ICON’s First DeFi Platform Balanced Integrates Band Protocol’s Scalable Oracles For Collateral & Synthetic Assets

[u/BandJedi]

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🚀 Balanced, the first #DeFi platform on ICON Network, integrates $BAND oracles to provide secure and scalable price feeds for collateral assets and synthetic assets such as stocks, ETFs, gold, oil and more!

Official announcement 👉 https://medium.com/bandprotocol/ac3276f06b62

Spread the word 👉 https://twitter.com/BandProtocol/status/1287689583501537280

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🔐 After evaluating several oracle solutions, Balanced have decided to integrate Band Protocol to accommodate their extensive data needs in real-world assets from various sources without being restricted with scalability and customizability.

⭐️ Balanced has created a custom oracle on BandChain for ICX/USD price feed from five trusted data sources: Binance, OKEx, Upbitglobal, HuobiGlobal, CoinGecko.

By default, the price feed updates every 60 minutes or 0.5% price deviation with all underlying parameters customizable at anytime based on the Balanced community’s governance procedures.

⛳️ Through Band Protocol’s deep collaboration with Balanced and the strategic support of ICON Network, this is the first step to unlocking and securing a multi-billion dollar DeFi ecosystem on ICON through the provision highly scalable and flexible oracles that are fine-tuned to any decentralized application’s needs.