Blockchain Startup Band Protocol Brings Scalability And Security To DeFi Project Neutrino

Blockchain, News | July 14, 2020 By:

Blockchain startup Band Protocol has announced its integration with Waves-based DeFi project Neutrino.

Band Protocol is a permissionless blockchain protocol to create token-curated communities, each with its own personalized tokens. It facilitates the issuance of community token via bonding curve, a smart contract that mints and burns token through buy/sell function. Followers and curators who wish to partake in the community can send BAND token to the contract and receive community token, and vice versa for sell function.

Based within open-source blockchain platform, Waves’ ecosystem, Neutrino is a Coinbase-owned algorithmic stablecoin that recently surpassed a $15 million market cap. Neutrino is the first stablecoin protocol that gives holders the ability of staking with rewards generated by the Waves Platform’s economy.

The Band Protocol integration will reportedly provide Neutrino access to secure and scalable data feeds across multiple blockchains to increase security in volatile market conditions and ensure the collateral value is accurately priced.

“Band Protocol’s oracles will ensure dApps built on the system can leverage verified and trusted data across multiple blockchains — extending support beyond the Ethereum ecosystem where most DeFi applications are currently built,” the release said. “Neutrino’s stablecoin setup combines an algorithmic approach with a cryptocurrency backing which requires accurate and real time price feed for WAVES/USD, the main collateral asset. Integration with Band Protocol will increase the security of Neutrino in volatile market conditions and ensure the collateral value is accurately priced to secure millions of funds locked up.”

Aleksei Pupyshev, Co-Author & Product Advisor at Neutrino, said that they are proud to collaborate and work alongside Band Protocol to secure the millions of dollars in collateral locked up in smart contracts.

“This has been achieved by creating a customized decentralized oracle on BandChain to provide a robust and scalable real-time pricefeed for WAVES/USD that taps into multiple trusted, high-quality data sources and updates on-demand,” Pupyshev said. “Band oracles will also provide detection in the event of anomalies to prevent user funds in the event of any black swans or hacking events.”