Tech

Band Protocol to Integrate With XRPL as Primary Oracle Provider For Its Mainnet and EVM Sidechain

12 months ago
Bitcoin Ethereum News

Band Protocol reveals plans to integrate with XRP Ledger (XRPL) in a strategic move that will enable it to become the primary oracle provider for the network’s mainnet and EVM sidechain. 

Band Protocol, a blockchain-powered platform for data oracles, has announced plans to integrate with the XRP Ledger (XRPL) network. 

Per a recent blog post, the integration will allow Band Protocol to provide secure and reliable data feeds to the XRP Ledger ecosystem. 

Band Protocol to Become XRPL’s Primary Oracle Provider

Notably, the initiative will usher in enhanced data reliability and robust infrastructure for enthusiasts of the blockchain. 

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“This collaboration marks Band Protocol as the main oracle provider for both XRPL’s mainnet and its EVM side-chain, signaling a transformative moment in XRPL’s evolution,” an excerpt from the blog post reads. 

With Band Protocol being the primary oracle provider for XRPL, the firm will revolutionize decentralized application (dApp) usage and development on the network. 

On the other hand, the integration will also expand XRPL’s capabilities while giving developers access to robust and reliable data resources. 

Benefits of the Integration 

According to the announcement, this integration will provide decentralized oracle price feeds for the XRP Ledger and Ethereum Virtual Machine (EVM) sidechain. Hence, the initiative will offer reliable and accessible real-time market data for top crypto assets, including XRP, BTC, and ETH. 

Aside from offering decentralized price feeds for XRPL and its upcoming EVM sidechain, Band Protocol will also support the development of decentralized applications (dApps) on the leading blockchain. 

“Enabling seamless oracle integration with decentralized applications opens pathways for global XRPL developers to explore innovation and expand DeFi opportunities,” Band Protocol said in a statement. 

Meanwhile, Band Protocol promised to share further updates about the integration as it prepares for upcoming enhancements. 

XRP Enthusiasts React 

As expected, several enthusiasts of the XRPL network have taken to the X (formerly Twitter) platform to highlight the significance of the integration. 

Commenting on the development, Panos Mekras, the co-founder and CFO of Anodos Finance, described the integration as interesting and great for XRP Ledger. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Source: https://thecryptobasic.com/2023/12/09/band-protocol-to-integrate-with-xrpl-as-primary-oracle-provider-for-its-mainnet-and-evm-sidechain/?utm_source=rss&utm_medium=rss&utm_campaign=band-protocol-to-integrate-with-xrpl-as-primary-oracle-provider-for-its-mainnet-and-evm-sidechain