Neutrino Protocol, a DeFi application built on Waves technology, has chosen Band Protocol’s decentralized oracle to provide secure and reliable price data for Waves token. Neutrino is a stablecoin protocol that allows users to use WAVES tokens as collateral to mint Neutrino ‘s native stablecoin USDN.
Band Protocol announced the news in a blog post published on Tuesday, July 14th. According to announcements, Neutrino will use Brand Protocol’s oracle to query the WAVES/USD price feed from five unique and trusted data sources that include CoinGecko, Binance, OKEx, Huobi, Kraken, and CryptoCompare on BandChain.
The integration follows a strategic partnership between Waves and Band Protocol aimed at powering decentralized finance and Web 3.0 application. With this partnership, developers, enterprises, and other players leveraging Waves platform are now able to permissionlessly utilize Band Protocol to connect to any external data source.
Neutrino Protocol is one of the platforms on Waves that have integrated Band Protocol to provide reliable price data for Waves token. According to the announcement,
“price updates are pushed to the Waves blockchain by default every hour or when there is a 0.5% price deviation.” However, these parameters—time interval and price deviation—are customizable.
“Band’s oracles will also be used to in the collateral calculations for issuing USDN and redeeming WAVES in Neutrino minting and liquidation protocols,” said Band Protocol.
Neutrino Protocol is an algorithmic price-stable multi-asset protocol that gives holders the ability to stake with rewards generated by the Waves Platform’s economy. The core aim of the protocol is to release a token that is backed by so-called collateralization, and Neutrino’s native token Dollar Neutrino (USDN) features these properties as it is collateralized by the Waves native token. Currently, the platform has $15 million total value locked up as collateral and staking.
Alexey Pupyshev, co-Author & product advisor of Neutrino, commented:
“Neutrino, the most widely used decentralized application on the Waves blockchain, is proud to collaborate and work alongside Band Protocol to secure the millions of dollars in collateral locked up in smart contracts. This has been achieved by creating a customized decentralized oracle on BandChain to provide a robust and scalable real-time price feed for WAVES/USD that taps into multiple trusted, high-quality data sources and updates on-demand. Band oracles will also provide detection in the event of anomalies to prevent user funds in the event of any black swans or hacking events.”
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Soravis Srinawakoon, CEO & co-founder of Band Protocol, stated:
“Band Protocol is excited to support the leading Waves-based stablecoin project Neutrino with real-time oracle solutions underpinned by the security and scalability of trusted cross-chain data. Both teams have been working on a highly customized oracle solution using Band Protocol’s decentralized oracle network to ensure the stablecoin protocol is not susceptible to price fluctuations/manipulations and able to detect price anomalies in existing price oracles managed by Neutrino stakeholders.”
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