocol is excited to strategically with LunaDEX, our first Serum and Solana DApp integration, to provide secure price oracles for spot trading and the wallet interface. We look forward to supporting the team as they launch a DeFi product suite covering margin trading, lending, insurance and derivatives,” said Soravis Srinawakoon, CEO and co-founder of Band Protocol.
This collaboration with LunaDEX produces the first Serum and Solana-based dApp integration for Band Protocol. As a result is of the collaboration, Band Protocol expects many more integrations to take place in the future.
Before now, Band Protocol announced a partnership with Coin98 Wallet, a renowned decentralized wallet.
As of the time of writing, Band Protocol price was at $6.14 with a 24-hour trading volume of $85,725,455. BAND price has gone up 7.2% over the last 24 hours. It has a circulating supply of 22.5 million coins and a max supply of 100 million coins. The most current active market trading BAND is Coinbase Pro.
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