• Chainlink competitor Band Protocol is integrated into Crypto.com’s Cronos Network

  • Cronos, Crypto.com’s parallel chain, is integrating the Band Protocol decentralized cross-chain oracle network to provide reliable and trustless data for decentralized finance (DeFi) applications running on it.

    Cronos announced the integration of a Band Protocol Oracle solution in order to improve the development of DeFi applications on its network in a statement. With the integration of Band Protocol, DeFi applications will be able to source real-world external data and relay it on smart contracts.

    This enables Cronos developers to take advantage of the high-performance decentralized network and create custom DeFi apps on a network that improves utility, security, and access to external data.

    According to Kris Marszalek, Co-Founder and CEO of Crypto.com:

    The incorporation of Band Protocol into the Cronos ecosystem is highly recommended for all developers to connect any external data source and customize their decentralized oracles, which is critical for DeFi Dapps that require high quality, decentralized, real-time external financial data to function.

    Cronos, the Ethereum Virtual Machine (EVM)-compatible chain running alongside the Crypto.org Chain, aims to provide solutions that massively and rapidly expand DeFi ecosystem adoption. DeFi developers can quickly port apps from EVM-compatible chains to reduce gas costs and minimize Ethereum’s low latency issues.

    Cronos will integrate price feeds from the decentralized oracle as a “trusted partner” as part of the Band Protocol integration, according to the statement. In exchange, Band Protocol will retrieve data from Cronos and incorporate the prices into its oracle, allowing for scaling on the oracle.

    Cronos developers can access the Band Standard Dataset, which includes over 230 price feeds for crypto assets, commodities, and foreign exchanges.

    Cronos is based on Ethermint, a Cosmos SDK development framework that enables the creation of high throughput and highly scalable proof of stake (PoS) blockchains that are Ethereum compatible. The project began in July and has already added several platforms to its network.

    The project is one of the recipients of -Particle B’s $100 million CRO EVM Fund and has exposure to Crypto.com’s 10 million users.

    Band Protocol is also based on the Cosmos SDK, allowing users to easily relay data across multiple blockchains. This allows for a smooth and cost-effective transition of DeFi apps built on different blockchains that use price feeds from Band Protocol, including DApps that want to migrate to Crypto,com Chain.

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