ICON Network's very first Defi platform Balanced announces the integration of Band oracle

Band Process has reached a cooperation with Balanced, a decentralized financial platform for stablecoins and man made assets. The previous will provide secure and scalable cost feed details for the latter's mortgage property ICX/USD and several synthetic property such as BTC, gold, and oil. Balanced allows users to down payment ICX as security and lend tokens from the worth of real-world property.

After evaluating multiple oracle solutions, the Balanced team lastly chose Band Process to supply a secure databases for the pricing of Balanced-linked assets and collateral. Band oracles can meet their massive data requirements for property from various resources in the real world, without being limited by scalability and customization.

This cooperation is the result of a strategic cooperation between ICON and Band Protocol. Both groups are committed to protecting and supporting leading decentralized applications in the ICON ecosystem.

The Balanced and Band Process teams customized an extremely robust oracle script predicated on specific parameters on BandChain, and performed it based on the needs of the Balanced community (including a synopsis of the initial databases, customizing different time and price deviation update intervals, and optimizing security parameters) Fine-tuned.

"The creation of scalable decentralized financial applications like Balanced highly relies on an integrated technology stack that maintains the essential design principles of such applications. Balanced is the very first DeFi project on ICON, and Band Process is an excellent one An oracle solution, which gives us with the ability to access many high-quality data sources, hence powering real-world property and ICX's underlying home loan protocol. We look forward to dealing with Band Process to advance Well balanced and leverage its special worth Advocate and cooperate with the group to increase our products to the global DeFi community."

-Scott Smiley, co-founder of Balanced

Balanced will query the ICX/USD cost feed details from Band Protocol's five only trusted data sources, namely Binance, OKEx, Upbit, Huobi and CoinGecko. Safe cost feed details can keep up with the appropriate worth and home loan ratio of ICON Dollars (ICD), which may be used to acquire contact with various synthetic property.

In addition, Band Process will be used to access advanced and accredited APIs to supply accurate cost feed information for man made assets such as gold, oil, ETFs and various stocks. Due to the scalability and customization of BandChain oracle scripts, Band Process will be able to support designated property nominated by the community.

"Band Process is very very happy to be decided on by Balanced, the initial decentralized financial platform on the ICON system, as its oracle solution. The cooperation between the two celebrations will very first be guaranteed by the extremely customized and effective price-feeding oracle designed by both groups The basic security of ICX. As Well balanced expands its product variety to a number of synthetic property (such as stocks, gold, oil, etc.), the Band oracle provides more powerful impetus for the next generation of DeFi on the ICON System.

-Soravis Srinawakoon, CEO and Co-founder of Band Protocol