“Only Chainlink,” Loopring clears recent Band Protocol integration rumors 🚨 This article is 4 years old...
“Only Chainlink,” Loopring clears recent Band Protocol integration rumors
2 min read
Updated: Sep. 6, 2020 at 11:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Payments protocol and zkRollup exchange Loopring said this week that rumors of its partnership with oracle provider Band Protocol were greatly exaggerated and a mistake.
Earlier this week, Loopring said it was onboarding Band Protocol oracles for the price feeds on its exchange:
Loopring Exchange (https://t.co/7kOIOTYGAC) now features fiat prices which are updated by @BandProtocol's price feeds.
Users can see reliable fiat prices (USD or CNY) for most of the supported assets on the venue ? ⚖️ pic.twitter.com/KJ6lHiRgmX
— Loopring ?♂️ (@loopringorg) September 2, 2020
But in the hours after, a Band Protocol post on the topic seemed to suggest that Loopring had ceased the usage of Chainlink — Loopring’s current data feed provider — in favor of the former. This lead to rumors over social media sites like Twitter about Band’s apparent superiority over Chainlink in terms of providing data.
However, Loopring was quick to dispel the misinformation. It said in a tweet later on, “Did not ditch Chainlink. Chainlink is used within the protocol to inform LRC staking parameters, and further, will be used if/when we have the need for oracles to build out derivatives/new instruments on Loopring.”
The firm added that “Band is used separately for a different use case,” on its exchange. Meanwhile, Loopring head of business Matthew Finestone took to Twitter to clarify, stating Band Protocol used “different words” to describe the integration.
5. The strong words used by Band of them 'selected to secure' Loopring were incorrect on many levels (oracles don't secure Loopring, ever). But the blame is not on them. They sent that piece to our teammates, and it slipped through the cracks. Our fault.
— Matthew Finestone | 3body.eth (@finestonematt) September 3, 2020
Finestone said Loopring has worked with Chainlink for over a year, with the latter even creating LRC/ETH oracles for other Loopring DEX operators to have the protocol mandated stake in terms of ETH and USD terms.
Finestone added the “strong words used by Band of them ‘selected to secure’ Loopring were incorrect on many levels (oracles don’t secure Loopring, ever).” He even noted Band’s blog post was first sent to the Loopring team for a review but “slipped.”
He clarified:
“Nothing has changed with us and Chainlink, and Band prices are used on the UI. We are not afraid to say this. Inter-community tensions may be high, but we have no part in that.”
7. So. That's it. Doesn't seem so bad when written out. Nothing has changed with us and Chainlink, and Band prices are used on the UI. We are not afraid to say this. Inter-community tensions may be high, but we have no part in that.
— Matthew Finestone | 3body.eth (@finestonematt) September 3, 2020
The tensions Finestone referred to was the swift criticism of the Band Protocol announcement by members of the Chainlink community — colloquially called the LINK “marines” and committed towards the project’s long-term success.
Some like anonymous Chainlink educator and community member “ChainLinkGod” pointed out:
A short story on lies and deception
You give them an inch, and they'll take a mile and proclaim they saved you from death
Devs please be aware who you're dealing with$BAND and the CZ crew manipulate retail investors with misinformation propaganda, this is what they do pic.twitter.com/GxNX6IZdLN
— ChainLinkGod.eth (@ChainLinkGod) September 2, 2020
Meanwhile, Chainlink’s on a roll in 2020. The blockchain agnostic tool has been integrated by many DeFi projects this year that onboard its data feeds to support a verifiable and efficient ecosystem. These include a golf game, a decentralized exchange, and a betting dApp among many others.
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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..
Chainlink
$23.9679
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Band Protocol
$1.50866
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.