Looping becomes the first DEX to integrate Band Protocol’s cross-chain oracles 🚨 This article is 4 years old...
Looping becomes the first DEX to integrate Band Protocol’s cross-chain oracles
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Updated: Mar. 5, 2022 at 2:22 am UTC
Photo by Markus Spiske on Unsplash
Crypto company Looping has become the first payment protocol and decentralized exchange to integrate Band Protocol’s cross-chain data oracle. In a press release shared with CryptoSlate, the company said that integrating the Sequoia-backed oracle will enable them to provide high-speed fiat price feeds for all crypto assets supported on Loopring’s zkRollup decentralized exchange.
Custom decentralized oracles from Band Protocol are coming to Loopring
Loopring, a zkRollup exchange, and payment protocol has announced the integration of Band Protocol’s cross-chain data oracle. This is a big step for Loopring, as it has made the company the first decentralized exchange to utilize Band’s oracles. In a press release shared with CryptoSlate, the company said that the cross-chain data oracles will be used to provide high-speed fiat price feeds for all crypto assets supported on Loopring’s zkRollup DEX.
Jay Zhou, the co-founder, and COO of Loopring, said the integration will safeguard users against unnecessary slippage rates on the decentralized exchange. Aside from that, it will also enable a more reliable exchange rate sourced from multiple trusted data sources.
Loopring’s custom oracles built using Band Protocol will utilize verified data from more than a dozen industry-leading sources, including CryptoCompare, CoinGecko, Binance, Coinbase Pro, Huobi Global, OKEx, Kraken, Bitfinex, and FTX, as well as premium currency exchange rates from AlphaVantage, Fixer, 1Forge, Open Exchange Rate, and XE.com.
Creating a more scalable and more robust DEX landscape
These price feeds will leverage Band Protocol’s high-throughput and update every 5 minutes or upon detecting a price deviation of 0.5 percent, the company explained. Currently, there are eight price feeds live on the Band Protocol mainnet—they will eventually expand support for all assets supported on Loopring.
Loopring users will be able to access price feeds in both the U.S. dollar (USD) and the Chinese Yuan (CNY), which will increase the visibility and transparency for the platform’s dominant user bases in the U.S. and China.
Additionally, the company will also enhance its current oracle design through Band Protocol by querying the LRC/ETH rate once every 168 hours. This will increase precision by reducing update time and reducing the cost for the feed responsible for determining the appropriate LRC amount to stake.
Soravis Srinawakoon, the CEO and co-founder of Band Protocol, said that working with Loopring was a natural extension of Band’s commitment to expanding the decentralized landscape. He explained that Band is the first oracle solution to allow decentralized exchanges to expand offerings to all assets on their platform without suffering from issues with network congestion and experiencing high transaction fees.
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Band Protocol offers a decentralized data oracle by making data readily available to be queried on-chain, using delegated proof of stake (“dPoS”) to ensure data integrity.
Loopring
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Loopring is a decentralized automated execution system that trades across the crypto-token exchanges, shielding users from counterparty risk and reduce the cost of trading..
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
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OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
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CryptoCompare provides real-time, high-quality and reliable market and pricing data on 5,700+ coins and 260,000+ currency pairs globally, bridging the gap between the crypto asset and traditional financial markets.