TRON partners with Band Protocol to enhance its DeFi projects
- The collaboration will secure and verify all TRON applications through decentralised oracles.
- Band Protocol has been integrated by TRON developers making it the first oracle provider of the network.
- TRON plans to announce more DeFi partnerships soon as it seeks to scale the blockchain.
TRON Network has announced a strategic partnership with Band Protocol, a decentralized cross-chain oracle, whose integration will help ensure secure and verify decentralised oracles. The announcement was published on August 31 and gave details of how the two blockchains were uniting to solve their scalability issues.
According to the blog post, TRON has already successfully integrated Band Protocol into all of the network’s applications that are touching the areas of DeFi, betting, games, among others.
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Justin Sun, the CEO of TRON, welcomed the partnership by commenting,
“We are ecstatic to enhance TRON with the most valuable oracle product on the market. This integration marks a new era of high-quality partners, protocols, and services migrating to TRON’s blockchain. ‘’
Similarly, Soravis Srinawakoon, the founder and CEO of Band Protocol, was ecstatic about the collaboration. He stated,
“Band Protocol is thrilled to be the first oracle solution integrated into the TRON public blockchain, a platform for scalable blockchain technology and operating system for almost 1000 decentralized applications. Working closely with the TRON team to support and bring secure, customizable, and decentralized oracle technology will power the next generation of scalable applications that fuel the next wave of blockchain adoption.”
TRON developers helped implement the successful integration of Band Protocol by officially adding it to TRON developer documentation. The first DApp of Band Protocol to be integrated is JUST, a leading TRON stablecoin protocol. Through collaboration, the two hope to bring customizable and decentralized oracles to all TRON developers who can now build scalable decentralized applications. The partnership is an ongoing long-term process. More announcements about successful integration into TRON DApps are expected soon.
TRON’s explosive DeFi platform
The Decentralized Finance (DeFi) sector of TRON’s network has experienced massive growth this year. Justin Sun has recently tweeted about the platform’s commitment to giving users high throughput and availability to DApp developers. According to the tweet, TRON now has 170,787 active users, which is four times that of Ethereum. The network’s DApp platform has experienced a growth of 4,452% since January.
About Band Protocol
Band protocol is an oracle blockchain that connects APIs and real-world data to smart contracts. By providing a decentralized oracle, the protocol cushions smart contracts applications such as DeFi and prediction markets from the failures of a centralized oracle. Some of the other strategic partners of Band Protocol include Binance and Sequoia Capital.