Decentralized financial platform for stablecoin and synthetic assets, Balanced, has chosen Band Protocol to provide secure and scalable price feeds for collateral asset ICX/USD and numerous synthetic assets such as BTC, gold, oil and more upon product expansion. Balanced allows users to deposit their ICX as collateral and borrow tokens pegged to the value of real-world assets.
As the first DeFi platform on ICON, the Balanced team has evaluated several oracle options for secure data feeds for the pricing of Balanced pegged assets and collateral. Band Protocol has been chosen to accommodate their extensive data needs in real-world assets from various sources without being restricted with scalability and customizability.
This collaboration is a result of the ICON and Band Protocol strategic partnership where both teams are working together to secure and support the leading decentralized applications in the ICON ecosystem.
Both Balanced and Band Protocol teams have been closely collaborating to design a highly robust oracle script on BandChain based on specific parameters that are fine-tuned to the needs of the Balanced community. This includes outlining initial data sources, customizing the different time and price deviation update intervals as well as optimizing security parameters to ensure the highest degree of manipulation resistance.“The ability to create scalable decentralized financial applications such as Balanced depends highly on an integrated technology stack that is capable of maintaining the foundational design principles of such applications. Balanced, the first DeFi project on ICON, has deemed Band Protocol an excellent oracle solution that provides us with the capability of accessing numerous high quality data feeds that powers real-world assets and the underlying collateralization protocol for ICX. We look forward to launching Balanced with Band Protocol as well as leveraging their unique value propositions and collabora...