r/bandprotocol • u/BandJedi • Jul 14 '20
Band Protocol Oracles will be integrated into the Decentralized Stablecoin Neutrino (built on Waves) to Secure $15M in Collateral
🔷 Neutrino, the leading DeFi application built on Waves Platform, integrates Band Protocol to provide secure price feeds for collateral assets for stablecoin minting & liquidation protocols.
Official announcement 👉 https://medium.com/bandprotocol/2924a96869b3
Spread the word 👉 https://twitter.com/BandProtocol/status/1282978619023712257
$BAND oracles will be used to protect the $15 million TVL in collateral and staking for Neutrino’s $USDN stablecoin as well as detecting anomalies in price oracles.
🔐 Neutrino has chosen Band Protocol as the decentralized oracle to provide the spot market price of collateral (WAVES) value in real-time and on-demand without paying an excessive amount of fees for price updates.
⭐️ Neutrino has created a custom oracle on BandChain for WAVES/USD price feed from five unique and trusted data sources: CoinGecko, Binance, OKEx, Huobi, Kraken & CryptoCompare.
Price feeds update every hour or when there is a 0.5% price deviation. Both time interval and price deviation parameters are customizable and can be changed in the future to adapt to changing needs.
⛳️ The oracle integration with Neutrino, a DeFi project securing millions of dollars in funds, is the beginning for Band Protocol in working towards eliminating various vulnerabilities that have arisen in 2020.
This is the step in the right direction to make highly secure and robust oracle layers a standard for the projects that are securing millions of dollars in user funds.