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BAND Protocol Prices Stabilize After 40% Plunge: Will These Key Developments Help?

BAND prices remain stable at the time of writing. However, considering recent development within the Band Protocol ecosystem, there could be more upsides as the project unveils new features and strikes strategic partnerships.

Horizen Partnership

Recently, Band Protocol, a platform focusing on cross-chain data oracles, partnered with Horizen, a public blockchain offering a scalable ecosystem for decentralized applications (dapps). 

The goal is to provide EON, Horizen’s recently launched EVM-compatible intelligent contracting platform, with access to decentralized oracle services. In this way, decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs) within the EON ecosystem will have real-time pricing information and reliable data via Band Protocol’s middleware solutions.

EON uses Band Protocol’s primary Oracle solution to provide real-time token price feeds across several blockchain networks. Integrating these two platforms ensures the integrity of EON’s data, which will be essential in developing the company’s DeFi, gaming, and NFT ecosystem.

Band Protocol’s ability to gather and integrate real-world data and APIs to intelligent contracts may help EON become less reliant on centralized oracles, which introduce points of failure. This new link allows programmers to enhance and expand the functionality of EON intelligent contracts.

According to Rob Viglione, co-founder, and CEO of Horizon Labs, the relationship with Band Protocol is a broad step forward in the company’s efforts to provide a safe and scalable environment for DApps. 

The reliable oracle services provided by Band Protocol allow programmers to design innovative software for DeFi, gaming, and NFTs.

Integrating Band Protocol’s oracle solution, Horizen EON can now provide their intelligent contracts with accurate, real-time price data. Due to this collaboration, new possibilities in DeFi, gaming, and NFT applications will emerge, and the whole blockchain ecosystem will become more robust and decentralized.

Band Protocol Planning For SubDAOs

Moreover, Band Protocol has proposed the implementation of SubDAOs. 

According to Shine Sutheeravet, head of operations at Band Protocol, the goal is to address challenges in decentralized autonomous organizations (DAOs). 

SubDAOs offer solutions for complexity management, efficient resource allocation, specialized expertise, flexibility, inclusivity, and scalability. 

The proposal suggests transforming the Cosmos Group module into councils to establish clear governance structures. 

At the moment, Band Protocol is seeking community feedback to refine and optimize this governance framework and drive the growth of the SubDAO ecosystem.

Amid this development, BAND prices are stable at around $1.39, and likely to recover after dropping 40% from February 2023 highs.

BAND Price On May 28| Source: BANDUSDT On Binance, TradingView

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How Injective and Band Protocol will take DeFi to the next level

Injective Protocol has announced that it will expand its partnership with Band Protocol. As such, it will operate a validator node for BandChain.

In exchange, Band Protocol will begin participating in Equinox Staking, according to an official post. This is part of Injective Protocol’s testnet preparations for its upcoming mainnet deployment.

Injective is a second layer decentralized exchange created to offer derivatives and “borderless DeFi”. Users can trade any derivatives on its platform without the traditional market restrictions. The protocol is backed by Pantera Capital and Binance.

On the other hand, Band Protocol is an oracle service provider that operates cross-chain data connecting it to smart contracts. Its oracles are used to feed many decentralized applications such as DEX, prediction markets, on-chain games, and others. Backed by Sequoia Capital, it offers a platform without a single point of failure.

The partnership between the referenced protocols has a precedent with the launch of a platform for trading decentralized financial derivatives.

Developed in conjunction with Terra and Mirror Protocol, users can benefit from a decentralized platform to trade derivatives based on shares of Tesla, GameStop, Amazon, and other companies.

Band Protocol’s Oracle integration with Injective Protocol

The latest cooperation is a reinforcement to strengthen the relationship between the protocols. According to the post, Band Protocol’s oracle service will be integrated into Injective Protocol’s financial derivatives ecosystem.

Thus the latter will be able to expand. Injective CEO Eric Chen believes that they have remained “close friends” with Band Protocol since its inception. Chen added:

We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!

Band Protocol team said are “looking forward” to being able to support the expansion of Injective’s ecosystem with their oracles. In addition, they believe that Equinox genesis validators will have a “diligent” execution towards the mainnet.

CEO and Co-Funder of Band Protocol Soravis Srinawakoon said the following on the cooperation:

Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests.

At the time of writing, BAND is trading at $17,57 and seems to be reacting positively to the announcement with 1.8% gains in the daily chart. In the 7-day chart, BAND has 6.6% profits and 17.5% in the past month.

Band Protocol BAND BANDUSDT
BAND showing gains in the daily chart. Source: BANDUSDT Tradingview