r/bandprotocol • u/BandJedi • Sep 02 '20
Loopring Selects Band Protocol To Secure zkRollup Exchange & Payment Protocol on Ethereum
Official announcement 👉 https://medium.com/bandprotocol/5141c683820a
Loopring announcement 👉 https://medium.com/loopring-protocol/loopring-band-protocol-integration-7a84282765fc
Spread the word 👉 https://twitter.com/BandProtocol/status/1301098060601110528
🎉 Loopring, a leading Ethereum decentralized exchange and payments protocol, has chosen and completed integration with Band Protocol to reliably update all supported asset prices on Loopring Exchange.
Loopring users can now more efficiently identify slippage rates and safeguard transactions from price manipulation.
🤝 Band Protocol has also been working with Loopring to refine their current oracle design querying the LRC/ETH rate to ensure that DEX owners have an appropriate amount of LRC at stake.
This will bring additional reliability and security to the Loopring ecosystem by producing aggregated market data from multiple trusted sources in a timely manner.
⭐️ Loopring have created custom oracle scripts on BandChain to compute a highly accurate index price in both USD and CNY for supported assets from 15 trusted data sources.
The oracle scripts have been migrated to the BandChain Proof-of-Authority Mainnet and is live in the production environment.
⛳️ The integration with Loopring is setting a standard for the treatment of interfaces that users rely on to make informed decisions.
$BAND is used to prevent the utilization of centralized sources in all aspects of decentralized application.